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JF FundsUnaudited Semi-Annual Report31 March 2012

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

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

supplemented by the most recent financial reports, if available.

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

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

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

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

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

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

person should not act on such information.

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

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

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

Registered in England No. 01161446. Registered address: 125 London Wall, London EC2Y 5AY.

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

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

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

JF FUNDSJF FUNDSJF FUNDSJF FUNDS SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the

period ended 31 March 2012period ended 31 March 2012period ended 31 March 2012period ended 31 March 2012

ContentsContentsContentsContents PagePagePagePage

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

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

JF Asia Focus Fund ....................................................................................................................................................... 15

JF Asia New Frontiers Fund ......................................................................................................................................... 22

JF Asia Property Fund .................................................................................................................................................. 29

JF AsiaOne Fund ........................................................................................................................................................... 36

JF Australia Fund .......................................................................................................................................................... 42

JF China New Generation Fund .................................................................................................................................... 49

JF China Pioneer A-Share Fund ................................................................................................................................... 57

JF Eastern Fund ............................................................................................................................................................ 65

JF Eastern Smaller Companies Fund ........................................................................................................................... 72

JF Five Elements Fund ................................................................................................................................................. 79

JF Greater China Smaller Companies Fund ................................................................................................................. 86

JF India Fund ................................................................................................................................................................ 93

JF India Smaller Companies Fund ................................................................................................................................ 100

JF Indonesia Fund ........................................................................................................................................................ 107

JF Japan (Yen) Fund ..................................................................................................................................................... 114

JF Japan OTC Fund ....................................................................................................................................................... 121

JF Japan Smaller Company (Yen) Fund ....................................................................................................................... 129

JF Japan Technology Fund ........................................................................................................................................... 136

JF Korea Fund ............................................................................................................................................................... 143

JF Malaysia Fund .......................................................................................................................................................... 151

JF Money Fund ............................................................................................................................................................. 158

JF Pacific Securities Fund ............................................................................................................................................. 164

JF Pacific Smaller Companies Fund ............................................................................................................................. 171

JF Pacific Technology Fund .......................................................................................................................................... 179

JF Philippine Fund ........................................................................................................................................................ 186

JF Thailand Fund .......................................................................................................................................................... 193

JF Vietnam Opportunities Fund ................................................................................................................................... 200

JPM Asian Total Return Bond Fund ............................................................................................................................. 207

JPM Evergreen Fund .................................................................................................................................................... 217

JPM Global Bond and Currency Fund .......................................................................................................................... 223

JPM Global Property Income Fund .............................................................................................................................. 232

JPM Multi Income Fund ................................................................................................................................................ 240

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

period period period period ended 31 March 2012ended 31 March 2012ended 31 March 2012ended 31 March 2012

- 1 -

Distributor StatusDistributor StatusDistributor StatusDistributor Status

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

distributing fund in respect of the period from 1 January

1984 to 30 September 2010. The principal effect of this

certification is that for unitholders resident or ordinarily

resident in the UK for taxation purposes any gains accruing

on the sale, redemption or other disposal of units during

the period will be taxed in the UK as a capital gain and not

as income. This treatment will continue under the new UK

reporting fund regime provided the Fund does not invest

more than 5% of its assets in other offshore funds. There

will be no need to formally apply for reporting fund status

as the Fund is transparent for UK tax purposes and

therefore considered out of scope of the requirements of

this new regime.

As noted, the Fund is transparent for UK income tax

purposes and UK investors are subject to UK capital gains

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

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

Information has been provided to UK investors of the

amount of their share of the underlying income, expenses

and overseas tax suffered.

Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio

As at 31 March 2012As at 31 March 2012As at 31 March 2012As at 31 March 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

HoldingHoldingHoldingHolding

FairFairFairFair

valuevaluevaluevalue

US$US$US$US$

% of% of% of% of

netnetnetnet

assetsassetsassetsassets

Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (97.7%)

EquitiesEquitiesEquitiesEquities (97.7%)

Hong KongHong KongHong KongHong Kong (0.7%)

Jardine Matheson Hldgs (CDP) 310,000 15,500,000 0.7

IndonesiaIndonesiaIndonesiaIndonesia (22.5%)

Alam Sutera Realty 314,491,500 20,979,858 1.0

Astra Intl 8,317,500 67,265,874 3.2

Bank Central Asia 67,833,000 59,346,459 2.9

Bank Mandiri (Persero) 28,218,613 21,139,272 1.0

Bumi Serpong Damai 23,162,500 3,267,676 0.2

Citra Marga Nusaphala

Persada 93,004,000 21,104,911 1.0

Gudang Garam 2,312,000 13,893,745 0.7

Indo Tambangraya Megah 7,753,000 36,713,136 1.8

Indocement Tunggal Prakarsa 6,058,000 12,223,327 0.6

Indomobil Sukses Intl 17,334,000 28,529,824 1.4

Jasa Marga (Persero) 50,000,000 27,613,737 1.3

Perusahaan Gas Negara 64,808,000 26,755,272 1.3

Semen Gresik (Persero) 12,950,000 17,348,809 0.8

Surya Citra Media 13,138,000 11,566,153 0.6

Tambang Batubara Bukit

Asam 'B' 15,925,500 35,616,414 1.7

United Tractors 17,223,045 61,591,600 3.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


MalaysiaMalaysiaMalaysiaMalaysia (11.5%)

Axiata Group 7,633,500 12,807,635 0.6

CapitaMalls Malaysia Trust 44,334,500 19,826,429 1.0

CIMB Group Hldgs 15,124,400 37,915,911 1.8

Gamuda Bhd (CDS) 6,857,100 8,102,726 0.4

Genting Bhd (CDS) 7,725,200 27,335,129 1.3

Genting Malaysia (CDS) 12,783,300 16,190,372 0.8

IJM Corp 15,682,000 28,768,676 1.4

Kuala Lumpur Kepong (CDS) 2,514,000 20,138,260 1.0

Petronas Chemicals 7,117,000 15,565,171 0.8

Sime Darby 13,276,700 42,168,203 2.0

UEM Land Hldgs 10,900,000 7,934,389 0.4

PhilippinesPhilippinesPhilippinesPhilippines (3.1%)

Alliance Global Group 21,920,100 6,422,612 0.3

BDO Unibank 4,500,000 6,938,395 0.3

DMCI Hldgs 5,585,000 7,004,827 0.4

Philippine Long Distance

Telephone 224,000 14,086,410 0.7

SM Investments 828,290 12,674,660 0.6

Universal Robina 11,000,000 16,140,678 0.8

SingaporeSingaporeSingaporeSingapore (35.2%)

Cache Logistics 25,638,000 20,288,551 1.0

CapitaLand Ltd 25,242,000 62,434,978 3.0

CapitaMalls Asia 17,202,000 22,300,282 1.1

City Developments 980,000 8,830,795 0.4

DBS Group Hldgs 5,053,012 56,946,101 2.8

Fibrechem Technologies 27,671,000 0 0.0

Fraser & Neave (CDP) 2,299,000 12,250,606 0.6

Frasers Centrepoint 4,815,000 5,801,666 0.3

Genting Singapore 18,631,000 25,264,131 1.2

Global Logistics Properties 7,700,000 13,350,300 0.6

Golden Agri-Resources 61,670,000 38,257,128 1.8

Guocoland Ltd (CDP) 6,401,000 9,876,279 0.5

Hutchison Port Hldgs

Trust-USD 44,905,000 34,127,800 1.7

Jardine Cycle & Carriage 268,000 10,292,854 0.5

Keppel Corp 9,975,000 86,711,537 4.2

Keppel Land 4,527,658 12,459,297 0.6

M1 Ltd 7,363,000 14,815,596 0.7

Noble Group 29,447,000 32,202,350 1.6

Oversea-Chinese Bkg (CDP) 4,045,546 28,700,259 1.4

Overseas Union

Enterprise (CDP) 8,187,000 15,301,587 0.7

Parkson Retail Asia 21,749,000 24,216,487 1.2

Sembcorp Industries (CDP) 7,341,000 30,827,121 1.5

Sheng Siong Group 28,942,000 11,163,853 0.5

Singapore Telecom 8,211,000 20,505,460 1.0

United Overseas Bank 4,557,835 66,445,394 3.2

Wilmar Intl 11,762,000 45,743,969 2.2

Yangzijiang Shipbuilding Hldgs 17,150,000 18,072,732 0.9



- 2 -

Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ThailandThailandThailandThailand (24.7%)

Advanced Information (F) 5,852,200 34,904,532 1.7

Airports of Thailand (F) 6,894,700 13,018,356 0.6

Banpu Public Co (F) 1,573,500 31,010,956 1.5

Central Plaza Hotel (F) 28,734,200 11,922,132 0.6

Charoen Pokphand Foods (F) 38,260,300 45,887,556 2.2

Hemaraj Land &

Development (F) 293,388,700 26,818,675 1.3

Home Product Center (F) 23,280,000 10,413,744 0.5

Indorama Ventures (F) 16,290,900 19,934,570 1.0

Kasikornbank Public Co (F) 422,900 2,104,219 0.1

Kasikornbank Public Co NVDR 11,213,600 55,977,128 2.7

Krung Thai Bank (F) 43,400,000 24,619,125 1.2

LPN Development (F) 35,319,300 18,661,413 0.9

Major Cineplex Group NVDR 5,009,600 2,922,943 0.1

PTT Exploration &

Production (F) 2,557,100 14,463,985 0.7

PTT Global Chemical (F) 11,786,246 27,125,558 1.3

PTT Public Co (F) 2,911,100 33,310,156 1.6

Siam Cement (F) 210,700 2,813,887 0.1

Siam Cement NVDR 2,409,900 27,731,426 1.4

Siam Commercial Bank (F) 6,498,600 30,228,496 1.5

Sino Thai Eng &

Construction (F) 26,617,700 12,079,345 0.6

Supalai Public Co (F) 45,245,300 22,879,309 1.1

Thai Union Frozen Products (F) 8,930,900 20,481,724 1.0

Thanachart Capital (F) 10,000,000 10,858,995 0.5

Total Access

Communication NVDR 4,200,000 11,129,660 0.5

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 2,018,961,553 97.7

Other net assetsOther net assetsOther net assetsOther net assets 47,859,889 2.3

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

redeemable units aredeemable units aredeemable units aredeemable units at 31 March 2012t 31 March 2012t 31 March 2012t 31 March 2012 2,066,821,442 100.0

Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 1,768,753,176

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

For the period ended 31 March 2012For the period ended 31 March 2012For the period ended 31 March 2012For the period ended 31 March 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

% holdings% holdings% holdings% holdings

of net assetsof net assetsof net assetsof net assets

31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011

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

EquitiesEquitiesEquitiesEquities

Singapore 35.2 37.2

Thailand 24.7 18.6

Indonesia 22.5 22.1

Malaysia 11.5 12.3

Philippines 3.1 0.8

Hong Kong 0.7 -

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 97.7 91.0

Other net assOther net assOther net assOther net assetsetsetsets 2.3 9.0


redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0



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

- 3 -

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


31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011

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

AssetsAssetsAssetsAssets

Cash at banks 12,235,409 14,600,620

Short term deposits 26,753,841 143,078,387

Amounts due from brokers 16,615,799 6,249,492

Amounts receivable on allotment 12,615,570 7,192,056

Investments 2,018,961,553 1,590,544,950

Dividend and other accounts

receivable 11,194,016 7,983,303

Total assetsTotal assetsTotal assetsTotal assets 2,098,376,188 1,769,648,808

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

LiabilitiesLiabilitiesLiabilitiesLiabilities

Amounts due to brokers 15,205,907 4,107,041

Amounts payable on redemption 13,661,660 14,559,689

Other accounts payable 2,687,179 2,696,077

Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 31,554,746 21,362,807

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

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

of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 2,066,821,442 1,748,286,001

EquityEquityEquityEquity 2,066,821,442 1,748,286,001

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


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011


IncomeIncomeIncomeIncome

Net gains on investments and

derivatives [Note 4] 361,452,759 181,071,111

Dividend income 12,571,903 14,481,888

Interest on deposits 195,108 42,865

Net foreign currency exchange

gains/(losses) 132,167 (1,659,852)

Other income 298 -

374,352,235 193,936,012

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

ExpensesExpensesExpensesExpenses

Management fee 14,379,839 15,925,558

Transaction costs 4,526,523 5,293,312

Safe custody and bank charges 245,346 262,103

Registrar's fee 173,805 208,063

Trustee's fee 172,558 191,107

Auditor's fee 22,718 20,095

Printing and publication expenses 11,021 36,137

Legal and professional expenses 4,419 4,751

Other operating expenses 10,439 389

19,546,668 21,941,515

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

Profit before taxationProfit before taxationProfit before taxationProfit before taxation 354,805,567 171,994,497

Taxation (944,282) (1,222,906)

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

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

redeemable units and tredeemable units and tredeemable units and tredeemable units and total otal otal otal

comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 353,861,285 170,771,591




- 4 -

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

of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011



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

beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 1,748,286,001 2,118,835,703

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

Allotment of redeemable units 384,514,295 732,430,593

Redemption of redeemable units (419,840,139) (860,449,799)

Net redemptionNet redemptionNet redemptionNet redemption (35,325,844) (128,019,206)

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

1,712,960,157 1,990,816,497



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



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

of the periodof the periodof the periodof the period 2,066,821,442 2,161,588,088

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


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1111.10.2010.10.2010.10.2010.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011


Operating activitiesOperating activitiesOperating activitiesOperating activities

Purchase of investments and

derivatives (1,192,339,288) (1,082,879,904)

Proceeds from disposal of

investments and derivatives 1,124,284,090 1,284,491,084

Dividend received 11,079,168 17,068,946

Interest received 196,694 42,721

Trustee's fee paid (170,279) (189,780)

Registrar's fee paid (355,809) (375,048)

Tax paid (944,282) (1,222,906)

Transaction costs paid (4,423,664) (5,504,094)

Management fee paid (14,189,932) (15,815,001)

Others (179,080) (2,582,991)

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

operating activitiesoperating activitiesoperating activitiesoperating activities (77,042,382) 193,033,027

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

Financing activitiesFinancing activitiesFinancing activitiesFinancing activities

Receipts on allotment of

redeemable units 379,090,781 756,853,087

Payments on redemption of

redeemable units (420,738,168) (873,231,102)

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

financing activitiesfinancing activitiesfinancing activitiesfinancing activities (41,647,387) (116,378,015)

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

(Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash

and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (118,689,769) 76,655,012

Cash and cash equivalents at the

beginning of the period 157,679,007 34,173,226

Exchange gains on cash and cash

equivalents 12 474,472

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

the end of the periodthe end of the periodthe end of the periodthe end of the period 38,989,250 111,302,710

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

Cash at banks 12,235,409 18,802,710


38,989,250 111,302,710

JF ASEAN FUNDJF ASEAN FUNDJF ASEAN FUNDJF ASEAN FUND SemiSemiSemiSemi----annual report fannual report fannual report fannual report for theor theor theor the


- 5 -

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

1111 The The The The FundFundFundFund

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

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

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

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

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

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

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

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

are consistent with those used in the annual financial statements for the year ended 30 September 2011.

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

Classification

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

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

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

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

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

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

Recognition, derecognition and measurement

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

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

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

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

ownership.

Fair value estimation

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

makers, are fair valued based on quoted "bid" prices on long investments and quoted "ask" prices on investments sold short. When

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

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

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

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

on an exchange.

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

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

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

differences between the bid/ask prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive

Income.

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

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



- 6 -

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

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

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

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

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

separately.

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

Functional and presentation currency

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

Transactions and balances

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

transactions.

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

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

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

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

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

investments and derivatives".

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

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

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

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

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

31.3.2012 30.9.2011

Units Units

Number of units in issue 19,814,335.325 20,154,964.011

US$ US$

Net assets attributable to holders of redeemable units 2,066,821,442 1,748,286,001

Net assets attributable to holders of redeemable units (per unit) 104.31 86.74

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

1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 359,697,871 (88,186,625)

Realized gains on sale of investments and derivatives 1,754,888 269,257,736

361,452,759 181,071,111



- 7 -

5555 Soft commission arrangementsSoft commission arrangementsSoft commission arrangementsSoft commission arrangements

The Investment Manager has entered into soft commission arrangements with brokers under which certain goods and services used to

support investment decision making are received by the Investment Manager. The Investment Manager does not make direct payment for

these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is paid from the Fund on these

transactions.

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

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

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

6666 Distribution Distribution Distribution Distribution

No distribution was made during the period (31 March 2011: nil).

JF ASIA DOMESTIC OPPORTUNITIES FUNDJF ASIA DOMESTIC OPPORTUNITIES FUNDJF ASIA DOMESTIC OPPORTUNITIES FUNDJF ASIA DOMESTIC OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 8 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Equities(I) Equities(I) Equities(I) Equities (97.3%)

ChinaChinaChinaChina (37.3%)

Agricultural Bank of China 'H' 20,700,000 8,851,623 2.2

Belle Intl Hldgs 2,785,000 4,986,025 1.2

China National Bldg

Material 'H' 9,602,000 12,095,255 3.0

China Petroleum &

Chemical 'H' 7,000,000 7,618,496 1.9

China Resources Gas Group 5,800,000 11,100,979 2.7

China Vanke 'B' 13,000,000 15,421,174 3.8

China ZhengTong Auto

Services Hldgs 6,271,000 6,211,230 1.5

Hengdeli Hldgs 14,300,000 5,985,961 1.5

Intime Department

Store (Group) 8,959,000 11,192,980 2.7

Netease.com Inc ADR 50,700 2,945,163 0.7

New China Life Insurance 'H' 2,372,800 9,626,893 2.4

Ping An Insurance (Group) 'H' 1,000,000 7,560,536 1.9

Springland Intl Hldgs 10,200,000 7,383,308 1.8

Tencent Hldgs 465,000 12,972,566 3.2

Tingyi (Cayman Islands) Hldgs 3,100,000 8,903,916 2.2

Want Want China Hldgs 4,590,000 5,119,706 1.3

Yanzhou Coal Mining 'H' 2,530,000 5,474,498 1.3

Zoomlion Heavy Industry 'H' 6,000,000 7,990,726 2.0


AIA Group 3,100,600 11,361,678 2.8

Midland Hldgs 9,450,000 4,941,654 1.2

Prada SpA 2,100,000 13,659,196 3.4

Sands China 3,870,400 15,104,729 3.7

Wharf (Hldgs) 1,561,900 8,489,462 2.1

IndiaIndiaIndiaIndia (7.3%)

Ambuja Cements (DEMAT) 1,800,000 6,025,910 1.5

Exide Industries (DEMAT) 1,600,000 4,673,275 1.1

Housing Development

Finance (DEMAT) 600,000 7,929,728 2.0

Mahindra & Mahindra (DEMAT) 350,000 4,781,627 1.2

Maruti Suzuki India (DEMAT) 230,000 6,081,716 1.5



Astra Intl 1,070,000 8,653,380 2.2

Berlian Laju Tanker

(SG Listing) 100,000,000 0 0.0

Gudang Garam 350,000 2,103,292 0.5

United Tractors 4,400,000 15,734,908 3.9

KoreaKoreaKoreaKorea (8.5%)

Amorepacific Corp 4,300 4,546,490 1.1

E-MART Co 9,700 2,123,119 0.5

Hyundai Heavy Industries 14,000 3,966,286 1.0

KT & G 31,000 2,188,782 0.5

LG Household & Healthcare 5,933 3,099,895 0.8

Orion Corp 11,000 7,727,814 1.9

Samsung C&T 62,000 4,339,261 1.1

Samsung Engineering 29,800 6,338,467 1.6

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





CapitaLand Ltd 1,800,000 4,452,221 1.1

Fraser & Neave (CDP) 820,000 4,369,507 1.1

Guocoland Ltd (CDP) 2,776,000 4,283,167 1.0

Keppel Corp 480,000 4,172,585 1.0


Wilmar Intl 694,000 2,699,058 0.7

Yanlord Land Group 3,500,000 3,521,295 0.9

TaiwanTaiwanTaiwanTaiwan (7.9%)

China Life Insurance 6,428,959 6,251,542 1.6

President Chain Store 1,303,000 7,218,164 1.8

Prince Housing &

Development 11,508,130 8,636,605 2.1

Uni-President Enterprises 7,100,000 9,814,837 2.4


Charoen Pokphand

Foods NVDR 8,000,000 9,594,814 2.3

Krung Thai Bank (F) 10,800,000 6,126,418 1.5

LPN Development NVDR 17,800,000 8,943,274 2.2

Siam Cement NVDR 378,000 4,349,757 1.1

Supalai Public Co NVDR 12,000,000 6,068,071 1.5

394,733,953 97.3

(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes (2.0%)


JF China New

Generation Fund* 923,088 7,929,324 2.0

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 402,663,277 99.3

Other nOther nOther nOther net assetset assetset assetset assets 2,856,075 0.7


redeemable units at 31 March 2012redeemable units at 31 March 2012redeemable units at 31 March 2012redeemable units at 31 March 2012 405,519,352 100.0

Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 350,817,303

* Issued and managed by the Manager



- 9 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



China 37.3 29.2

Hong Kong 13.2 11.5

Thailand 8.6 9.6

Korea 8.5 10.2

Taiwan 7.9 13.3

India 7.3 8.8

Indonesia 7.1 7.5

Singapore 6.9 4.8

Philippines 0.5 1.1

Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes

China 2.0 -


Other net assetsOther net assetsOther net assetsOther net assets 0.7 4.0






- 10 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 798,410 2,120,678

Short term deposits - 9,500,000


Amounts receivable on allotment 281,593 126,677

Investments 402,663,277 385,328,363


receivable 1,660,322 1,887,820

Total assetsTotal assetsTotal assetsTotal assets 410,190,664 402,929,914

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


Amounts due to brokers 2,236,706 -

Amounts payable on redemption 1,890,783 962,585

Other accounts payable 543,823 760,764

TotTotTotTotal liabilitiesal liabilitiesal liabilitiesal liabilities 4,671,312 1,723,349

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


of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 405,519,352 401,206,565

EquityEquityEquityEquity 405,519,352 401,206,565



1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011



Net gains/(losses) on investments

and derivatives [Note 4] 58,396,065 (14,979,547)

Dividend income 2,605,828 2,144,659

Interest on deposits 13,468 50


losses (348,774) (113,174)

60,666,587 (12,948,012)

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


Management fee 3,028,394 5,168,630


Trustee's fee 69,120 129,800





Valuation fee 8,610 8,820


Other operating expenses 4,281 3,264

4,348,933 7,684,723

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

Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss) 56,317,654 (20,632,735)

Finance costsFinance costsFinance costsFinance costs

Interest paid (204) (110,992)

Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 56,317,450 (20,743,727)

Taxation (272,097) 1,929,803

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

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

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

total comprehensive total comprehensive total comprehensive total comprehensive

income/(loss)income/(loss)income/(loss)income/(loss) 56,045,353 (18,813,924)




- 11 -

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



1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 401,206,565 773,561,164

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




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

349,473,999 633,614,567

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



comprehensive income/(loss)comprehensive income/(loss)comprehensive income/(loss)comprehensive income/(loss) 56,045,353 (18,813,924)



of the periodof the periodof the periodof the period 405,519,352 614,800,643



1.10.20111.10.20111.10.20111.10.2011

totototo

33331.3.20121.3.20121.3.20121.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (173,523,517) (287,800,599)


investments and derivatives 216,228,469 461,608,541


Interest received 13,593 50



Tax paid (331,571) (376,661)



Others (495,047) (516,899)

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

activitiesactivitiesactivitiesactivities 40,129,345 166,765,691

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









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




beginning of the period 11,620,678 (4,936,103)


equivalents 7,875 175,862


the end of the periodthe end of the periodthe end of the periodthe end of the period 798,410 22,847,565


Cash at banks 798,410 22,847,565



- 12 -


1111 The FundThe FundThe FundThe Fund

JF Asia Domestic Opportunities Fund (the "Fund") was established under a Trust Deed dated 11 May 2007, as amended, and is governed by the

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

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

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

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

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

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

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

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

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

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

subscribed into a merged unit class. The total value of any unitholders' units is not affected by the merger. On 3 October 2011, there was no

merging of unit classes in respect of the financial year ended 30 September 2011.



(a)(a)(a)(a) Accounting policies of interim finanAccounting policies of interim finanAccounting policies of interim finanAccounting policies of interim financial statementscial statementscial statementscial statements



(b)(b)(b)(b) InvInvInvInvestments and derivatives estments and derivatives estments and derivatives estments and derivatives

Classification












ownership.








on an exchange.





- 13 -



Income.








separately.






transactions.










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

statements.


31.3.2012 30.9.2011

Class A Class A

Units Units


US$ US$

Net assets attributable to holders of redeemable units 405,519,352 401,206,565




- 14 -

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

1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$


Realized (losses)/gains on sale of investments and derivatives (31,285,981) 52,101,144

58,396,065 (14,979,547)





transactions.




6666 DistributionDistributionDistributionDistribution


JF ASIA FOCUS FUNJF ASIA FOCUS FUNJF ASIA FOCUS FUNJF ASIA FOCUS FUNDDDD SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 15 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet




AustraliaAustraliaAustraliaAustralia (2.7%)

Suncorp Group 8,500 73,174 2.7

JapanJapanJapanJapan (10.8%)

Honda Motor 2,200 83,942 3.1

NTT DoCoMo 50 83,359 3.0

Toyota Motor 3,000 129,777 4.7


E-MART Co 1,100 240,765 8.8

Hi Mart Co 1,000 53,749 2.0

Hyundai Heavy Industries 350 99,157 3.6

Hyundai Mobis 625 157,760 5.8

KB Financial Group 3,800 138,511 5.1

POSCO 650 217,996 8.0

Shinhan Financial Group 3,500 134,990 4.9





Total inveTotal inveTotal inveTotal investments, at coststments, at coststments, at coststments, at cost 1,391,259


For the period from 6 May 2011 (Date of Trust Deed) to 31 For the period from 6 May 2011 (Date of Trust Deed) to 31 For the period from 6 May 2011 (Date of Trust Deed) to 31 For the period from 6 May 2011 (Date of Trust Deed) to 31

March 2012March 2012March 2012March 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)



31.3.201231.3.201231.3.201231.3.2012



Korea 38.2

Japan 10.8

Australia 2.7

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 51.7

Other net assetsOther net assetsOther net assetsOther net assets 48.3

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

unitsunitsunitsunits 100.0




- 16 -


As at 31 March 2012As at 31 March 2012As at 31 March 2012As at 31 March 2012 (Unaudit(Unaudit(Unaudit(Unaudited)ed)ed)ed)

31.3.201231.3.201231.3.201231.3.2012

US$US$US$US$


Cash at banks 1,365,495

Amounts due from brokers 42,812

Investments [Note 3] 1,413,180

Dividend receivable 15,942

Total assetsTotal assetsTotal assetsTotal assets 2,837,429

----------


Amounts due to brokers 83,218

Other accounts payable 48,867

Liabilities (excluding net assets attributable to Liabilities (excluding net assets attributable to Liabilities (excluding net assets attributable to Liabilities (excluding net assets attributable to

holders of redeemable units)holders of redeemable units)holders of redeemable units)holders of redeemable units) 132,085

----------


units units units units

(before fair value adjustme(before fair value adjustme(before fair value adjustme(before fair value adjustment) nt) nt) nt) [Note 3] 2,705,344

Fair value adjustment of units of the Fund [Note 3] 25,489


unitsunitsunitsunits

(after fair value adjustment) (after fair value adjustment) (after fair value adjustment) (after fair value adjustment) [Note 3] 2,730,833




6.5.20116.5.20116.5.20116.5.2011

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

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

totototo

31.3.201231.3.201231.3.201231.3.2012

US$US$US$US$


Net gains on investments and derivatives [Note 4] 246,838

Dividend income 40,032

Interest on deposits 12

Net foreign currency exchange losses (12,798)

274,084

----------


Management fee 52,600

Formation expenses [Note 2(e)] 34,236

Transaction costs 32,156

Auditor's fee 9,524

Registrar's fee 3,341

Trustee's fee 2,668

Safe custody and bank charges 810

Printing and publication expenses 696

Legal and professional expenses 501

Other operating expenses 20

136,552

----------

Profit before taxationProfit before taxationProfit before taxationProfit before taxation 137,532

Taxation (4,872)

132,660

Change in cumulative difference arising from the

fair value adjustment of units of the Fund 25,489

Increase in net asseIncrease in net asseIncrease in net asseIncrease in net assets attributable to holders of ts attributable to holders of ts attributable to holders of ts attributable to holders of

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

incomeincomeincomeincome 158,149




- 17 -




March 2012March 2012March 2012March 2012 (Unaud(Unaud(Unaud(Unaudited)ited)ited)ited)

6.5.20116.5.20116.5.20116.5.2011



totototo

31.3.201231.3.201231.3.201231.3.2012

US$US$US$US$

Allotment of redeemable units 3,620,479

Redemption of redeemable units (1,047,795)

Net allotmentNet allotmentNet allotmentNet allotment 2,572,684

----------

2,572,684

Increase in net assets attributable Increase in net assets attributable Increase in net assets attributable Increase in net assets attributable to holders of to holders of to holders of to holders of


incomeincomeincomeincome 158,149


units at the end of the periodunits at the end of the periodunits at the end of the periodunits at the end of the period 2,730,833


For the period from 6 May 2011 (Date ofFor the period from 6 May 2011 (Date ofFor the period from 6 May 2011 (Date ofFor the period from 6 May 2011 (Date of Trust Deed) to 31 Trust Deed) to 31 Trust Deed) to 31 Trust Deed) to 31


6.5.20116.5.20116.5.20116.5.2011



totototo

31.3.201231.3.201231.3.201231.3.2012

US$US$US$US$


Purchase of investments (8,081,903)

Proceeds from disposal of investments 6,955,904

Dividend received 24,090

Interest received 12

Trustee's fee paid (2,533)

Registrar's fee paid (3,341)

Tax paid (4,872)

Transaction costs paid (32,093)

Management fee paid (48,095)

Others (14,358)

Net cash outflow from operating activitiesNet cash outflow from operating activitiesNet cash outflow from operating activitiesNet cash outflow from operating activities (1,207,189)

----------


Receipts on allotment of redeemable units 3,620,479

Payments on redemption of redeemable units (1,047,795)

Net cash inflow from finaNet cash inflow from finaNet cash inflow from finaNet cash inflow from financing activitiesncing activitiesncing activitiesncing activities 2,572,684

----------

Increase in cash and cash equivalentsIncrease in cash and cash equivalentsIncrease in cash and cash equivalentsIncrease in cash and cash equivalents 1,365,495

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

periodperiodperiodperiod 1,365,495



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


- 18 -



JF Asia Focus Fund (the “Fund”) was established under a Trust Deed dated 6 May 2011, as amended, and is governed by the laws of Hong Kong.


The investment objective of the Fund is to provide investors with long-term capital growth through a highly-concentrated portfolio aiming to

benefit from the economies of the Asia-Pacific Region, through investing primarily in the securities of companies listed in that region.

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

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

result that the net asset value attributable to each Class may differ. The HKD Class which is offered in Hong Kong dollar and the USD Class

which is offered in United States dollar were issued.





are set out below.

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

Classification












ownership.








on an exchange.





Income.



- 19 -



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



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

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






transactions.


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





(e)(e)(e)(e) Formation expensesFormation expensesFormation expensesFormation expenses

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

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



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

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

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

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

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



- 20 -

3333 Net assets attributable to holders of redeemable units and number of units in issueNet assets attributable to holders of redeemable units and number of units in issueNet assets attributable to holders of redeemable units and number of units in issueNet assets attributable to holders of redeemable units and number of units in issue

Fair value adjustment of units of the Fund

As stated in Note 2(f), units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial

liability in the Statement of Financial Position which represents the net assets attributable to the holders of redeemable units and is carried at

the redemption amount that would be payable at the Statement of Financial Position date, if the holders of redeemable units exercised the

right to redeem units of the Fund. The redemption amount is determined based on the net assets attributable to holders of redeemable units

calculated in accordance with the provisions of the Fund's Trust Deed dated 6 May 2011, as amended ("Trust Deed NAV").

31.3.2012

US$

Net assets attributable to holders of redeemable units (before fair value adjustment) 2,705,344

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

Fair value adjustment of units of the Fund:

Difference between bid/ask prices and last traded prices basis in valuing investments as at the end of the period [Note

3(a)] 4,107

Unamortized formation expenses as at the end of the period [Note 3(b)] 21,382

25,489

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

Net assets attributable to holders of redeemable units (after fair value adjustment) 2,730,833

Note:

(a) Listed investments, investments and derivatives with prices quoted in over-the-counter markets or by market makers are stated at the

last traded prices for the purpose of the Trust Deed NAV. As stated in Note 2(b), the accounting policy of the Fund for the purpose of

compliance with Hong Kong Accounting Standards (“HKAS”) 39, "Financial Instruments: Recognition and Measurement" and for reporting

purposes is to value its investments and derivatives at fair value based on the relevant bid/ask market prices on the Statement of

Financial Position date.

(b) In accordance with the provisions of the Fund's Trust Deed, the formation expenses (including legal, accounting, and other professional

fees and expenses) or costs incidental to the establishment of the Fund will be paid out of the assets of the Fund and amortized over the

first three financial years. However, as stated in Note 2(e), the accounting policy of the Fund for the purpose of compliance with HKAS 38

"Intangible Assets" and for reporting purposes is to expense the expenditure incurred in the formation of the Fund in the period in which

they arose.

Number of units in issue

31 March 2012

HKD Class USD Class

Units Units

Number of units in issue 1,406,191.516 80,488.976

HKD Class USD Class

HK$ US$ equivalent US$

Net assets attributable to holders of redeemable units

(after fair value adjustment) 14,671,482 1,889,681 841,152

Net assets attributable to holders of redeemable units (per unit) 10.43 1.34 10.45



- 21 -

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

6.5.2011

(Date of

Trust Deed)

to

31.3.2012

US$

Change in unrealized gains/losses in value of investments and derivatives 21,921

Realized gains on sale of investments and derivatives 224,917

246,838





transactions.





No distribution was made during the period.

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


- 22 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Boart Longyear 245,610 1,053,380 7.0

Newcrest Mining 19,280 592,602 4.0

Oil Search 58,114 412,392 2.7

BangladeshBangladeshBangladeshBangladesh (2.5%)

Grameenphone Ltd 158,200 370,790 2.5

CanadaCanadaCanadaCanada (4.5%)

Ivanhoe Mines (CA Listing) 13,358 209,569 1.4

Tethys Petroleum 553,570 465,255 3.1


NagaCorp Ltd 387,313 175,099 1.2

SouthGobi Resources 20,700 136,507 0.9


Bharti Airtel 78,373 518,128 3.4

KazakhstanKazakhstanKazakhstanKazakhstan (13.0%)

Halyk Savings Bank GDR-RegS 60,146 390,949 2.6

Kazkommertsbank GDR-

Oct2006 RegS 27,872 91,169 0.6

KazMunaiGas Exploration GDR-

RegS 72,624 1,471,362 9.8


Daewoo Engineering &

Construction 31,460 283,211 1.9

LG Chem 631 205,776 1.4

Orion Corp 506 355,479 2.3

Youngone Corp 6,380 120,218 0.8


Alliance Global Group 2,765,600 810,324 5.4

BDO Unibank 281,300 433,727 2.9

DMCI Hldgs 347,000 435,215 2.9

Energy Development (PH

Listing) 1,205,250 167,587 1.1

Manila Water 750,000 404,390 2.7

Megaworld Corp 7,145,000 324,508 2.2

Pepsi-Cola Products

Philippines 4,272,000 272,628 1.8

Philex Mining 749,800 364,989 2.4


Telephone 4,650 292,419 1.9

Security Bank 273,616 898,564 6.0

Sri LankaSri LankaSri LankaSri Lanka (4.0%)

Aitken Spence & Co (CDS) 121,500 106,579 0.7

Commercial Bank of Ceylon 215,382 167,099 1.1

John Keells Hldgs (CDS) 93,333 148,096 1.0

National Development Bank 188,400 176,428 1.2


Italian Thai Dev NVDR 2,407,100 274,651 1.8

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


PTT Exploration & Production

(F) 63,700 360,313 2.4

United KingdomUnited KingdomUnited KingdomUnited Kingdom (10.8%)

Dragon Oil 42,104 418,430 2.8

Eurasian Natural Resources 19,743 186,900 1.3

Kazakhmys plc 47,861 693,582 4.6

Max Petroleum 1,000,000 199,719 1.3

Steppe Cement 288,866 117,692 0.8

VietnamVietnamVietnamVietnam (4.2%)

Petrovietnam Drilling & Well

Serv 85,676 162,723 1.1

Petrovietnam Fertilizer &

Chemical 97,760 136,911 0.9

Vietnam Export-Import Comm

JS Bank 397,800 330,069 2.2


Other net assetsOther net assetsOther net assetsOther net assets 279,461 1.9



Total invesTotal invesTotal invesTotal investments, at costtments, at costtments, at costtments, at cost 14,609,888



- 23 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Philippines 29.3 21.0

Australia 13.7 9.1

Kazakhstan 13.0 14.0

United Kingdom 10.8 5.7

Korea 6.4 5.1

Canada 4.5 3.4

Thailand 4.2 0.9

Vietnam 4.2 4.1

Sri Lanka 4.0 5.6

India 3.4 4.4

Bangladesh 2.5 -

Hong Kong 2.1 4.0

Total Listed/Quoted InvestmeTotal Listed/Quoted InvestmeTotal Listed/Quoted InvestmeTotal Listed/Quoted Investmentsntsntsnts 98.1 77.3







- 24 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 190,961 3,071,160

Amounts due from brokers 45,977 8

Amounts receivable on allotment 127 127

Investments 14,735,429 10,577,138


receivable 114,663 182,043


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


Amounts due to brokers 28,266 -

Amounts payable on redemption 15,663 90,646

Performance fee payable - 16,082


Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 72,267 155,631

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




Statement of Comprehensive IncomStatement of Comprehensive IncomStatement of Comprehensive IncomStatement of Comprehensive Incomeeee


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





Dividend income 136,395 291,313

Interest on deposits 10 -


losses (6,167) (51,702)

Other income 1,359 -

2,061,390 2,698,337

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


Management fee 107,364 163,811

Transaction costs 22,053 49,347



Trustee's fee 5,849 13,651




Printing and publication expenses 1,545 999

Performance fee - 61,081

Other operating expenses 102 3,451

167,082 334,691

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

Net operating profitNet operating profitNet operating profitNet operating profit 1,894,308 2,363,646


Interest paid (10) (342)


Taxation (11,739) (58,315)

Increase in net asseIncrease in net asseIncrease in net asseIncrease in net assets ts ts ts







- 25 -




1.11.11.11.10.20110.20110.20110.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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

Allotment of redeemable units 184,520 921,663

Redemption of redeemable units (727,034) (4,217,834)

Net redemptionNet redemptionNet redemptionNet redemption (542,514) (3,296,171)

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

13,132,331 17,666,235










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (4,107,608) (4,399,950)



Dividend received 106,912 253,470

Interest received 10 -



Performance fee paid (16,082) -

Tax paid (19,459) (96,045)

Transaction costs paid (23,788) (52,278)

Management fee paid (106,940) (162,628)

Others (40,414) (95,119)



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




redeemable units 184,520 920,666


redeemable units (802,017) (4,205,339)


financing activitiesfinancing activitiesfinancing activitiesfinancing activities (617,507) (3,284,991)

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

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

equivalentsequivalentsequivalentsequivalents (2,880,225) (2,112,841)



Exchange gains/(losses) on cash

and cash equivalents 26 (8,656)


the end of the periodthe end of the periodthe end of the periodthe end of the period 190,961 (242,089)

Analysis of balanceAnalysis of balanceAnalysis of balanceAnalysis of balances of cash and cash equivalents:s of cash and cash equivalents:s of cash and cash equivalents:s of cash and cash equivalents:

Cash at banks 190,961 858,229

Short term bank loans -

unsecured - (1,100,318)

190,961 (242,089)



- 26 -



JF Asia New Frontiers Fund (the "Fund") was established under a Trust Deed dated 9 August 2007, as amended, and is governed by the laws of

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

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

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

assets or investments, direct or indirect, in Asia New Frontiers in an aggregate amount of not less than either US$50 million or 10 per cent. Of

the gross assets of the investing company (albeit such operations, assets or investments may at the time of investment be immaterial to the

financial results of such company), or (iii) whose performance is linked to the economies of Asia New Frontiers.












Classification












ownership.








on an exchange.





- 27 -



Income.








separately.






transactions.










Fund's Trust Deed dated 9 August 2007, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2012 30.9.2011

Class A Class A

Units Units


US$ US$





- 28 -


1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 2,169,674 1,667,476

Realized (losses)/gains on sale of investments and derivatives (239,881) 791,250

1,929,793 2,458,726





transactions.






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


- 29 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





CFS Retail Property Trust 9,075 16,781 1.5

GPT Group Stapled Sec 10,000 32,218 2.9

Lend Lease Group Stapled Sec 3,300 25,264 2.3

Mirvac Group Stapled Sec 20,000 24,138 2.2

Westfield Group Stapled Sec 9,155 83,460 7.5

Westfield Retail Trust Stapled

Sec 15,217 40,671 3.7


China Overseas Grand Oceans 15,000 16,325 1.4

China Overseas Land &

Investment 18,000 34,127 3.1

China Resources Land 18,000 30,927 2.8

KWG Property Hldg 56,000 32,169 2.9


Hang Lung Properties 11,000 40,095 3.6

Hongkong Land Hldgs (CDP) 6,000 34,860 3.1

Jardine Matheson Hldgs (CDP) 400 20,000 1.8

Link REIT 8,000 29,675 2.7

New World Dev 25,000 30,043 2.7

Sun Hung Kai Properties 5,252 65,244 5.9

Wharf (Hldgs) 8,700 47,287 4.3


Alam Sutera Realty 550,000 36,691 3.3


Kenedix Inc 150 29,400 2.7

Mitsubishi Estate 2,000 35,822 3.2

Nomura Real Estate Hldgs 1,900 33,616 3.0

Sumitomo Realty &

Development 4,000 96,774 8.7


Hyundai Development 1,400 30,705 2.8


CapitaMalls Malaysia Trust 66,600 29,784 2.7

Pavilion REIT 16,800 6,252 0.6


AIMS AMP Capital Ind REIT 20,000 17,895 1.6

ARA Asset Management 17,000 20,686 1.9

CapitaLand Ltd 30,000 74,204 6.7

CapitaMall Trust 15,000 21,474 1.9

Global Logistics Properties 16,000 27,741 2.5


Supalai Public Co (F) 40,000 20,227 1.8


(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet




redeemable units at 31redeemable units at 31redeemable units at 31redeemable units at 31 March 2012March 2012March 2012March 2012 1,108,594 100.0

Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 986,991



- 30 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Hong Kong 24.1 29.1

Australia 20.1 19.6

Japan 17.6 21.3

Singapore 14.6 14.2

China 10.2 6.0

Indonesia 3.3 -

Malaysia 3.3 2.4

Korea 2.8 1.3

Thailand 1.8 1.6

Total Listed/Quoted InvestmentTotal Listed/Quoted InvestmentTotal Listed/Quoted InvestmentTotal Listed/Quoted Investmentssss 97.8 95.5







- 31 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 17,532 90,888

Amounts due from brokers 18,012 -

Investments 1,084,555 1,921,819


receivable 5,543 15,279


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


Amounts payable on redemption 8,862 -



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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives [Note 4] 325,522 50,593



gains/(losses) 1,023 (1,995)


358,442 83,823

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







Safe custody and bank charges 378 360

Printing and publication expenses 217 835

Legal and professional expenses - 1,900


30,290 40,667

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

Net operating profitNet operating profitNet operating profitNet operating profit 328,152 43,156



Profit before taxationProfit before taxationProfit before taxationProfit before taxation 328,144 43,151

Taxation (2,400) (2,228)




comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 325,744 40,923




- 32 -



For the period ended 31 MarFor the period ended 31 MarFor the period ended 31 MarFor the period ended 31 March 2012ch 2012ch 2012ch 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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


Redemption of redeemable units (1,257,917) (151,880)

Net redemptionNet redemptionNet redemptionNet redemption (1,229,745) (17,681)

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

782,850 2,497,932





NeNeNeNet assets attributable to holders t assets attributable to holders t assets attributable to holders t assets attributable to holders





1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (498,938) (809,243)


investments and derivatives 1,651,738 767,448



Tax paid (2,400) (2,228)





Others (10,516) (20,345)

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

operating activitiesoperating activitiesoperating activitiesoperating activities 1,147,495 (63,477)

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






redeemable units (1,249,055) (141,314)


financing activitiesfinancing activitiesfinancing activitiesfinancing activities (1,220,891) 40,487

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


equivalentsequivalentsequivalentsequivalents (73,396) (22,990)


beginning of the period 90,888 62,219


equivalents 40 105


the end of the periodthe end of the periodthe end of the periodthe end of the period 17,532 39,334

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




- 33 -



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


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

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

the property industry.


In view of the small fund size, the Manager considers it would be in the best interests of unitholders to close the Fund. It has therefore

decided to exercise its discretion under paragraph 29.2 (C) of the base terms of the Fund dated 21 May 2009 which have been incorporated

into the Fund’s trust deed dated 29 January 2008, as amended, to terminate the Fund on 24 May 2012. The Trustee of the Fund has been

informed of this decision and has no objection to the termination of the Fund.

2222 Summary of principal accounting poliSummary of principal accounting poliSummary of principal accounting poliSummary of principal accounting policiesciesciescies

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


(the “interim financial statements”) are consistent with those used in the annual financial statements for the year ended 30 September

2011 except for the interim financial statements are not prepared on a going concern basis (refer to Note 1). However, there is no

difference in the accounting measurement basis as applied in the annual financial statements for the year ended 30 September 2011.


Classification












ownership.








on an exchange.





Income.



- 34 -








separately.

(d)(d)(d)(d) Foreign currencForeign currencForeign currencForeign currency translationy translationy translationy translation





transactions.







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



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

statements.

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

31.3.2012 30.9.2011

Units Units

Number of units in issue 132,093.159 288,201.362

US$ US$





- 35 -


1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 384,148 (73,851)


325,522 50,593





transactions.





No distribution was made during the period (31 March 2011: nil)

7777 Events after period end dateEvents after period end dateEvents after period end dateEvents after period end date

Refer to Note 1 for the termination of the Fund subsequent to the period end.

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


- 36 -



Place ofPlace ofPlace ofPlace of

establishmentestablishmentestablishmentestablishment HoldingHoldingHoldingHolding

FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes (95.9%)


JF Australia Fund ** Hong Kong 315,635 9,604,769 10.2


JF China Pioneer A-Share Fund ** Hong Kong 83,923 1,942,819 2.1

JPMF-JF China Fd 'A' (dist)-USD * Luxembourg 368,264 15,003,077 15.8


JPMF-JF Hong Kong 'A' (dist)-USD * Luxembourg 364,456 15,438,375 16.3


JF India Fund * Mauritius 51,262 9,543,896 10.1


JF Indonesia Fund ** Hong Kong 135,821 3,997,223 4.2


JF Korea Fund ** Hong Kong 310,432 15,279,440 16.1


JF Malaysia Fund ** Hong Kong 53,470 2,967,585 3.1


JPMF-JF Taiwan 'A' (dist)-USD * Luxembourg 877,246 11,755,097 12.4


JF Thailand Fund ** Hong Kong 53,585 5,278,645 5.6



Net assets attributable to holders of redeemable units at 31 March 2012Net assets attributable to holders of redeemable units at 31 March 2012Net assets attributable to holders of redeemable units at 31 March 2012Net assets attributable to holders of redeemable units at 31 March 2012 94,733,059 100.0

TotaTotaTotaTotal investments, at costl investments, at costl investments, at costl investments, at cost 93,825,316

* Issued and managed by a Connected Person of the Manager

** Issued and managed by the Manager



- 37 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



China 17.9 18.8

Hong Kong 16.3 12.3

Korea 16.1 8.4

Taiwan 12.4 8.6

Australia 10.2 7.2

India 10.1 13.0

Thailand 5.6 3.0

Indonesia 4.2 2.4

Malaysia 3.1 3.3

DerivativesDerivativesDerivativesDerivatives

Futures - 0.4



Net assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable units 100.0 100.0




- 38 -



31.3.20131.3.20131.3.20131.3.2012222 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 4,105,035 5,888,235


Amounts due from brokers - 3,926,535


Margin deposits 1,038 2,548,118

Derivatives - 413,011

Investments 90,810,926 74,042,850

Interest and other accounts

receivable - 16,026


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






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




Statement of CompStatement of CompStatement of CompStatement of Comprehensive Incomerehensive Incomerehensive Incomerehensive Income


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011






gains/(losses) 49,675 (45,858)


Other income 103 -

8,742,540 3,874,479

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










Legal and professional expenses 84 -


327,808 514,069

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

Net opNet opNet opNet operating profiterating profiterating profiterating profit 8,414,732 3,360,410


Interest paid - (28)


Taxation (118) (73)



redeemablredeemablredeemablredeemable units and total e units and total e units and total e units and total





- 39 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.231.3.231.3.231.3.2011011011011





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




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

86,318,445 138,829,623










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.331.331.331.3.2011.2011.2011.2011




derivatives (19,580,262) (13,326,253)



Decrease in margin deposits 2,547,080 103,233


Dividend received - 214,481

Tax paid (220) (90)





Others 7,834 (95,001)



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









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




beginning of the period 15,889,983 900,152


equivalents 169 -



Analysis of bAnalysis of bAnalysis of bAnalysis of balances of cash and cash equivalents:alances of cash and cash equivalents:alances of cash and cash equivalents:alances of cash and cash equivalents:

Cash at banks 4,105,035 4,871,358



- 40 -



JF AsiaOne Fund (the "Fund") was established under a Trust Deed dated 22 August 2006, as amended, and is governed by the laws of Hong

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

The investment objective of the Fund is to seek to produce a competitive total return in different market conditions. The Fund seeks to

achieve this primarily through an actively managed portfolio of collective investment schemes managed by the Manager or its connected

persons (as defined in the SFC Code) which are linked to the economies of Asian countries (including Australia) ("Underlying Funds"). The

allocation to the Underlying Funds will be continually monitored and reviewed and changes will be made as considered appropriate to better

achieve the Fund's objective. In other words, the Fund may invest up to all of its assets in equity funds when the Investment Manager believes

market conditions and opportunities favour equities. When the Investment Manager believes market conditions and opportunities do not

favour equities the Fund may invest up to all of its assets in fixed income and money market funds and other funds with a low correlation to

equities. The Investment Manager may invest in a range of funds whose underlying assets embrace the full spectrum of the risk return trade

off from low to high risk. The Investment Manager may carry out hedging activities via financial futures.






(b)(b)(b)(b) Investments and deriInvestments and deriInvestments and deriInvestments and derivativesvativesvativesvatives

Classification










ownership.







on an exchange.



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





- 41 -



transactions.







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




statements.

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

31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 12,325,559 209,469


8,673,030 3,920,027


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

directing transactions of the Fund through a broker or dealer (31 March 2011: nil).



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


- 42 -















this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





BankBankBankBankssss (22.7%)

Australia & NZ Bkg Group-AU

List 281,391 6,777,538 5.5

Commonwealth Bank of

Australia 148,770 7,721,325 6.3

National Australia Bank 271,139 6,906,997 5.7

Westpac Banking 278,391 6,310,174 5.2

BeveragesBeveragesBeveragesBeverages (2.2%)

Treasury Wine Estates 650,492 2,729,203 2.2

BiotechnologyBiotechnologyBiotechnologyBiotechnology (0.5%)

Mesoblast Ltd 75,795 614,025 0.5

ChemicalsChemicalsChemicalsChemicals (3.2%)

Campbell Brothers 55,887 3,873,831 3.2

Commercial Services & SuppliesCommercial Services & SuppliesCommercial Services & SuppliesCommercial Services & Supplies (6.6%)

Ausdrill Ltd 550,611 2,395,703 2.0

Brambles Ltd 333,424 2,445,507 2.0

Computershare Ltd 345,000 3,213,051 2.6

Construction & EngineeringConstruction & EngineeringConstruction & EngineeringConstruction & Engineering (0.1%)

Ausenco Ltd 33,152 146,992 0.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Diversified FinancialsDiversified FinancialsDiversified FinancialsDiversified Financials (3.3%)

Macquarie Group 132,000 3,973,821 3.3

Diversified Telecommunication ServDiversified Telecommunication ServDiversified Telecommunication ServDiversified Telecommunication Servicesicesicesices (3.9%)

Telstra Corp 1,395,450 4,741,622 3.9

GoldGoldGoldGold (1.0%)

Regis Resources-AU List 300,000 1,258,679 1.0

Hotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & Leisure (2.5%)

Echo Entertainment Group 678,135 3,055,936 2.5

IIIIndustrial Conglomeratesndustrial Conglomeratesndustrial Conglomeratesndustrial Conglomerates (4.5%)

Wesfarmers Ltd 175,110 5,443,970 4.5

InsuranceInsuranceInsuranceInsurance (3.7%)

QBE Insurance Group 311,842 4,551,813 3.7

MachineryMachineryMachineryMachinery (2.1%)

Boart Longyear 597,365 2,561,999 2.1

Metals & MiningMetals & MiningMetals & MiningMetals & Mining (25.7%)

Alacer Gold CDI 144,766 1,201,262 1.0

BHP Billiton 294,142 10,543,187 8.6

Fortescue Metals Group 214,000 1,285,821 1.1

Mineral Resources 193,560 2,414,243 2.0

Newcrest Mining 87,998 2,704,763 2.2

Rio Tinto-AU List 137,834 9,338,408 7.6

Sandfire Resources 174,000 1,409,596 1.2

Whitehaven Coal 429,849 2,493,692 2.0

Oil & GasOil & GasOil & GasOil & Gas (6.0%)

Beach Energy 1,064,299 1,615,251 1.3

Beach Energy (Entitle Offer

03/12) 133,036 201,904 0.2

Drillsearch Energy 757,946 1,193,495 1.0

Oil Search 603,027 4,279,235 3.5

PharmaceuticalsPharmaceuticalsPharmaceuticalsPharmaceuticals (3.6%)

CSL Ltd 117,741 4,366,662 3.6

Road & RailRoad & RailRoad & RailRoad & Rail (4.0%)

QR National 927,061 3,553,439 2.9

Toll Hldgs 230,000 1,393,871 1.1

Specialty RetailSpecialty RetailSpecialty RetailSpecialty Retail (1.2%)

Super Retail Group 188,000 1,462,637 1.2

Transportation InfrastructureTransportation InfrastructureTransportation InfrastructureTransportation Infrastructure (2.5%)

Asciano Ltd 612,985 3,073,506 2.5




- 43 -



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet







For the period ended For the period ended For the period ended For the period ended 31 March 201231 March 201231 March 201231 March 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



AustraliaAustraliaAustraliaAustralia

Metals & Mining 25.7 30.8

Banks 22.7 21.2

Commercial Services & Supplies 6.6 2.9

Oil & Gas 6.0 4.4

Industrial Conglomerates 4.5 6.2

Road & Rail 4.0 2.0

Diversified Telecommunication Services 3.9 -

Insurance 3.7 -

Pharmaceuticals 3.6 -

Diversified Financials 3.3 4.9

Chemicals 3.2 4.7

Transportation Infrastructure 2.5 6.0

Hotels Restaurants & Leisure 2.5 1.9

Beverages 2.2 5.7

Machinery 2.1 2.0

Specialty Retail 1.2 -

Gold 1.0 -

Biotechnology 0.5 0.2

Construction & Engineering 0.1 -

Containers & Packaging - 3.3








- 44 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 686,834 795,661


Amounts due from brokers - 355,613


Investments 121,253,158 96,923,711


receivable 1,230,307 1,353,689


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





Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 1,220,431 360,489

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

NeNeNeNet assets attributable to holders t assets attributable to holders t assets attributable to holders t assets attributable to holders




For the period ended 31For the period ended 31For the period ended 31For the period ended 31 March 2012March 2012March 2012March 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







gains 277,221 60,590


Other income 929 -

19,014,044 17,772,942

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










Legal and professional expenses 96 299


1,115,309 1,223,012

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



Interest paid (1,459) (968)


Taxation (52,349) (27,327)


attributabattributabattributabattributable to holders of le to holders of le to holders of le to holders of






- 45 -




1.10.20111.10.20111.10.20111.10.2011

totototo

33331.3.20121.3.20121.3.20121.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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



Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 3,516,959 (40,961,206)

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

104,296,122 97,869,606










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.101.101.101.10.2010.2010.2010.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (60,252,464) (40,194,984)







Tax paid (52,349) (27,327)



Others 221,505 (33,316)



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








financing activitiesfinancing activitiesfinancing activitiesfinancing activities 3,742,636 (43,408,103)

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


equivalentsequivalentsequivalentsequivalents (1,680,363) (337,117)







AnalyAnalyAnalyAnalysis of balances of cash and cash equivalents:sis of balances of cash and cash equivalents:sis of balances of cash and cash equivalents:sis of balances of cash and cash equivalents:

Cash at banks 686,834 890,471



- 46 -



JF Australia Fund (the "Fund") was established under a Trust Deed dated 5 June 1981, as amended, and is governed by the laws of Hong Kong.


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







Classification












ownership.








on an exchange.





Income.





- 47 -

(c)(c)(c)(c) Securities lending and borrowing Securities lending and borrowing Securities lending and borrowing Securities lending and borrowing

Securities lenders' agreements are entered into with institutions of appropriate financial standing who engage in such arrangements

acceptable to the Trustee and on arm's length commercial terms. Securities lent are included in the investment portfolio of the Fund.

Relevant securities lending income entitled by the Fund is accounted for in the Statement of Comprehensive Income. Collateral received

for the purpose of securities lent generally consist of non-cash collateral which are off-balance sheet transactions and are therefore not

included in the financial statements.





separately.






transactions.










Fund's Trust Deed dated 5 June 1981, as amended, which may be different from the accounting policies stated in the financial statements.


31.3.2012 30.9.2011

Units Units


US$ US$





- 48 -


1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



16,557,821 15,756,961





transactions.






JF CHINA NEW GENERATION FUNDJF CHINA NEW GENERATION FUNDJF CHINA NEW GENERATION FUNDJF CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 49 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Equities and Convertibles(I) Equities and Convertibles(I) Equities and Convertibles(I) Equities and Convertibles (88.9%)


Agile Property Hldgs 700,000 806,929 0.8

Bank of China CB Step Cpn

02/06/16 CNY750,000 113,465 0.1

Beijing Wangfujing

Department 'A' 334,827 1,592,262 1.6

China Pacific Insurance

(Group) 'A' 1,221,549 3,733,696 3.7

China Resources Double

Crane 'A' 624,909 1,394,089 1.4

China Resources Land 150,000 257,728 0.2

China Vanke 'A' 2,901,642 3,814,798 3.7

China Vanke 'B' 320,000 379,598 0.4


Services Hldgs 1,623,500 1,608,026 1.6

Christine Intl Hldgs 1,200,000 224,111 0.2

CITIC Securities Co 'A' 4,399,846 8,096,891 7.9

Gemdale Corp 'A' 4,199,896 3,994,503 3.9

Guangzhou Friendship

Group 'A' 644,795 1,612,499 1.6

Haier Electronics Group 1,318,000 1,490,474 1.5

Haitong Securities 'A' 2,199,858 3,147,145 3.1

Hengdeli Hldgs 1,700,000 711,618 0.7

Hisense Electric 'A' 949,921 2,695,314 2.6

Huayu Automotive

Systems 'A' 1,322,584 2,100,006 2.1

Industrial Bank 'A' 2,773,163 5,865,122 5.8

Intime Department Store

(Group) 173,000 216,139 0.2

Kweichow Moutai 'A' 109,867 3,433,823 3.4

Luzhou Laojiao 'A' 709,785 4,405,445 4.3

New Oriental Education

ADR 40,000 1,098,400 1.1

Parkson Retail Group 175,000 198,577 0.2

Ping An Insurance (Group)

'A' 499,806 2,902,176 2.8

Poly Real Estate Group 'A' 1,999,820 3,581,767 3.5

SAIC Motor Corp 'A' 2,194,937 5,168,453 5.1

Shandong Dong-E E-Jiao

'A' 249,959 1,599,849 1.6

Shanghai Friendship

Group 'A' 592,612 1,126,320 1.1

Shanghai Pudong Dev

Bank 'A' * 3,075,000 4,360,075 4.3

Shenzhen Development

Bank 'A' 2,159,931 5,384,395 5.3

SPG Land (Hldgs) 343,125 68,943 0.1

Springland Intl Hldgs 474,000 343,107 0.3

Suning Appliance 'A' 2,001,576 3,098,661 3.0

Tsingtao Brewery 'H' 90,000 483,964 0.5

Wuliangye Yibin 'A' 504,922 2,632,842 2.6

Yunnan Baiyao Group 'A' 419,709 3,280,101 3.2

Zhengzhou Yutong Bus 'A' 599,883 2,313,617 2.3


Lifestyle Intl Hldgs 250,000 629,830 0.6

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Prada SpA 66,300 431,240 0.5

90,395,998 88.9

--------- ----(II) Debt Securities(II) Debt Securities(II) Debt Securities(II) Debt Securities (5.0%)


Beijing Capital 6.5%

24/09/14 CNY1,500,000 248,611 0.2

China Govt Bond No1213

2.6% 20/9/17 CNY6,000,000 916,343 0.9


3.4% 17/4/23 CNY2,287,000 364,168 0.4


3.02%17/9/13 CNY10,000,000 1,616,862 1.6


4.44%28/2/15 CNY4,640,000 765,559 0.8


3.37%25/5/12 CNY351,000 57,343 0.1

China Petro & Chem 4.61%

24/02/14 CNY266,000 41,588 0.0

China Petro & Chem0.8%

02/14-SerWW CNY1,225,000 181,396 0.2

Citic Guoan Info 1.2%

14/9/13-SerWW CNY956,000 144,243 0.1

Cosco Shipping 0.8%

28/01/14-SerWW CNY1,000,000 147,889 0.1

Jiangxi Copper 1%

22/09/16-SerWW CNY1,000,000 134,862 0.1

Poly Real Estate Group 7%

11/07/13 CNY600,000 102,920 0.1

Sinochem Intl 1.8%

01/12/12-SerWW CNY1,673,000 262,244 0.3

Tsingtao Brewery 0.8%

2/4/14-SerWW CNY965,000 142,896 0.1

5,126,924 5.0

--------- ----(III) Collective Investmen(III) Collective Investmen(III) Collective Investmen(III) Collective Investment Schemest Schemest Schemest Schemes (4.0%)


China SME ETF # 3,768,845 1,229,752 1.2

db x-Trackers CSI300

Banks ETF (1D) 2,480,000 2,878,001 2.8

4,107,753 4.0

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


OthOthOthOther net assetser net assetser net assetser net assets 2,090,807 2.1




* An affiliate of the investment adviser of the Fund

# Not authorized in Hong Kong and not available to Hong Kong

Residents



- 50 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011

Listed/Quoted InvestmListed/Quoted InvestmListed/Quoted InvestmListed/Quoted Investmentsentsentsents

Equities and ConvertiblesEquities and ConvertiblesEquities and ConvertiblesEquities and Convertibles

China 87.8 72.6

Hong Kong 1.1 1.3

Debt SecuritiesDebt SecuritiesDebt SecuritiesDebt Securities

China 5.0 13.3


China 4.0 5.5








- 51 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 3,109,777 8,224,821

Amounts due from brokers - 59,998

Amounts receivable on allotment 818,208 -

Investments 99,630,675 67,776,709


receivable 104,907 155,779


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


Amounts payable on redemption 493,202 1,763,318

Provision for taxation [Note 5] 1,255,865 1,236,109


Deferred tax liabilities [Note 5] 34,855 6,404


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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011


IncIncIncIncomeomeomeome

Net losses on investments and

derivatives [Note 4] (480,407) (748,342)




(losses)/gains (11,918) 67,471

(476,262) (626,468)

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









Valuation fee 420 420



915,416 1,267,250

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

Net operating lossNet operating lossNet operating lossNet operating loss (1,391,678) (1,893,718)



Loss before taxationLoss before taxationLoss before taxationLoss before taxation (1,391,678) (1,893,868)

Taxation [Note 5] (50,427) (5,089)

Decrease in net assets Decrease in net assets Decrease in net assets Decrease in net assets



comprehensive losscomprehensive losscomprehensive losscomprehensive loss (1,442,105) (1,898,957)




- 52 -

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



1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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



Net allotmentNet allotmentNet allotmentNet allotment 30,086,620 740,825

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

103,163,587 96,481,228




comprehensive losscomprehensive losscomprehensive losscomprehensive loss (1,442,105) (1,898,957)






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (64,026,099) (81,054,288)









Tax paid (2,220) (3,481)

Others (90,564) (11,722)


operating activitiesoperating activitiesoperating activitiesoperating activities (33,143,502) (1,022,023)

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








financing activitiesfinancing activitiesfinancing activitiesfinancing activities 27,998,296 (19,584)

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









Analysis of balAnalysis of balAnalysis of balAnalysis of balances of cash and cash equivalents:ances of cash and cash equivalents:ances of cash and cash equivalents:ances of cash and cash equivalents:

Cash at banks 3,109,777 3,702,277


perioperioperioperiod ended 31 March 2012d ended 31 March 2012d ended 31 March 2012d ended 31 March 2012

- 53 -



JF China New Generation Fund (the "Fund") was established under a Trust Deed dated 21 May 2009, as amended, and is governed by the laws

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

With effect from 2 April 2012, the dealing frequency of the fund was changed from monthly to daily.

The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the People's Republic of

China ("PRC") securities, including but not limited to A-Shares, of companies whose predominant business will benefit from, or is related to,

growth of the domestic consumption sector in the PRC. The Fund may also invest in fixed income instruments denominated in Renminbi

issued or listed in or outside the PRC, including debt securities issued by the central government of the PRC, any public or local authorities in

the PRC, any quasi-governmental organizations or any corporates.



(a)(a)(a)(a) Accounting policAccounting policAccounting policAccounting policies of interim financial statementsies of interim financial statementsies of interim financial statementsies of interim financial statements




Classification










ownership.








on an exchange.





Income.





- 54 -






transactions.







(d)(d)(d)(d) Formation expenses Formation expenses Formation expenses Formation expenses


(e)(e)(e)(e) Proceeds and payments on allotment and redemption of uniProceeds and payments on allotment and redemption of uniProceeds and payments on allotment and redemption of uniProceeds and payments on allotment and redemption of unitstststs




statements.

(f)(f)(f)(f) Taxation Taxation Taxation Taxation

Deferred income tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and

liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from

initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor taxable profit

or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement

of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax

liability is settled.

Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the

temporary differences can be utilized.


31.3.2012 30.9.2011

Units Units


US$ US$





- 55 -

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

1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



(480,407) (748,342)

5555 Taxation Taxation Taxation Taxation

The amount of taxation charged to the Statement of Comprehensive Income represents:

1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Withholding tax

- Dividend and interest income (3,459) (5,350)

Capital gains tax (18,517) (338,824)

Deferred tax liabilities (28,451) 339,085

Taxation (50,427) (5,089)

The movement in deferred tax liabilities during the period/year is as follows:

1.10.2011

to

31.3.2012

1.10.2010

to

30.9.2011

US$ US$

At the beginning of the period/year 6,404 462,780

Deferred tax liabilities charged to the Statement of Comprehensive Income 28,451 (456,376)

At the end of the period/year 34,855 6,404

The movement in provision for taxation during the period/year is as follows:

1.10.2011

to

31.3.2012

1.10.2010

to

30.9.2011

US$ US$

At the beginning of the period/year 1,236,109 168,788

Taxation charged to the Statement of Comprehensive Income 21,976 1,145,681

Tax paid (2,220) (78,360)

At the end of the period/year 1,255,865 1,236,109



- 56 -

(a) The Fund held A-shares of PRC listed companies through the QFII quota of the Investment Manager and certain investment in other PRC

securities. Tax provisioning of 10% is made for PRC sourced dividends and interest (except for Government bond interest which is tax

exempt). The PRC taxation of gains on PRC securities is however presently unclear. Under current PRC tax law, a 10% tax may be

payable on gains derived from the sale of PRC securities by foreign investors. Up to the issuance date of these financial statements, it is

uncertain as to whether the State Administration of Taxation ("SAT") will collect this tax in respect of the gains on PRC securities.

However, the Manager is of the view that it is possible that the SAT may start to collect this tax retrospectively from the launch of the

Fund. The Manager has assessed the likelihood of such exposure and has made a provision of US$1,288,419 as at 31 March 2012 (30

September 2011: US$1,241,451) based on its best estimate of the potential taxation liability and the probability of such gains crystallizing.

The Manager estimates that the potential taxation liability ranges from nil to US$1,288,419 as at 31 March 2012 (30 September 2011:

from nil to US$1,241,451). However the Manager would like to highlight that there is a possibility that some or all of the tax provided as at

31 March 2012 for gains on PRC securities in the amount of US$1,288,419 (30 September 2011: US$1,241,451) will not be payable and may

be released. The Manager is regularly monitoring the position.

(b) No provision for Hong Kong profits tax has been made as the Fund was authorized as a collective investment scheme under Section 104

of the Securities and Futures Ordinance and is therefore exempt from profits tax under Section 26A(1A) of the Inland Revenue Ordinance.

Overseas withholding tax was charged on certain dividend and interest income and capital gains derived during the period.





transactions.






JF CHINA PIONEER AJF CHINA PIONEER AJF CHINA PIONEER AJF CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 57 -



distributing fund in respect of the period from 14 June 2006

to 30 September 2010. The principal effect of this











this new regime.









As at 31 MarchAs at 31 MarchAs at 31 MarchAs at 31 March 2012201220122012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Equities and Warrants(I) Equities and Warrants(I) Equities and Warrants(I) Equities and Warrants (91.7%)


Anhui Conch Cement 'A' 3,597,602 9,008,286 1.4

Asia Cement China Hldgs 6,149,000 3,064,996 0.5

Bank of Communications 'A' 6,699,870 5,010,541 0.8

China CITIC Bank 'H' 23,000,000 13,804,740 2.1

China Construction Bank 'A' 7,149,940 5,472,009 0.9

China Merchants Property Dev

'A' 2,099,709 6,831,222 1.1

China Minsheng Banking 'A' 26,599,746 26,481,487 4.1

China National Bldg Material

'H' 6,888,000 8,676,538 1.3

China Oilfield Services 'H' 1,618,000 2,313,215 0.4

China Pacific Insurance

(Group) 'A' 2,524,352 7,715,747 1.2

China Petroleum & Chemical

'H' 7,838,000 8,530,538 1.3

China Resources Gas Group 2,718,000 5,202,148 0.8

China Resources Land 3,000,000 5,154,560 0.8

China Shenhua Energy 'A' 3,170,415 12,887,047 2.0

China Southern Airlines 'H' 17,550,000 8,363,601 1.3

China Vanke 'A' 20,995,746 27,603,172 4.3


Services Hldgs 7,595,000 7,522,611 1.2

Christine Intl Hldgs 3,660,000 683,539 0.1

CITIC Securities Co 'A' 20,894,990 38,452,356 6.0

Daye Special Steel 'A' 2,746,340 4,604,851 0.7

Glorious Property Hldgs 10,079,000 1,583,769 0.2

(Continued)


FaiFaiFaiFairrrr


US$US$US$US$

% of% of% of% of

netnetnetnet


Gree Electric 'A' Wts

04/03/13(UBS) 2,669,700 8,617,815 1.3

Gree Electric Appliances 'A' 2,923,601 9,437,410 1.5


Haitong Securities 'A' 19,599,477 28,039,264 4.4

Hisense Electric 'A' 4,249,549 12,057,707 1.9

Huayu Automotive Systems 'A' 6,899,436 10,954,963 1.7

Huayu Automotive'A'

Wts18/7/14(UBS) 2,550,000 4,048,905 0.6

Industrial Bank 'A' 8,537,974 18,057,449 2.8


(Group) 7,149,000 8,931,646 1.4

Jiangling Motors 'A' 1,322,326 4,518,332 0.7

Jiangxi Copper 'H' 7,065,000 16,233,849 2.5

Kangmei Pharm 'A' Wts 5/5/14

(BNP) 1,718,741 3,460,406 0.5

Kangmei Pharm 'A' Wts 9/9/13

(UBS) 3,278,370 6,600,466 1.0

Kweichow Moutai 'A' 399,165 12,475,649 1.9

Kweichow Moutai 'A' Wts

3/2/14(UBS) 150,755 4,711,752 0.7

Kweichow Moutai 'A' Wts

4/3/16 (ML) 264,600 8,269,905 1.3

Luzhou Laojiao 'A' 849,859 5,274,847 0.8

Maoye Intl Hldgs 2,761,000 729,012 0.1

Ping An Insurance (Group) 'A' 999,926 5,806,176 0.9

Pingdingshan Tianan Coal

Mining 'A' 3,749,908 6,704,345 1.0

Poly Real Estate Group 'A' 5,042,129 9,030,679 1.4

Qingdao Haier Co 'A' 5,716,448 9,330,753 1.5

SAIC Motor Corp 'A' 12,073,138 28,428,809 4.4

Sany Heavy Industry 'A' 2,046,285 3,986,649 0.6

Shandong Dong-E E-Jiao 'A' 1,708,070 10,932,407 1.7

Shandong Gold Mining 'A' 1,324,722 6,859,191 1.1

Shanghai Pudong Dev Bank

'A'** 18,973,098 26,902,154 4.2

Sinoma Intl Engineering 'A' 5,529,258 17,541,215 2.7

SPG Land (Hldgs) 5,445,150 1,094,080 0.2

Tencent Hldgs 457,100 12,752,172 2.0

Tianjin Tasly Pharmaceutical

'A' 749,796 4,218,049 0.7

Wuhan Department Store

Group 'A' 1,866,488 4,721,047 0.7

Wuliangye Yibin 'A' 1,171,531 6,108,777 1.0

Wuliangye Yibin 'A' Wts 08/13

(UBS) 1,010,000 5,266,497 0.8

Zhejiang Medicine 'A' 1,899,722 6,403,795 1.0

Zhengzhou Coal Mining 'A' 12,322,398 25,122,196 3.9

Zhengzhou Yutong Bus 'A' 1,399,894 5,399,083 0.8

Zoomlion Heavy Industry

SC&Tech 'A' 9,119,432 12,539,581 2.0


Guotai Junan Intl Hldgs 3,480,000 1,044,359 0.1

590,400,206 91.7



- 58 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet




JF China New Generation Fund* 2,899,178 24,903,939 3.9







** An affiliate of the investment adviser of the Fund

Statement of MovStatement of MovStatement of MovStatement of Movements in Portfolio Holdingsements in Portfolio Holdingsements in Portfolio Holdingsements in Portfolio Holdings




31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011


Equities and WarrantsEquities and WarrantsEquities and WarrantsEquities and Warrants

China 91.6 92.4

Hong Kong 0.1 0.1

Collective InvestmenCollective InvestmenCollective InvestmenCollective Investment Schemest Schemest Schemest Schemes

China 3.9 2.4








- 59 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 64,168,611 97,720,036



Amounts receivable on allotment 4,786,966 961,699

Investments 615,304,145 523,850,534


receivable 489,836 620,302


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




Provision for taxation [Note 5] 53,451,697 52,111,126


Deferred tax liabilities [Note 5] 846,293 1,709,726


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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

USUSUSUS$$$$ US$US$US$US$





gains 1,095,744 743,002



9,073,048 71,827,000

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


Management fee 5,057,225 6,582,953



Trustee's fee 92,798 139,517







6,810,953 9,179,316

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


Taxation [Note 5] (519,252) (4,377,185)








- 60 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011



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


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



Net allotmentNet allotmentNet allotmentNet allotment 89,662,327 762,255

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

641,871,807 711,653,730






of redeemabof redeemabof redeemabof redeemable units at the end le units at the end le units at the end le units at the end




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (412,809,585) (497,078,916)





Tax paid (42,114) (149,881)





Others 91,886 (285,795)



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






Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing


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









Analysis of balanAnalysis of balanAnalysis of balanAnalysis of balances of cash and cash equivalents:ces of cash and cash equivalents:ces of cash and cash equivalents:ces of cash and cash equivalents:

Cash at banks 64,168,611 54,036,598


94,176,419 70,036,598



- 61 -



JF China Pioneer A-Share Fund (the "Fund") was established under a Trust Deed dated 14 June 2006, as amended, and is governed by the laws


The investment objective and policy of the Fund is to achieve long-term capital growth by investing primarily in the People's Republic of China

("PRC") securities, including but not limited to A-Shares.







Classification










ownership.








on an exchange.





Income.








- 62 -



transactions.







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



Fund's Trust Deed dated 14 June 2006, as amended, which may be different from the accounting policies stated in the financial

statements.

(e)(e)(e)(e) TaxationTaxationTaxationTaxation

Deferred income tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and

liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from

initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor taxable profit

or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement

of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax

liability is settled.

Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the

temporary differences can be utilized.

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

31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



7,414,981 70,142,339



- 63 -

5555 TaxationTaxationTaxationTaxation

The amount of taxation (charged)/reversed to the Statement of Comprehensive Income represents:

1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Withholding tax

- Dividend and interest income (43,100) (151,348)

Capital gains tax (1,339,585) (4,768,690)

Deferred tax liabilities 863,433 542,853

Taxation [Note 5(a)] (519,252) (4,377,185)

The movement in deferred tax liabilities during the period/year is as follows:

1.10.2011

to

31.3.2012

1.10.2010

to

30.9.2011

US$ US$

At the beginning of the period/year 1,709,726 4,297,650

Deferred tax liabilities charged to the Statement of Comprehensive Income (863,433) (2,587,924)

At the end of the period/year 846,293 1,709,726

The movement in provision for taxation during the period/year is as follows:

1.10.2011

to

31.3.2012

1.10.2010

to

30.9.2011

US$ US$

At the beginning of the period/year 52,111,126 19,724,623

Taxation charged to the Statement of Comprehensive Income 1,382,685 33,538,684

Tax paid (42,114) (1,152,181)

At the end of the period/year 53,451,697 52,111,126

(a) The Fund held A-shares of PRC listed companies through the QFII quota of the Investment Manager and certain investment in other PRC

securities. Tax provisioning of 10% is made for PRC sourced dividends and interest. The PRC taxation of gains on PRC securities is

however presently unclear. Under current PRC tax law, a 10% tax may be payable on gains derived from the sale of PRC securities by

foreign investors. Up to the issuance date of these financial statements, it is uncertain as to whether the State Administration of

Taxation (“SAT”) will collect this tax in respect of the gains on PRC securities. However, the Manager is of the view that it is possible that

the SAT may start to collect this tax retrospectively from the launch of the Fund. The Manager has assessed the likelihood of such

exposure and has made a provision of US$54,226,416 as at 31 March 2012 based on its best estimate of the potential taxation liability

and the probability of such gains crystallizing. The Manager estimates that the potential taxation liability ranges from nil to

US$54,226,416 as at 31 March 2012 (30 September 2011: from nil to US$53,750,262). However the Manager would like to highlight that

there is a possibility that some or all of the tax provided as at 31 March 2012 for gains on PRC securities in the amount of US$54,226,416

(30 September 2011: US$53,750,262) will not be payable and may be released. The Manager is regularly monitoring the position.

(b) No provision for Hong Kong profits tax has been made as the Fund was authorized as a collective investment scheme under Section 104

of the Securities and Futures Ordinance and is therefore exempt from profits tax under Section 26A(1A) of the Inland Revenue Ordinance.

Overseas withholding tax was charged on certain dividend and interest income received and capital gains derived during the period.



- 64 -





transactions.




7777 DistDistDistDistributionributionributionribution


JF EASTERN FUNDJF EASTERN FUNDJF EASTERN FUNDJF EASTERN FUND SemiSemiSemiSemi----annual report for tannual report for tannual report for tannual report for thehehehe


- 65 -















this new regime.









As at 31 March 2012As at 31 March 2012As at 31 March 2012As at 31 March 2012 (Unaudite(Unaudite(Unaudite(Unaudited)d)d)d)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






Anhui Conch Cement 'H' 493,000 1,558,881 0.5

China Construction Bank 'H' 17,025,270 13,157,088 3.9

China Mobile 343,000 3,775,032 1.1


'H' 1,564,000 1,970,108 0.6

China Oilfield Services 'H' 1,546,000 2,210,278 0.6


'H' 5,420,000 5,898,892 1.7

China Resources Land 1,766,000 3,034,317 0.9


Services Hldgs 1,565,500 1,550,579 0.4

CNOOC Ltd 4,416,000 9,054,961 2.7

Ind & Comm Bank of China 'H' 8,250,000 5,323,609 1.6


(Group) 2,414,000 3,015,945 0.9

Jiangxi Copper 'H' 760,000 1,746,316 0.5

New China Life Insurance 'H' 741,000 3,006,376 0.9

Parkson Retail Group 1,452,000 1,647,620 0.5

Ping An Insurance (Group) 'H' 792,500 5,991,725 1.8


Tencent Hldgs 143,500 4,003,362 1.2




AIA Group 1,864,000 6,830,345 2.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Cheung Kong (Hldgs) 804,000 10,386,553 3.1

Cheung Kong Infrastructure

Hldgs 791,000 4,798,570 1.4

Hong Kong Exchanges &

Clearing 200,000 3,359,093 1.0

Hutchison Whampoa 646,000 6,452,512 1.9


Jardine Strategic Hldgs (CDP) 107,000 3,264,570 1.0

Kerry Properties 652,000 2,930,809 0.9

New World Dev 1,929,000 2,318,080 0.7

Sands China 1,870,000 7,297,913 2.1

Wharf (Hldgs) 1,367,400 7,432,287 2.2


Astra Intl 678,000 5,483,170 1.6


United Tractors 1,893,010 6,769,623 2.0


Amorepacific Corp 900 951,591 0.3

Dongsuh Co 39,000 1,141,035 0.3

E-MART Co 23,500 5,143,639 1.5


Hyundai Mobis 23,700 5,982,260 1.8

Hyundai Motor 8,900 1,830,193 0.5

KB Financial Group 177,000 6,451,701 1.9

KIA Motors 43,700 2,857,923 0.9

LG Chem 6,900 2,250,165 0.7

LG Corp 37,000 2,119,324 0.6

POSCO 15,200 5,097,745 1.5

Samsung C&T 55,000 3,849,345 1.1

Samsung Electronics 20,000 22,487,976 6.6


Shinhan Financial Group 60,500 2,333,392 0.7





Keppel Corp 709,600 6,168,472 1.8

Noble Group 735,000 803,774 0.2

Oversea-Chinese Bkg (CDP) 866,766 6,149,086 1.8


Wilmar Intl 233,000 906,168 0.3


Advanced Semiconductor Eng 3,603,151 3,619,693 1.1

Asustek Computer 339,720 3,199,856 0.9

Formosa Chemicals & Fibre 1,125,000 3,281,861 1.0

Foxconn Technology 456,450 1,879,031 0.5

Hon Hai Precision Ind 996,000 3,847,058 1.1

MediaTek Inc 174,000 1,662,505 0.5

MStar Semiconductor 264,000 1,614,528 0.5

Taiwan Semiconductor Mfg 2,248,000 6,458,873 1.9

TPK Hldg Co 139,000 2,246,455 0.7




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


- 66 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ThailandThailandThailandThailand (Continued)


Krung Thai Bank (F) 6,020,000 3,414,911 1.0

PTT Global Chemical (F) 870,000 2,002,269 0.6

Siam Cement NVDR 313,600 3,608,687 1.1

311,660,618 91.9

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



JF China New Generation Fund* 199,336 1,712,292 0.5


JPMF-JF India 'A' (dist)-USD** 335,380 22,765,594 6.7

24,477,886 7.2

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







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

Statement of Movements Statement of Movements Statement of Movements Statement of Movements in Portfolio Holdingsin Portfolio Holdingsin Portfolio Holdingsin Portfolio Holdings




31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



China 26.1 19.1

Korea 21.9 20.4

Hong Kong 18.7 16.4

Taiwan 9.2 12.2

Singapore 6.0 5.7

Indonesia 4.7 6.5

Thailand 4.7 3.7

Philippines 0.6 0.9

India - 2.7

Malaysia - 1.1


India 6.7 6.8

China 0.5 -








- 67 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 749,242 7,097,495



Investments 336,138,504 284,227,589


receivable 1,120,460 875,799


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


Short term bank loans - unsecured 900,064 -





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



EEEEquityquityquityquity 339,068,633 297,622,221



1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







gains/(losses) 95,401 (87,841)

Interest on deposits 304 100

Other income - 332

52,023,221 54,372,689

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


Management fee 2,274,409 3,062,188








Legal and professional expenses 278 3,005


3,103,969 4,305,669

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



Interest paid (1,370) (2,686)


Taxation (195,211) (198,835)








- 68 -


of Redeeof Redeeof Redeeof Redeemable Unitsmable Unitsmable Unitsmable Units


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

290,345,962 368,640,297










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (133,957,236) (172,934,248)



Dividend received 1,403,671 983,920

Interest received 304 100



Tax paid (195,211) (223,365)



Others (12,476) (276,673)


activitiesactivitiesactivitiesactivities 376,387 20,165,299

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









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








the end of the periodthe end of the periodthe end of the periodthe end of the period (150,822) 8,184,882

Analysis of balancAnalysis of balancAnalysis of balancAnalysis of balances of cash and cash equivalents:es of cash and cash equivalents:es of cash and cash equivalents:es of cash and cash equivalents:

Cash at banks 749,242 8,184,882


unsecured (900,064) -

(150,822) 8,184,882

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


- 69 -



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


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

companies in the Asia-Pacific region, excluding Japan and Australia except the Manager may, from time to time, invest in Japan and Australia

when appropriate investment opportunities arise.







Classification












ownership.








on an exchange.





Income.





- 70 -






separately.






transactions.











statements.


31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



50,237,824 53,053,759



- 71 -





transactions.






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


- 72 -



distributing fund in respect of the period from 2 December












this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Equities and WarrantsEquities and WarrantsEquities and WarrantsEquities and Warrants (96.0%)


China Resources Gas Group 806,000 1,542,653 0.7

China Shanshui Cement Group 3,176,000 2,503,493 1.1

China Suntien Green Energy

'H' 8,292,000 1,516,569 0.7


Services Hldgs 3,033,500 3,004,587 1.3

Glorious Property Hldgs 5,047,000 793,063 0.3


Haitian Intl Hldgs 2,338,000 2,622,872 1.1

Home Inns & Hotels Mgt ADR 74,587 1,902,714 0.8


(Group) 1,853,000 2,315,057 1.0

Kunlun Energy Co 662,000 1,190,304 0.5

Minth Group 4,002,000 4,633,949 2.0

Perfect World ADR 176,059 2,843,353 1.2

Poly Hong Kong Investment 949,000 441,253 0.2

Ports Design 371,500 381,835 0.2

REXLot Hldgs 26,500,000 2,320,969 1.0

Shenguan Hldgs (Group) 3,842,000 2,276,301 1.0


Towngas China 14,357,000 10,373,875 4.5

Weiqiao Textile 'H' 4,357,000 2,239,107 1.0


Emperor Watch & Jewellery 29,020,000 4,597,450 2.0

I.T Ltd 1,672,000 975,549 0.4

Luk Fook Hldgs Intl 944,000 2,863,369 1.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Melco Intl Dev 1,154,000 1,102,870 0.5

Midland Hldgs 3,530,000 1,845,930 0.8

SCMP Group 10,416,000 1,972,117 0.9


Bata India (DEMAT) 206,963 3,115,922 1.3

Commercial Engineers & Body

Builder 800,030 943,013 0.4

Eicher Motors 165,487 6,366,758 2.8

Godrej Properties PN 21/09/16

(JPM)* 35,675 427,932 0.2

Godrej Properties Wts

18/12/12(UBS) 68,202 818,103 0.3

IndusInd Bank 961,633 6,168,034 2.7

Mahindra & Mah Fin PN

15/9/16 (JPM)* 241,489 3,153,886 1.4

Mahindra & Mah Fin PN 8/2/17

(JPM)* 48,129 628,573 0.3

Parabolic Drugs Wts 12/11/13

(UBS) 1,715,091 979,667 0.4



Asahimas Flat Glass 1,538,000 1,000,777 0.4

Hexindo Adiperkasa 3,297,500 3,966,809 1.7



Mayora Indah 623,000 1,291,104 0.6

Resource Alam Indonesia 1,569,500 1,210,080 0.5


Total Bangun Persada 21,419,500 1,147,808 0.5


Cheil Communications 72,400 1,156,560 0.5

CJ O Shopping Co 5,805 1,322,846 0.6

Com2us Corp 139,564 2,358,811 1.0

Dongsuh Co 164,973 4,826,667 2.1

Fila Korea 13,808 1,045,608 0.5

Gamevil Inc 61,660 3,967,181 1.7

GS Retail 58,440 1,212,074 0.5

Hi Mart Co 40,655 2,185,155 1.0

Hyundai Development 65,010 1,425,796 0.6

Korean Reinsurance 71,680 863,538 0.4

Korean Reinsurance Await

Cert 1,433 17,264 0.0

Mirae Asset Securities 47,510 1,662,567 0.7

Neowiz Games 69,645 2,154,413 0.9

Shinsegae Food 65,984 4,612,270 2.0

STX Pan Ocean-KR List 190,100 1,322,085 0.6



Pepsi-Cola Products

Philippines 15,882,000 1,013,548 0.4

Puregold Price Club 2,296,200 1,091,009 0.5

Universal Robina 831,450 1,220,015 0.5


China Minzhong Food 7,372,000 5,863,124 2.5




- 73 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


SingaporeSingaporeSingaporeSingapore (Continued)



STX OSV Hldgs 1,305,000 1,831,889 0.8


Catcher Technology 391,000 2,755,527 1.2

Chailease Hldgs 2,949,000 4,226,489 1.8

Chipbond Technology 2,918,000 3,781,650 1.7

Evergreen Marine 3,080,000 2,107,981 0.9

GeoVision Inc 478,000 2,251,165 1.0

Gloria Material Technology 3,507,656 3,707,970 1.6

Gourmet Master 44,000 363,753 0.2

Johnson Health Tech 881,000 2,728,266 1.2

Kinsus Interconnect

Technology 1,463,000 4,689,214 2.1

MStar Semiconductor 425,000 2,599,146 1.1

PCHome Online 286,000 1,603,720 0.7

Prince Housing &

Development 5,005,850 3,756,783 1.6

Radiant Opto-Electronics 261,000 1,158,448 0.5

Taiwan Hon Chuan Enterprise 1,029,719 2,330,557 1.0

TPK Hldg Co 258,000 4,169,679 1.8

Tripod Technology 1,042,360 3,492,839 1.5


Amata Corp (F) 5,424,800 2,919,017 1.3

Hemaraj Land & Dev (F) 40,529,900 3,704,840 1.6



LPN Development NVDR 1,092,600 548,956 0.2

Pruksa Real Estate (F) 2,354,300 1,152,348 0.5

Sino Thai Eng & Construction

(F) 4,939,400 2,241,543 1.0

Tesco Lotus Retail Growth

Freehold 1,876,500 717,754 0.3

Thaicom Public Co (F) 1,421,500 718,814 0.3

Thaicom Public Co NVDR 1,472,500 744,603 0.3


TISCO Financial Group (F) 2,331,300 3,136,109 1.4






* Issued by a Connected Person of the Manager

Statement oStatement oStatement oStatement of Movements in Portfolio Holdingsf Movements in Portfolio Holdingsf Movements in Portfolio Holdingsf Movements in Portfolio Holdings




31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



China 20.4 18.0

Taiwan 19.9 10.8

Korea 13.1 12.6

India 9.8 11.2

Thailand 9.2 4.3

Indonesia 8.6 2.4

Singapore 6.9 7.7

Hong Kong 5.8 9.2

Philippines 2.3 2.0








- 74 -



31.3.20131.3.20131.3.20131.3.2012222 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 1,355,386 39,013,803

Short term deposits 9,500,000 -



Investments 221,048,588 157,139,138


receivable 1,244,117 750,309


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






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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





Dividend income 865,591 1,224,133


gains/(losses) 313,673 (76,059)


Other income 656 -

31,916,171 (1,806,161)

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

ExpeExpeExpeExpensesnsesnsesnses

Management fee 1,595,749 2,283,011

Transaction costs 802,769 1,221,923









2,536,159 3,724,757

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





Taxation (130,031) 779,863









- 75 -

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



1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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



Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 163,344 (41,907,361)

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

201,066,818 295,100,454










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (175,024,293) (209,644,896)



Dividend received 716,347 1,278,339




Tax paid (140,387) (177,872)

Transaction costs paid (802,457) (1,254,784)


Others 233,059 (420,294)



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








financing activitiesfinancing activitiesfinancing activitiesfinancing activities 671,729 (44,661,647)

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










Cash at banks 1,355,386 14,416,510


10,855,386 14,416,510



- 76 -


1111 The FunThe FunThe FunThe Fundddd

JF Eastern Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 2 December 1991, as amended, and is governed by

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

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

medium sized companies in the Asia-Pacific region, excluding Japan and Australia except the Manager may, from time to time, invest in Japan

and Australia when appropriate investment opportunities arise.



(a)(a)(a)(a) Accounting policAccounting policAccounting policAccounting policies of interim financial statements ies of interim financial statements ies of interim financial statements ies of interim financial statements




Classification












ownership.








on an exchange.





Income.





- 77 -






separately.






transactions.










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

statements.


31.3.2012 30.9.2011

Units Units


US$ US$



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

1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



30,725,790 (2,954,426)



- 78 -





transactions.






JFJFJFJF FIVE ELEMENTS FUNDFIVE ELEMENTS FUNDFIVE ELEMENTS FUNDFIVE ELEMENTS FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 79 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Alacer Gold CDI 57,200 474,643 1.3

Alkane Resources 110,000 164,094 0.5

Asciano Ltd 145,470 729,386 2.1

Aston Resources 61,800 583,238 1.7

Aurora Oil & Gas 158,000 615,437 1.7

Base Resources 686,000 394,417 1.1

Bathurst Resources 965,165 739,898 2.1

BC Iron 130,000 401,327 1.1

Beach Energy 402,000 610,102 1.7


03/12) 50,250 76,263 0.2

BHP Billiton 15,000 537,658 1.5

Boart Longyear 221,670 950,706 2.7

Cockatoo Coal 787,450 305,910 0.9

Drillsearch Energy 335,000 527,506 1.5

GrainCorp Ltd 'A' 56,073 525,704 1.5

Gryphon Minerals 565,000 629,210 1.8

Highlands Pacific 720,000 130,530 0.4

Mineral Deposits 126,500 809,875 2.3

Mineral Resources 73,000 910,517 2.6

Newcrest Mining 22,659 696,461 2.0

NRW Hldgs 188,976 810,487 2.3

Oil Search 152,375 1,081,291 3.1

PanAust Ltd 212,200 668,279 1.9

PMI Gold CDI 370,000 448,463 1.3

Regis Resources-AU List 85,000 356,626 1.0

Resolute Mining 359,000 665,712 1.9

Resource & Inv Opt 31/05/13-

AC 30,000 1,865 0.0

Resource & Investment 750,000 306,900 0.9

Rex Minerals 100,000 139,853 0.4

Rio Tinto-AU List 11,399 772,295 2.2

Sandfire Resources 76,000 615,686 1.8

Tiger Resources 775,000 297,059 0.8

Whitehaven Coal 116,000 672,953 1.9


Anhui Conch Cement 'H' 179,000 566,003 1.6

Anton Oilfield Services Group 1,262,000 180,425 0.5

Asia Cement China Hldgs 694,000 345,927 1.0

Beijing Enterprises Water

Group 3,208,000 731,345 2.1

China Merchants Hldgs 150,000 500,386 1.4

China Metal Recycling Hldgs 279,600 341,037 1.0


'H' 564,000 710,448 2.0

China Resources Cement Hldgs 560,000 412,571 1.2

China Resources Power Hldgs 412,000 758,836 2.2

China Shanshui Cement Group 915,000 721,252 2.1

Mongolian Mining 613,000 580,313 1.6

TCC Intl Hldgs 666,000 252,195 0.7

Zoomlion Heavy Industry 'H' 219,600 292,461 0.8


SOCAM Development 386,531 412,220 1.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet

aaaassetsssetsssetsssets


Ambuja Cements (DEMAT) 249,313 834,632 2.4


Indo Tambangraya Megah 114,500 542,197 1.5

United Tractors 286,470 1,024,449 2.9


JGC Corp 16,000 497,916 1.4

Kubota Corp 93,000 897,284 2.6

Marubeni Corp 61,000 441,777 1.3

Mitsubishi Corp 17,000 395,796 1.1

Mitsui & Co 24,600 404,744 1.1


Hyundai Mipo Dockyard 2,775 331,859 0.9

Korea Electric Power 19,500 385,508 1.1


Lafarge Malayan Cement (CDS) 220,100 517,291 1.5


Manila Water 1,841,400 992,859 2.8


Noble Group 293,000 320,416 0.9

Sakari Resources 183,000 339,118 1.0


PTT Exploration & Production

NVDR 136,600 772,665 2.2

Siam Cement (F) 31,600 422,016 1.2

Thai Tap Water Supply (F) 3,160,800 614,742 1.7





Total invesTotal invesTotal invesTotal investments, at costtments, at costtments, at costtments, at cost 34,119,205



- 80 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Australia 50.2 48.2

China 18.2 12.3

Japan 7.5 7.4

Thailand 5.1 4.8

Indonesia 4.4 5.7

Philippines 2.8 2.7

India 2.4 2.5

Korea 2.0 2.2

Singapore 1.9 1.9

Malaysia 1.5 1.5

Hong Kong 1.2 1.1

New Zealand - 1.3


Futures - (0.9)








- 81 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 268,314 2,439,561



Margin deposits - 326,460

Investments 34,191,039 27,506,467


receivable 327,219 309,726


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


Short term bank loans - unsecured 1,282,730 -







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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







Securities borrowing fee (net of

interest on collateral deposits) (113) -


(losses)/gains (11,747) 1,725

6,541,299 8,877,767

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










Printing and publication expenses 670 1,950



326,790 1,130,512

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





Taxation (4,035) 26,752

Increase in neIncrease in neIncrease in neIncrease in net assets t assets t assets t assets







- 82 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

28,965,839 45,777,395










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.231.3.231.3.231.3.2011011011011




derivatives (7,017,187) (25,613,841)



Decrease/(increase) in margin

deposits 326,460 (180,143)



Securities borrowing fee paid (net

of interest on collateral

deposits) (113) -

Tax paid (12,810) (29,324)




Performance fee paid (189,655) -


Others (51,207) (47,593)



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

FinancingFinancingFinancingFinancing activitiesactivitiesactivitiesactivities








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








the end of the periodthe end of the periodthe end of the periodthe end of the period (1,014,416) 514,817


Cash at banks 268,314 514,817


unsecured (1,282,730) -

(1,014,416) 514,817

JF FIVE ELEMENTS FUNDJF FIVE ELEMENTS FUNDJF FIVE ELEMENTS FUNDJF FIVE ELEMENTS FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 83 -



JF Five Elements Fund (the "Fund") was established under a Trust Deed dated 28 February 2008, as amended, and is governed by the laws of


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

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

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

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

construction and infrastructure.











(b)(b)(b)(b) Investments and derivatiInvestments and derivatiInvestments and derivatiInvestments and derivativesvesvesves

Classification












ownership.








on an exchange.





- 84 -



Income.













separately.

(d)(d)(d)(d) Foreign currency translatForeign currency translatForeign currency translatForeign currency translationionionion





transactions.







(e)(e)(e)(e) Proceeds and payments on allotment and redeProceeds and payments on allotment and redeProceeds and payments on allotment and redeProceeds and payments on allotment and redemption of unitsmption of unitsmption of unitsmption of units



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

statements.

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

31.3.2012 30.9.2011

Class A Class A

Units Units


US$ US$





- 85 -


1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 7,581,415 (18,448)


6,322,057 8,571,759





transactions.






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


- 86 -




FairFairFairFair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet





AMVIG Hldgs 1,488,000 6,190,080 2.8

Asia Cement China Hldgs 1,301,500 5,036,805 2.3

Beijing Jingkelong Co 'H' 311,000 2,161,450 1.0

Bosideng Intl Hldgs 2,042,000 4,921,220 2.2

China Datang Corp Renew

Power 'H' 2,018,000 2,522,500 1.1

China Lilang 704,000 5,822,080 2.6

China Vanadium Titano-

Magnetite 638,000 1,142,020 0.5


Services Hldgs 605,000 4,652,450 2.1

Christine Intl Hldgs 490,000 710,500 0.3

Dah Chong Hong Hldgs 647,000 5,311,870 2.4

Greatview Aseptic Packaging 296,000 1,189,920 0.5

Haier Electronics Group 642,000 5,636,760 2.5

Haitian Intl Hldgs 350,000 3,048,500 1.4

Hengdeli Hldgs 376,000 1,222,000 0.6

Hidili Industry Intl

Development 869,000 2,389,750 1.1

Home Inns & Hotels Mgt ADR 15,020 2,974,856 1.3

Hopefluent Group Hldgs 1,410,800 2,426,576 1.1

Kingboard Laminates Hldgs 631,500 2,317,605 1.1

KWG Property Hldg 1,242,500 5,541,550 2.5

Lonking Hldgs 623,000 1,700,790 0.8

Minth Group 786,000 7,066,140 3.2

REXLot Hldgs 11,425,000 7,769,000 3.5

Shenguan Hldgs (Group) 258,000 1,186,800 0.5

Towngas China 1,967,000 11,034,869 5.0

Weiqiao Textile 'H' 680,000 2,713,200 1.2


Chong Hing Bank 294,000 4,027,800 1.8

Dah Sing Banking Group 338,800 2,591,820 1.2

Dah Sing Financial Hldgs 140,400 3,776,760 1.7

Emperor Watch & Jewellery 2,330,000 2,865,900 1.3

Guotai Junan Intl Hldgs 1,554,000 3,620,820 1.6

I.T Ltd 672,000 3,044,160 1.4

K Wah Intl Hldgs 1,784,437 5,032,112 2.3

Le Saunda Hldgs 1,052,000 2,924,560 1.3

Luk Fook Hldgs Intl 132,000 3,108,600 1.4

Midland Hldgs 1,644,000 6,674,640 3.0

Pacific Basin Shipping 480,000 2,011,200 0.9

Pacific Textile Hldgs 1,047,000 5,381,580 2.4

Prosperity REIT 5,122,000 9,270,819 4.2

Sa Sa Intl Hldgs 924,000 4,148,760 1.9

Shun Tak Hldgs 1,242,750 3,902,235 1.8

Singamas Container Hldgs 1,182,000 2,706,780 1.2

SOCAM Development 538,000 4,454,640 2.0

Techtronic Industries 201,500 2,115,750 0.9

Television Broadcasts 52,000 2,717,000 1.2

Wonderful Sky Financial Group 666,000 885,780 0.4


Chailease Hldgs 158,000 1,758,116 0.8

(Continued)


FairFairFairFair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet


China Petrochemical

Development 173,800 1,522,454 0.7

CTCI Corp 189,000 2,423,743 1.1

Giant Manufacturing 164,000 5,565,237 2.5

Huaku Development 400,772 7,896,403 3.6

Johnson Health Tech 102,000 2,452,429 1.1

KGI Securities 1,235,938 4,031,517 1.8

Kinsus Interconnect

Technology 130,000 3,235,077 1.4

Largan Precision 22,000 3,350,822 1.5

Oriental Union Chemical 193,000 1,936,877 0.9

PCHome Online 47,000 2,046,190 0.9

Prince Housing &

Development 846,720 4,933,597 2.2

WPG Hldgs 310,480 3,279,210 1.5




redeemable units aredeemable units aredeemable units aredeemable units at 31 March 2012t 31 March 2012t 31 March 2012t 31 March 2012 221,921,255 100.0




- 87 -





31.3.201231.3.201231.3.201231.3.2012 30.930.930.930.9.2011.2011.2011.2011



China 43.6 34.2

Hong Kong 33.9 39.8

Taiwan 20.0 16.8




rrrredeemable unitsedeemable unitsedeemable unitsedeemable units 100.0 100.0




- 88 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011

HK$HK$HK$HK$ HK$HK$HK$HK$


Cash at banks 5,052,651 18,068,809



Investments 216,382,679 198,465,122


receivable 915,874 1,997,988


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






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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

26.8.200926.8.200926.8.200926.8.2009



totototo

31.3.201131.3.201131.3.201131.3.2011







gains/(losses) 185,652 (670,361)



45,719,592 (18,210,453)

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


Management fee 1,929,788 2,712,784

Transaction costs 777,407 1,311,723


Trustee's fee 84,845 159,609






Formation expenses - 36,865


3,113,470 4,546,659

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


Taxation (41,719) -




total comprehensivetotal comprehensivetotal comprehensivetotal comprehensive





- 89 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

26262626....8888.20.20.20.2009090909



totototo

31.3.31.3.31.3.31.3.2011201120112011




beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 218,590,106 -

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



Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (39,233,254) 415,038,640

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

179,356,852 415,038,640










1.101.101.101.10.2011.2011.2011.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

26.8.200926.8.200926.8.200926.8.2009



totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (116,675,073) (467,561,085)



Dividend received 1,577,245 664,938


Tax paid (59,638) -



Transaction costs paid (802,527) (1,267,396)


Others (122,117) (819,528)


operating activitiesoperating activitiesoperating activitiesoperating activities 27,646,575 (404,175,806)

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







financing activitiesfinancing activitiesfinancing activitiesfinancing activities (40,660,235) 410,581,038

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




beginning of the period 18,068,809 -

Exchange losses on cash and cash

equivalents (2,498) -



AAAAnalysis of balances of cash and cash equivalents:nalysis of balances of cash and cash equivalents:nalysis of balances of cash and cash equivalents:nalysis of balances of cash and cash equivalents:

Cash at banks 5,052,651 6,405,232


periperiperiperiod ended 31 March 2012od ended 31 March 2012od ended 31 March 2012od ended 31 March 2012

- 90 -



JF Greater China Smaller Companies Fund was established under a Trust Deed dated 26 August 2009, as amended, and is governed by the



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


2222 Summary of priSummary of priSummary of priSummary of principal accounting policiesncipal accounting policiesncipal accounting policiesncipal accounting policies





Classification












ownership.








on an exchange.





Income.





- 91 -






separately.

(d)(d)(d)(d) Foreign currencForeign currencForeign currencForeign currency translationy translationy translationy translation


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



transactions.







(e)(e)(e)(e) Formation expenses Formation expenses Formation expenses Formation expenses






statements.


31.3.2012 30.9.2011

Units Units


HK$ HK$





- 92 -


1.10.2011

to

31.3.2012

26.8.2009

(Date of

Trust Deed)

to

31.3.2011

HK$ HK$



44,805,936 (18,205,086)





transactions.




6666 DistribDistribDistribDistribution ution ution ution


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


- 93 -



distributing fund in respect of the period from 23 November












this new regime.









As at 31 March 2012As at 31 March 2012As at 31 March 2012As at 31 March 2012 (Unaudite(Unaudite(Unaudite(Unaudited)d)d)d)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Auto ComponentsAuto ComponentsAuto ComponentsAuto Components (0.6%)

Exide Industries (DEMAT) 3,500,000 10,222,789 0.6

AutomobilesAutomobilesAutomobilesAutomobiles (8.6%)

Bajaj Auto 725,473 23,906,646 1.5

Mahindra & Mahindra (DEMAT) 2,935,000 40,097,360 2.5

Maruti Suzuki India (DEMAT) 455,040 12,032,278 0.8

Tata Motors (DEMAT) 8,764,845 47,303,840 3.0

Tata Motors 'A' 4,029,000 12,455,933 0.8

BiotechnologyBiotechnologyBiotechnologyBiotechnology (0.3%)

Biocon Ltd 862,606 4,041,693 0.3


Godrej Industries (DEMAT) 2,000,000 10,159,976 0.6

Grasim Industries 279,000 15,250,358 1.0

Commercial BanksCommercial BanksCommercial BanksCommercial Banks (12.6%)

HDFC Bank (Converted from

GDR) 842,905 8,553,140 0.6

HDFC Bank (DEMAT) 11,892,095 120,671,676 7.6

ICICI Bank (DEMAT) 830,077 14,452,415 0.9

ICICI Bank ADR 482,997 16,822,786 1.1

IndusInd Bank 3,994,368 25,620,380 1.6

ING Vysya Bank 1,786,661 12,886,264 0.8

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Construction & EnConstruction & EnConstruction & EnConstruction & Engineeringgineeringgineeringgineering (1.9%)

Larsen & Toubro (DEMAT) 1,181,626 30,205,742 1.9

Construction MaterialsConstruction MaterialsConstruction MaterialsConstruction Materials (5.7%)

ACC Ltd 1,787,387 47,364,264 3.0

Ambuja Cements (DEMAT) 11,840,000 39,637,099 2.5

Ultra Tech Cement 95,000 2,781,004 0.2

Consumer FinanceConsumer FinanceConsumer FinanceConsumer Finance (1.0%)

Mahindra & Mahindra

Financial Serv 860,136 11,233,516 0.7

Shriram Transport Finance 445,254 5,235,635 0.3

Diversified Financial ServicesDiversified Financial ServicesDiversified Financial ServicesDiversified Financial Services (4.8%)

Infrastructure Development

Finance 17,238,465 45,646,657 2.9

Kotak Mahindra Bank (DEMAT) 2,830,054 30,294,827 1.9

Electrical EquipmentElectrical EquipmentElectrical EquipmentElectrical Equipment (1.7%)

Bharat Heavy Electricals

(DEMAT) 5,391,000 27,211,614 1.7

Health Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & Supplies (0.5%)

Opto Circuits India 1,393,250 5,486,033 0.4

Opto Circuits India Await Cert 417,975 1,645,810 0.1

Independent Power Producers & Energy TradersIndependent Power Producers & Energy TradersIndependent Power Producers & Energy TradersIndependent Power Producers & Energy Traders (1.7%)

NTPC Ltd 8,226,734 26,273,228 1.7

IT ServicesIT ServicesIT ServicesIT Services (15.9%)

Infosys Ltd (DEMAT) 2,687,000 150,676,642 9.5

Tata Consultancy Services 3,090,000 70,579,615 4.5

Wipro Ltd (DEMAT) 3,543,000 30,523,559 1.9

Life Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & Services (0.6%)

Divi's Laboratories (DEMAT) 674,388 10,100,266 0.6


Cummins India (DEMAT) 1,330,000 12,933,202 0.8


Hindalco Industries (DEMAT) 11,290,277 28,666,156 1.8

Jindal Steel & Power 1,714,000 18,302,405 1.2

Oil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable Fuels (8.5%)

Bharat Petroleum (DEMAT) 533,896 7,335,896 0.5

Hindustan Petroleum (DEMAT) 791,013 4,713,938 0.3

Oil and Natural Gas (DEMAT) 2,920,642 15,384,322 1.0

Reliance Ind (DEMAT) 7,251,099 106,428,683 6.7


Cadila Healthcare (DEMAT) 550,000 8,188,733 0.5

DR Reddy's Laboratories

(DEMAT) 641,949 22,190,052 1.4

Glaxosmithkline Pharm

(DEMAT) 200,000 9,094,317 0.6

Sun Pharma Advanced

Research 2,859,122 4,164,233 0.2

Sun Pharmaceutical Ind

(DEMAT) 2,397,571 26,731,187 1.7



- 94 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Real Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & Development (1.1%)

Godrej Properties 981,929 11,778,522 0.7

Oberoi Realty 1,146,127 6,051,785 0.4

Thrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage Finance (8.4%)

Housing Development Fin

(DEMAT) 10,070,000 133,087,271 8.4

TobaccoTobaccoTobaccoTobacco (6.5%)

ITC Ltd 23,301,024 103,458,468 6.5

Wireless TelecommunicWireless TelecommunicWireless TelecommunicWireless Telecommunication Servicesation Servicesation Servicesation Services (3.5%)

Bharti Airtel 8,320,000 55,003,945 3.5

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 1,482,886,160 93.7



redeemable units at 31 March 2012redeemable units at 31 March 2012redeemable units at 31 March 2012redeemable units at 31 March 2012 1,582,887,203 100.0

TTTTotal investments, at costotal investments, at costotal investments, at costotal investments, at cost 1,263,599,349





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011


Equities and WEquities and WEquities and WEquities and Warrantsarrantsarrantsarrants

IndiaIndiaIndiaIndia

IT Services 15.9 16.0

Commercial Banks 12.6 14.4

Automobiles 8.6 7.8

Oil & Gas & Consumable Fuels 8.5 12.2

Thrifts & Mortgage Finance 8.4 7.3

Tobacco 6.5 6.2

Construction Materials 5.7 2.8

Diversified Financial Services 4.8 4.8

Pharmaceuticals 4.4 4.0

Wireless Telecommunication Services 3.5 3.1


Construction & Engineering 1.9 3.8

Electrical Equipment 1.7 3.0

Independent Power Producers & Energy

Traders 1.7 0.8

Chemicals 1.6 0.9

Real Estate Management & Development 1.1 0.7

Consumer Finance 1.0 0.4

Machinery 0.8 0.7

Auto Components 0.6 0.6

Life Sciences Tools & Services 0.6 0.7

Health Care Equipment & Supplies 0.5 0.4

Biotechnology 0.3 0.4

Building Products - 0.2

Total Listed/QuoTotal Listed/QuoTotal Listed/QuoTotal Listed/Quoted Investmentsted Investmentsted Investmentsted Investments 93.7 95.7







- 95 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011


AAAAssetsssetsssetsssets

Cash at banks 10,023,019 5,881,106




Margin deposits 10,482,263 10,903,908

Investments 1,482,886,160 1,453,839,614


receivable 5,741,739 4,388,723


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




Other accounts payable 2,005,584 2,289,016


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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011








losses (1,067,821) (734,835)

Other income 109 -

66,228,619 (15,511,883)

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


Management fee 11,330,881 13,248,614


Trustee's fee 216,519 291,400








13,042,889 15,743,454

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



Interest paid - (30,443)


Income tax expenses (340,211) -









- 96 -

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



1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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



Net allotmentNet allotmentNet allotmentNet allotment 11,553,241 319,033,357

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

1,530,041,684 2,014,481,152










1.10.20111.10.20111.10.20111.10.2011

ttttoooo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (182,981,700) (343,640,050)





deposits 421,645 (4,109,170)




Tax paid (340,211) -



Others (1,198,476) (1,097,060)



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


Interest paid - (30,981)







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

InInInIncrease in cash and cash crease in cash and cash crease in cash and cash crease in cash and cash

equivalentsequivalentsequivalentsequivalents 42,821,789 100,923,031



Exchange (losses)/gains on cash

and cash equivalents (85,468) 17,676

Cash and cash equivaCash and cash equivaCash and cash equivaCash and cash equivalents at lents at lents at lents at



Cash at banks 10,023,019 14,946,260


97,344,668 86,947,900



- 97 -



JF India Fund (the "Fund") was established under a Trust Deed dated 23 November 1989, as amended, and is governed by the laws of the

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

The investment objective of the Fund is to provide long-term capital growth through a portfolio consisting primarily of securities linked to the

Indian economy. These include, but are not restricted to, securities traded on the stock exchanges of India and the rest of the Indian sub-

continent including Pakistan, Bangladesh and Sri Lanka.







Classification












ownership.








on an exchange.





Income.





- 98 -






separately.






transactions.







(e)(e)(e)(e) Proceeds anProceeds anProceeds anProceeds and payments on allotment and redemption of unitsd payments on allotment and redemption of unitsd payments on allotment and redemption of unitsd payments on allotment and redemption of units



Fund's Trust Deed dated 23 November 1989, as amended, which may be different from the accounting policies stated in the financial

statements.

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

31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



62,967,312 (19,376,517)



- 99 -





transactions.






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

period endeperiod endeperiod endeperiod ended 31 March 2012d 31 March 2012d 31 March 2012d 31 March 2012

- 100 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






Balkrishna Industries 123,691 623,979 2.4

BOSCH Ltd (DEMAT) 4,743 750,408 2.9

Exide Industries (DEMAT) 243,703 711,807 2.7


Berger Paints India 140,896 295,095 1.1

Castrol India (DEMAT) 83,280 870,562 3.4

Godrej Industries (DEMAT) 190,303 966,737 3.7


IndusInd Bank 127,000 814,594 3.1

ING Vysya Bank 115,225 831,058 3.2

Yes Bank 84,000 607,679 2.3


Kalpataru Power Transmission 123,358 258,847 1.0

Praj Industries 136,457 214,817 0.8


HeidelbergCement India 1,122,000 852,319 3.3

Consumer FinanceConsumer FinanceConsumer FinanceConsumer Finance (3.9%)

Mahindra & Mahindra

Financial Serv 59,000 770,550 2.9

Shriram Transport Finance 22,000 258,693 1.0

CCCContainers & Packagingontainers & Packagingontainers & Packagingontainers & Packaging (0.9%)

Ess Dee Aluminium 79,212 249,787 0.9


Bajaj Hldgs & Inv 47,900 762,150 2.9


Crompton Greaves (DEMAT) 125,000 338,232 1.3

Jyoti Structures 321,473 244,836 0.9

Gas UtilitiesGas UtilitiesGas UtilitiesGas Utilities (1.7%)

Gujarat Gas (DEMAT) 58,817 450,263 1.7

Health Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & Supplies (3.0%)

Opto Circuits India 152,183 599,233 2.3

Opto Circuits India Await Cert 45,654 179,766 0.7

Household DurablesHousehold DurablesHousehold DurablesHousehold Durables (2.1%)

Bajaj Electricals 140,360 539,867 2.1

Industrial ConglomeratesIndustrial ConglomeratesIndustrial ConglomeratesIndustrial Conglomerates (3.2%)

Aditya Birla Nuvo 44,704 828,882 3.2

Life Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & Services (2.0%)

Divi's Laboratories (DEMAT) 35,053 524,987 2.0

(Continued)


FairFairFairFair


US$US$US$US$

% o% o% o% offff

netnetnetnet



Cummins India (DEMAT) 88,390 859,523 3.3

Eicher Motors 21,400 823,319 3.2

Thermax Ltd (DEMAT) 27,000 244,852 0.9

MediaMediaMediaMedia (4.9%)

DB Corp 185,015 786,981 3.0

Navneet Publications India

(DEMAT) 426,131 487,652 1.9


Glaxosmithkline Pharm

(DEMAT) 17,759 807,530 3.1

IPCA Laboratories 35,575 233,058 0.9

Lupin Ltd (DEMAT) 63,065 653,799 2.5

Torrent Pharmaceuticals 44,709 548,935 2.1


Godrej Properties 57,638 691,384 2.6

Oberoi Realty 149,113 787,347 3.0

Sobha Developers 155,000 1,013,152 3.9

Textiles & Apparel & Luxury GoodsTextiles & Apparel & Luxury GoodsTextiles & Apparel & Luxury GoodsTextiles & Apparel & Luxury Goods (1.0%)

Bata India (DEMAT) 18,000 270,998 1.0


Gujarat Pipavav Port 228,000 272,826 1.0



Ascendas India Trust 1,333,000 879,938 3.4





Total inTotal inTotal inTotal investments, at costvestments, at costvestments, at costvestments, at cost 22,067,148



- 101 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



IndiaIndiaIndiaIndia




Chemicals 8.2 6.0


Machinery 7.4 8.9

Media 4.9 5.3

Consumer Finance 3.9 4.1


Industrial Conglomerates 3.2 -

Health Care Equipment & Supplies 3.0 2.9



Household Durables 2.1 2.6

Life Sciences Tools & Services 2.0 1.3


Gas Utilities 1.7 4.0

Transportation Infrastructure 1.0 -

Textiles & Apparel & Luxury Goods 1.0 -

Containers & Packaging 0.9 2.7

Diversified Telecommunication Services - 2.7

Building Products - 2.0

Software - 1.2

SingaporeSingaporeSingaporeSingapore









- 102 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 2,973,971 1,497,589


Amounts receivable on allotment 125,032 374

Margin deposits 32,174 33,468

Investments 22,906,442 23,604,538


receivable 144,394 130,885


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







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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011








losses (9,336) (36,312)

1,360,416 (6,574,898)

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













311,224 488,242

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





Taxation - (57)









- 103 -


oooof Redeemable Unitsf Redeemable Unitsf Redeemable Unitsf Redeemable Units


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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

Allotment of redeemable units 668,223 7,028,174


Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (77,940) 4,220,493

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

25,089,977 46,254,370










1.10.20111.10.20111.10.20111.10.2011

totototo

31.31.31.31.3.20123.20123.20123.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (5,649,276) (16,508,971)





deposits 1,294 (278)


Tax paid - (57)

Performance fee paid (4,276) (107,226)





Others (87,785) (375,614)



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




redeemable units 543,565 8,439,202




financing activitiesfinancing activitiesfinancing activitiesfinancing activities (213,905) 5,592,049

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

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

cash equivalentscash equivalentscash equivalentscash equivalents 1,477,053 (653,478)




and cash equivalents (671) 574


the end of the perithe end of the perithe end of the perithe end of the periodododod 2,973,971 1,306,894


Cash at banks 2,973,971 1,306,894

JF INDIA SMALLER COMPANIES FUNJF INDIA SMALLER COMPANIES FUNJF INDIA SMALLER COMPANIES FUNJF INDIA SMALLER COMPANIES FUNDDDD SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 104 -



JF India Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 13 April 2006, as amended, and is governed by the

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

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

medium-sized companies in India.












Classification












ownership.








on an exchange.





Income.



- 105 -








separately.






transactions.










Fund's Trust Deed dated 13 April 2006, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2012 30.9.2011

Class A Class A

Units Units


US$ US$





- 106 -


1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



1,236,485 (6,674,625)





transactions.






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


- 107 -



distributing fund in respect of the period from 19

September 2006 to 30 September 2010. The principal effect

of this certification is that for unitholders resident or

ordinarily resident in the UK for taxation purposes any gains

accruing on the sale, redemption or other disposal of units

during the period will be taxed in the UK as a capital gain

and not as income. This treatment will continue under the

new UK reporting fund regime provided the Fund does not

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

There will be no need to formally apply for reporting fund

status as the Fund is transparent for UK tax purposes and


this new regime.











FaFaFaFairiririr


US$US$US$US$

% of% of% of% of

netnetnetnet






Gajah Tunggal 6,548,500 1,897,805 1.6


Astra Intl 1,405,500 11,366,658 9.6


Building ProductsBuilding ProductsBuilding ProductsBuilding Products (1.1%)

Asahimas Flat Glass 2,058,500 1,339,466 1.1



Bank Mandiri (Persero) 6,352,062 4,758,489 4.0

Bank Rakyat Indonesia

Persero 3,878,000 2,947,518 2.5


Surya Semesta Internusa 17,380,000 1,938,714 1.7

Wijaya Karya 8,503,500 836,959 0.7

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Construction MConstruction MConstruction MConstruction Materialsaterialsaterialsaterials (6.4%)

Holcim Indonesia 10,517,500 2,933,030 2.5

Indocement Tunggal Prakarsa 1,000,000 2,017,717 1.7

Semen Gresik (Persero) 1,946,000 2,607,010 2.2

Diversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication Services (3.6%)

Telekomunikasi Indonesia 'B' 2,615,000 2,001,859 1.7

XL Axiata 4,130,000 2,280,895 1.9

Gas UtilitiesGas UtilitiesGas UtilitiesGas Utilities (5.0%)

Perusahaan Gas Negara 14,440,000 5,961,396 5.0


United Tractors 2,792,712 9,987,061 8.4




Aneka Tambang 11,418,000 2,247,638 1.9

Multiline RetailMultiline RetailMultiline RetailMultiline Retail (1.0%)

Mitra Adiperkasa 1,741,000 1,209,028 1.0


Indo Tambangraya Megah 896,000 4,242,870 3.6

Tambang Batubara Bukit

Asam 'B' 2,671,000 5,973,529 5.0



Ciputra Development 41,113,000 3,192,283 2.7

Metropolitan Land 27,230,000 1,206,053 1.0


Gudang Garam 650,000 3,906,113 3.3

Trading Companies & DistributorsTrading Companies & DistributorsTrading Companies & DistributorsTrading Companies & Distributors (3.1%)

Hexindo Adiperkasa 3,039,500 3,656,442 3.1


Citra Marga Nusaphala

Persada 12,596,000 2,858,344 2.4



Food ProductsFood ProductsFood ProductsFood Products (1.2%)

Universal Robina 943,230 1,384,034 1.2


DistributorsDistributorsDistributorsDistributors (2.8%)




- 108 -


As at 31 March 2012As at 31 March 2012As at 31 March 2012As at 31 March 2012 (Unaudi(Unaudi(Unaudi(Unaudited)ted)ted)ted)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Multiline RetailMultiline RetailMultiline RetailMultiline Retail (1.1%)




Banpu Public Co NVDR 77,000 1,517,536 1.3





Total iTotal iTotal iTotal investments, at costnvestments, at costnvestments, at costnvestments, at cost 97,105,334





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



IndonesIndonesIndonesIndonesiaiaiaia


Automobiles 12.8 10.8


Machinery 8.4 6.5


Transportation Infrastructure 6.7 4.6


Gas Utilities 5.0 -

Diversified Telecommunication Services 3.6 10.4

Tobacco 3.3 -

Trading Companies & Distributors 3.1 2.3

Construction & Engineering 2.4 -

Metals & Mining 1.9 -

Media 1.6 0.8


Building Products 1.1 2.6

Multiline Retail 1.0 -

Food Products - 7.9

Paper & Forest Products - 0.2

PhilippinesPhilippinesPhilippinesPhilippines

Food Products 1.2 -


Distributors 2.8 2.3

Multiline Retail 1.1 -

ThailandThailandThailandThailand

Oil & Gas & Consumable Fuels 1.3 -








- 109 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 1,992,066 4,610,235



Investments 114,695,846 97,627,814


receivable 604,105 916,065


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






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




Statement of Comprehensive IncoStatement of Comprehensive IncoStatement of Comprehensive IncoStatement of Comprehensive Incomemememe


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011






Interest on deposits 2,510 -


(losses)/gains (158,494) 6,809

13,850,055 5,048,014

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












1,302,585 1,021,133

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





Taxation (47,811) (47,455)


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






- 110 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.31.3.31.3.31.3.2012201220122012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

105,880,487 75,985,842










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.201.10.201.10.201.10.2010101010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (76,112,228) (47,381,050)




Interest received 2,510 -


Tax paid (47,811) (47,455)




Others (198,763) (61,210)



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









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










Cash at banks 1,992,066 1,702,391



- 111 -



JF Indonesia Fund (the "Fund") was established under a Trust Deed dated 19 September 2006, as amended, and is governed by the laws of


The investment objective of the Fund is to provide investors with long-term capital appreciation through a portfolio consisting primarily of

securities linked to the Indonesian economy. These include, but are not restricted to, securities traded on the stock exchanges of Indonesia.







Classification












ownership.








on an exchange.





Income.





- 112 -






separately.






transactions.










Fund's Trust Deed dated 19 September 2006, as amended, which may be different from the accounting policies stated in the financial

statements.

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

31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



13,763,489 4,800,811



- 113 -





transactions.






JF JAPAN (YEN) FUNDJF JAPAN (YEN) FUNDJF JAPAN (YEN) FUNDJF JAPAN (YEN) FUND SemSemSemSemiiii----annual report for theannual report for theannual report for theannual report for the


- 114 -















this new regime.











FairFairFairFair


JPY'000JPY'000JPY'000JPY'000

% of% of% of% of

netnetnetnet


LiLiLiListed/Quoted Investmentssted/Quoted Investmentssted/Quoted Investmentssted/Quoted Investments (109.0%)



BanksBanksBanksBanks (3.4%)

Mitsubishi UFJ Financial Group 458,900 188,608 1.9

Sumitomo Mitsui Financial Grp 51,500 140,028 1.5


Kansai Paint Co 232,000 193,488 2.0

Nifco Inc 26,300 59,385 0.6

Pola Orbis Hldgs 22,200 54,701 0.6

Unicharm Corp 27,800 121,486 1.2

ConstructionConstructionConstructionConstruction (2.7%)

Haseko Corp 1,453,000 97,351 1.0

JGC Corp 67,000 171,587 1.7

Electric AppliancesElectric AppliancesElectric AppliancesElectric Appliances (16.7%)

Anritsu Corp 51,000 55,131 0.6

Canon Inc 100,000 389,500 4.0

Fanuc Corp 11,300 165,545 1.7

Hitachi Ltd 183,000 96,990 1.0

Keyence Corp 5,170 100,350 1.0

Mitsubishi Electric 531,000 388,161 4.0

Murata Mfg 20,100 98,390 1.0

Nidec Corp 13,700 103,298 1.0

Omron Corp 27,600 48,990 0.5

Tokyo Electron 39,900 188,328 1.9

(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet


FoodsFoodsFoodsFoods (5.2%)

Asahi Group Hldgs 56,900 104,013 1.0

Japan Tobacco 656 305,040 3.1

Toyo Suisan Kaisha 49,000 105,105 1.1

Information &Information &Information &Information & CommunicationCommunicationCommunicationCommunication (13.4%)

Capcom Co 57,400 108,314 1.1

Gree Inc 76,800 160,282 1.6

Itochu Techno-Solutions 24,900 92,006 0.9

Konami Corp 123,900 289,926 3.0

Net One Systems 247 248 0.0

Net One Systems Await Cert 49,153 49,448 0.5

Nippon Telegraph &

Telephone 104,400 391,500 4.0

NTT DoCoMo 1,612 221,166 2.3


Tokio Marine Hldgs 84,800 192,242 2.0


Komatsu Ltd 53,000 124,868 1.3

Kubota Corp 114,000 90,516 0.9

Makita Corp 45,900 152,159 1.5

NSK Ltd 180,000 114,480 1.2

Sankyo Co 16,800 68,040 0.7

THK Co 57,600 96,941 1.0

Metal ProductsMetal ProductsMetal ProductsMetal Products (1.7%)

JS Group 96,000 166,080 1.7

Non Ferrous MetalsNon Ferrous MetalsNon Ferrous MetalsNon Ferrous Metals (3.3%)

Sumitomo Electric Industries 288,900 326,168 3.3

Other Financing BusinessOther Financing BusinessOther Financing BusinessOther Financing Business (3.8%)

Orix Corp 46,780 368,626 3.8

Other ProductsOther ProductsOther ProductsOther Products (2.2%)

Namco Bandai Hldgs 179,500 213,785 2.2

Real EstateReal EstateReal EstateReal Estate (3.9%)

Industrial & Infrastructure

Fund 194 87,397 0.9

Leopalace21 Corp 192,500 54,092 0.6

Sumitomo Realty &

Development 119,000 236,929 2.4

Retail TradeRetail TradeRetail TradeRetail Trade (6.1%)

Cosmos Pharmaceutical 12,400 51,646 0.5

Don Quijote 62,000 186,310 1.9

FamilyMart Co 76,200 265,938 2.7

Sugi Hldgs 39,000 98,670 1.0

ServicesServicesServicesServices (10.1%)

Benesse Hldgs 13,700 56,512 0.6

Cyber Agent 912 196,810 2.0

DeNA Co 39,700 90,873 0.9

Kakaku.com Inc 44,700 96,686 1.0

M3 Inc 518 155,193 1.6

Message Co 367 90,869 0.9

Rakuten Inc 3,459 299,895 3.1



- 115 -




FairFairFairFair



% of% of% of% of

netnetnetnet


Transportation EquipmentTransportation EquipmentTransportation EquipmentTransportation Equipment (13.7%)

Daido Metal Co 85,000 87,975 0.9

Daihatsu Motor 67,000 101,304 1.0

FCC Co 31,800 58,639 0.6

Honda Motor 104,300 327,502 3.4

Musashi Seimitsu Industry 56,500 111,305 1.1

Nissan Motor 363,300 319,704 3.3

Nissin Kogyo 96,900 130,621 1.3

Suzuki Motor 101,800 200,750 2.1

Wholesale TradeWholesale TradeWholesale TradeWholesale Trade (9.8%)

Daiichikosho Co 18,600 30,318 0.3

Itochu Corp 242,600 218,583 2.2

Marubeni Corp 378,000 225,288 2.3

Mitsui & Co 94,600 128,088 1.3

Sanrio Co 29,800 95,956 1.0

Sumitomo Corp 219,600 262,422 2.7


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (876,692) (9.0)








31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011

Listed/Quoted InvestmeListed/Quoted InvestmeListed/Quoted InvestmeListed/Quoted Investmentsntsntsnts


JapanJapanJapanJapan

Electric Appliances 16.7 10.3

Transportation Equipment 13.7 12.6

Information & Communication 13.4 18.1

Services 10.1 12.3

Wholesale Trade 9.8 10.2

Machinery 6.6 4.1

Retail Trade 6.1 4.9

Foods 5.2 4.1

Chemicals 4.4 3.9

Real Estate 3.9 1.3

Other Financing Business 3.8 2.2

Banks 3.4 2.0

Non Ferrous Metals 3.3 2.8

Construction 2.7 1.4

Other Products 2.2 2.0

Insurance 2.0 -

Metal Products 1.7 3.8

Glass & Ceramics Products - 2.6


Other net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assets (9.0) 1.4






- 116 -


As at 31 March 2012As at 31 March 2012As at 31 March 2012As at 31 March 2012 (Unaud(Unaud(Unaud(Unaudited)ited)ited)ited)

31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011

JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000


Cash at banks 37,418 138,440

Amounts due from brokers 322,946 56,245


Investments 10,668,545 9,342,429




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


Short term bank loans - unsecured 1,007,808 -

Amounts due to brokers 336,148 166,228




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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







gains/(losses) 167 (98)

899,298 1,021,571

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






Safe custody and bank charges 823 1,344


Auditor's fee 594 553



Other operating expenses 156 470

78,132 102,471

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





Taxation (8,174) (9,103)








- 117 -



For the period enFor the period enFor the period enFor the period ended 31 March 2012ded 31 March 2012ded 31 March 2012ded 31 March 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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

Allotment of redeemable units 370,724 1,382,556



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

8,979,713 10,527,761










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

JPYJPYJPYJPY'000'000'000'000 JPY'000JPY'000JPY'000JPY'000



derivatives (2,768,627) (3,409,105)







Tax paid (8,174) (9,103)


Others (3,096) (4,616)


operating activitiesoperating activitiesoperating activitiesoperating activities (633,253) (226,937)

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




redeemable units 390,280 1,358,362





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






and cash equivalents 62 (38)


the end of the periodthe end of the periodthe end of the periodthe end of the period (970,390) (669,002)

Analysis of balances of cash aAnalysis of balances of cash aAnalysis of balances of cash aAnalysis of balances of cash and cash equivalents:nd cash equivalents:nd cash equivalents:nd cash equivalents:



unsecured (1,007,808) (732,353)

(970,390) (669,002)

JF JAPAN (YEN) FUNDJF JAPAN (YEN) FUNDJF JAPAN (YEN) FUNDJF JAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 118 -



JF Japan (Yen) Fund (the "Fund") was established under a Trust Deed dated 1 August 1969, as amended, and is governed by the laws of Hong


The investment objective of the Fund is to provide investors with long-term capital growth through investment primarily in Japanese

securities and other securities whose performance is linked to the Japanese economy.



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




Classification












ownership.








on an exchange.





Income.





- 119 -











separately.



The Fund has adopted Japanese Yen as its functional and presentation currency.



transactions.











statements.


31.3.2012 30.9.2011

Units Units


JPY'000 JPY'000


9,791,853 9,471,028




- 120 -


1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

JPY'000 JPY'000


Realized losses on sale of investments and derivatives (236,022) (120,718)

782,363 891,630





transactions.






JF JAPAN OTC FUNDJF JAPAN OTC FUNDJF JAPAN OTC FUNDJF JAPAN OTC FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 121 -















this new regime.











FairFairFairFair



% of% of% of% of

netnetnetnet


Listed/QuotListed/QuotListed/QuotListed/Quoted Investmentsed Investmentsed Investmentsed Investments (99.0%)




Seven Bank 150,000 27,000 0.8


Chuo Kagaku 20,000 12,800 0.4

FP Corp 2,000 10,420 0.3

Fuso Chemical 8,500 19,040 0.6

Nifco Inc 5,000 11,290 0.4


Takara Bio 80,000 38,400 1.1

Toda Kogyo 70,000 41,510 1.2

Unicharm Corp 2,500 10,925 0.3


Hajime Construction 8,000 17,336 0.5

JGC Corp 5,000 12,805 0.4


Anritsu Corp 10,000 10,810 0.3

Ateam Inc 300 324 0.0

Ferrotec Corp 150,000 127,950 3.8

Geomatec Co 27,500 24,310 0.7

GS Yuasa 50,000 22,650 0.7

Kikuchi Seisakusho 16,600 16,334 0.5

Nippon Ceramic 15,000 21,075 0.6

Nippon Chem-Con 45,000 14,805 0.4

(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet


Oi Electric Co 150,000 30,750 0.9

Sanyo Denki Co 65,000 32,630 0.9

Seikoh Giken 42,300 29,441 0.9

Sysmex Corp 4,500 14,985 0.4

Takaoka Electric Mfg 50,000 12,750 0.4

Yokogawa Electric 15,000 12,525 0.4


EAT & Co 15,000 15,915 0.5

EAT & Co Await Cert 30,000 31,830 0.9


Glass & Ceramics ProductsGlass & Ceramics ProductsGlass & Ceramics ProductsGlass & Ceramics Products (5.7%)

Kuramoto Co 950,000 191,900 5.7

Information & CommunicationInformation & CommunicationInformation & CommunicationInformation & Communication (17.5%)

Bit-isle Inc 26,500 23,134 0.7

Digital Garage 115 24,817 0.8

Fujitsu Broad Solution &

Consulting 35,000 26,425 0.8

Jupiter Telecommunications 2,200 181,060 5.3

Nippon Ichi Software 285 24,424 0.7

Okinawa Cellular Telephone 150 25,470 0.8

Papyless Co 18,500 41,588 1.2

Proto Corp 6,500 17,563 0.5

Yahoo Japan 8,550 228,456 6.7


Anicom Hldgs 40,000 20,280 0.6

Lifenet Insurance 14,300 17,889 0.5

Land TransportationLand TransportationLand TransportationLand Transportation (1.0%)

Hitachi Transport System 15,000 22,515 0.7

Sankyu Inc 35,000 11,305 0.3


Disco Corp 5,500 25,162 0.7

Hosokawa Micron 125,000 60,875 1.8

Makita Corp 6,500 21,548 0.6

Nabtesco Corp 6,500 11,024 0.3

Nittoku Engineering 27,100 35,636 1.1

OSAKI Engineering 350 21,840 0.7

Sasakura Engineering 100,000 51,500 1.5

THK Co 7,500 12,622 0.4


JS Group 6,000 10,380 0.3

Rinnai Corp 2,000 11,920 0.3

Sanno Co 65,600 36,474 1.1




IBJ Leasing 5,500 11,781 0.3

Mitsubishi UFJ Lease &

Finance Co 5,000 18,150 0.5

Orix Corp 2,500 19,700 0.6

Osaka Securities Exchange 50 22,975 0.7



- 122 -


As at 31 March 2012As at 31 March 2012As at 31 March 2012As at 31 March 2012 (Un(Un(Un(Unaudited)audited)audited)audited)


FairFairFairFair



% of% of% of% of

netnetnetnet



Fuji Seal Intl 6,500 10,186 0.3

Hagihara Industries 42,500 59,840 1.8

SEMITEC Corp 25,000 24,250 0.7


Fuji Pharma 15,000 18,990 0.6

PrecPrecPrecPrecision Instrumentsision Instrumentsision Instrumentsision Instruments (1.3%)

Kokusai Co 63,200 45,062 1.3

Pulp & PaperPulp & PaperPulp & PaperPulp & Paper (2.8%)

Nippon Kodoshi 75,000 96,150 2.8


Sumitomo Realty &

Development 15,000 29,865 0.9


ARCS Co 6,500 9,952 0.3

Asahi Co 5,500 8,173 0.2

BROCCOLI Co 1,650,000 235,950 6.9

Don Quijote 5,500 16,528 0.5

FamilyMart Co 5,000 17,450 0.5

Komeri Co 5,000 11,790 0.3

McDonald's Hldgs Co (Japan) 55,000 120,505 3.6

Nitori Co 1,750 13,072 0.4

Otsuka Kagu 155,100 137,729 4.1

Sugi Hldgs 5,000 12,650 0.4


Aeon Delight Co 7,500 13,065 0.4

ALC Press 287 5,858 0.2

Benesse Hldgs 2,500 10,312 0.3

EPCO Co 20,000 25,980 0.8

M3 Inc 50 14,980 0.4

Miraca Hldgs 3,500 11,288 0.3

Mixi Inc 200 42,400 1.2

OPT Inc 265 25,732 0.8

Rakuten Inc 2,750 238,425 7.0


Daihatsu Motor 9,000 13,608 0.4


NOK Corp 7,500 13,395 0.4

Shimano Inc 2,000 9,970 0.3

Suzuki Motor 5,500 10,846 0.3

Yasunaga Corp 85,000 52,530 1.5

(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet



Autobacs Seven 5,500 21,945 0.6

Daiichikosho Co 35,000 57,050 1.7

Marubeni Corp 20,000 11,920 0.4

Misumi Group 5,500 11,060 0.3

Sanrio Co 3,000 9,660 0.3








- 123 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011

Listed/Quoted InvListed/Quoted InvListed/Quoted InvListed/Quoted Investmentsestmentsestmentsestments





Services 11.4 13.4


Machinery 7.1 5.9

Glass & Ceramics Products 5.7 6.9

Chemicals 4.6 4.0



Pulp & Paper 2.8 4.8




Foods 1.7 1.8

Precision Instruments 1.3 0.7

Insurance 1.1 0.5

Land Transportation 1.0 1.0


Real Estate 0.9 0.9

Banks 0.8 1.6


Non Ferrous Metals 0.3 0.3

Construction & House - 2.0

Oil & Coal Products - 0.3



Net assets attribNet assets attribNet assets attribNet assets attributable to holders of utable to holders of utable to holders of utable to holders of





- 124 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011






Investments 3,363,097 3,487,738




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



Amounts payable on redemption 8,831 964



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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







gains 143 4

Other income - 39

160,177 592,552

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





Registrar's fee 877 1,725







35,545 51,891

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



Interest paid (1) -


Taxation (2,477) (2,931)








- 125 -



For the period ended 31 MaFor the period ended 31 MaFor the period ended 31 MaFor the period ended 31 March 2012rch 2012rch 2012rch 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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



Net redemptionNet redemptionNet redemptionNet redemption (261,291) (394,209)

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

3,274,872 4,152,038










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (1,214,644) (2,266,916)






Tax paid (2,477) (2,931)



Others (2,190) (3,337)


activitiesactivitiesactivitiesactivities 268,298 588,393

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


Interest paid (1) -






financing activitiesfinancing activitiesfinancing activitiesfinancing activities (251,469) (352,325)

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

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

equivalentsequivalentsequivalentsequivalents 16,829 236,068








Cash at banks 31,784 263,117



- 126 -



JF Japan OTC Fund (the "Fund") was established under a Trust Deed dated 10 June 1991, as amended, and is governed by the laws of Hong


The investment objective of the Fund is to provide investors with long-term capital growth through investment primarily in the securities of

companies traded on the over-the-counter ("OTC") markets and Japan Association of Securities Dealers Automated Quotations ("JASDAQ") in

Japan. The Fund may also invest in securities listed on the Market of the High Growth & Emerging Stocks of the Tokyo Stock Exchange (the

"Mothers market") and/or the Osaka Securities Exchange Nippon New Market (the "Hercules market") in Japan.



(a)(a)(a)(a) Accounting policies of interAccounting policies of interAccounting policies of interAccounting policies of interim financial statementsim financial statementsim financial statementsim financial statements




Classification












ownership.








on an exchange.





Income.





- 127 -






separately.






transactions.











statements.


31.3.2012 30.9.2011

Units Units


JPY'000 JPY'000





- 128 -


1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

JPY'000 JPY'000

Change in unrealized gains/losses in value of investments and derivatives 419,608 592,658


124,655 550,643





transactions.






JF JAPAN SMALLER COMPANY (YEN) FUNDJF JAPAN SMALLER COMPANY (YEN) FUNDJF JAPAN SMALLER COMPANY (YEN) FUNDJF JAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 129 -















this new regime.











FairFairFairFair



% of% of% of% of

netnetnetnet





Air TransportationAir TransportationAir TransportationAir Transportation (2.5%)

Skymark Airlines 232,000 164,952 2.5


FP Corp 12,000 62,520 0.9

Nifco Inc 37,900 85,578 1.3


Sakai Chemical Industry 177,000 56,286 0.8

Unicharm Corp 35,100 153,387 2.3


Haseko Corp 960,500 64,354 1.0


Anritsu Corp 81,000 87,561 1.3

Ateam Inc 400 432 0.0

Oki Electric Industry 608,000 75,392 1.1

Sysmex Corp 44,400 147,852 2.2

U-Shin Ltd 27,700 19,390 0.3


Asahi Group Hldgs 51,000 93,228 1.4


(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet


Information & CommunicationInformation & CommunicationInformation & CommunicationInformation & Communication (16.2%)

Capcom Co 141,700 267,388 4.0

ebook Initiative Japan 5,700 12,135 0.2

GMO Payment Gateway 228 77,292 1.2

Gree Inc 100,200 209,117 3.1


Konami Corp 134,700 315,197 4.7




Lifenet Insurance 38,100 47,663 0.7

Iron & SteelIron & SteelIron & SteelIron & Steel (2.0%)

Yamato Kogyo 54,100 130,381 2.0

Land TransportationLand TransportationLand TransportationLand Transportation (2.3%)

Hitachi Transport System 102,500 153,852 2.3


Aichi Corp 87,400 32,775 0.5

Disco Corp 29,300 134,048 2.0

Nabtesco Corp 72,900 123,638 1.8

SEGA Sammy Hldgs 79,900 138,147 2.1

Tomoe Engineering 33,800 57,832 0.9


Neturen Co 87,700 66,740 1.0




IBJ Leasing 71,500 153,153 2.3

Mitsubishi UFJ Lease &

Finance Co 46,190 167,670 2.5

Orix Corp 24,430 192,508 2.9


Fuji Seal Intl 48,500 76,000 1.1


Precision InstrumentsPrecision InstrumentsPrecision InstrumentsPrecision Instruments (2.1%)

Nikkiso Co 162,000 140,292 2.1


Arealink Co 6,928 28,717 0.4

Industrial & Infrastructure

Fund 135 60,818 0.9

Leopalace21 Corp 73,200 20,569 0.3

Tokyu Livable 14,500 12,412 0.2


ARCS Co 22,800 34,907 0.5

Asahi Co 42,500 63,155 1.0

Don Quijote 94,300 283,372 4.2

Jin Co 34,000 39,712 0.6

Sugi Hldgs 47,400 119,922 1.8

SecuritiesSecuritiesSecuritiesSecurities (0.2%)

Sawada Hldgs Co 20,400 12,607 0.2



- 130 -




FairFairFairFair



% of% of% of% of

netnetnetnet



Aeon Delight Co 42,300 73,687 1.1

Cyber Agent 1,186 255,939 3.8

JP-Holdings Inc 48,800 41,090 0.6

Kakaku.com Inc 24,600 53,210 0.8

M3 Inc 624 186,950 2.8

Message Co 274 67,842 1.0

Miraca Hldgs 21,700 69,982 1.1

Rakuten Inc 3,204 277,787 4.2

UT Hldgs 2,514 152,600 2.3


Daido Metal Co 197,000 203,895 3.0

Daihatsu Motor 87,000 131,544 2.0

FCC Co 94,400 174,074 2.6


Nissin Kogyo 153,500 206,918 3.1

Unipres Corp 60,000 153,180 2.3


Autobacs Seven 35,600 142,044 2.1

Misumi Group 6,400 12,870 0.2

Sanrio Co 17,900 57,638 0.9

Ship Healthcare Hldgs 157,400 266,321 4.0


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (846,567) (12.7)




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




31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011




Services 17.7 19.3





Machinery 7.3 4.3


Chemicals 6.5 7.2



Air Transportation 2.5 4.0

Foods 2.4 2.3

Land Transportation 2.3 2.0

Precision Instruments 2.1 1.5

Iron & Steel 2.0 0.5

Real Estate 1.8 0.3


Non Ferrous Metals 1.0 -


Insurance 0.7 -

Securities 0.2 0.2


Other net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assets (12.7) 1.4






- 131 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 11,882 277,721



Investments 7,522,601 7,186,015




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


Short term bank loans - unsecured 910,766 -




TotaTotaTotaTotal liabilitiesl liabilitiesl liabilitiesl liabilities 1,005,745 321,569

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




StStStStatement of Comprehensive Incomeatement of Comprehensive Incomeatement of Comprehensive Incomeatement of Comprehensive Income


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011



Net (losses)/gains on investments

and derivatives [Note 4] (54,325) 292,728



gains 30 27

16,081 377,387

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





Trustee's fee 599 782






57,318 84,343

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

Net operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profit (41,237) 293,044



(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation (42,160) 289,212

Taxation (4,926) (5,924)

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




(los(los(los(loss)/incomes)/incomes)/incomes)/income (47,086) 283,288




- 132 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011


Net aNet aNet aNet assets attributable to holders ssets attributable to holders ssets attributable to holders ssets attributable to holders



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




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

6,723,120 7,804,480

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



comprehensive (loss)/incomecomprehensive (loss)/incomecomprehensive (loss)/incomecomprehensive (loss)/income (47,086) 283,288






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

JPY'JPY'JPY'JPY'000000000000 JPY'000JPY'000JPY'000JPY'000



derivatives (3,311,459) (8,573,301)




Decrease in margin deposits - 180,948

Trustee's fee paid (609) (793)



Tax paid (4,926) (5,924)


Others (1,814) (2,477)


operating activitiesoperating activitiesoperating activitiesoperating activities (617,506) 855,363

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









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


equivalentsequivalentsequivalentsequivalents (1,176,632) (343,336)


beginning of the period 277,721 (928,631)




the end of the periodthe end of the periodthe end of the periodthe end of the period (898,884) (1,271,976)

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



unsecured (910,766) (1,312,191)

(898,884) (1,271,976)



- 133 -



JF Japan Smaller Company (Yen) Fund (the "Fund") was established under a Trust Deed dated 5 June 1980, as amended, and is governed by


The investment objective of the Fund is to provide investors with long-term capital growth through investment primarily in the shares of small

to medium sized Japanese companies.







Classification












ownership.








on an exchange.





Income.





- 134 -






separately.






transactions.







(e)(e)(e)(e) Proceeds and payments oProceeds and payments oProceeds and payments oProceeds and payments on allotment and redemption of unitsn allotment and redemption of unitsn allotment and redemption of unitsn allotment and redemption of units



Fund's Trust Deed dated 5 June 1980, as amended, which may be different from the accounting policies stated in the financial statements.

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

31.3.2012 30.9.2011

Units Units


JPY'000 JPY'000



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

1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

JPY'000 JPY'000



(54,325) 292,728



- 135 -





transactions.






JF JAPAN TECHNOLOGY FUNDJF JAPAN TECHNOLOGY FUNDJF JAPAN TECHNOLOGY FUNDJF JAPAN TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 136 -















this new regime.











FairFairFairFair



% of% of% of% of

netnetnetnet

assetassetassetassetssss




Computers & PeripheralsComputers & PeripheralsComputers & PeripheralsComputers & Peripherals (4.2%)

Toshiba Corp 571,000 207,273 4.2


Nidec Corp 9,200 69,368 1.4

Electronic Equipment, InstElectronic Equipment, InstElectronic Equipment, InstElectronic Equipment, Instruments & Componentsruments & Componentsruments & Componentsruments & Components (41.4%)

Anritsu Corp 117,000 126,477 2.6

FUJIFILM Hldgs 113,100 219,075 4.5

Hamamatsu Photonics 23,900 74,568 1.5

Hitachi High-Technologies 47,800 94,357 1.9

Hitachi Ltd 839,000 444,671 9.1

Keyence Corp 13,420 260,482 5.3

Kyocera Corp 32,500 246,025 5.0

Murata Mfg 29,600 144,892 3.0

Omron Corp 40,800 72,420 1.5

TDK Corp 43,000 201,025 4.1

Yaskawa Electric 182,000 141,414 2.9

Internet & Catalog RetailInternet & Catalog RetailInternet & Catalog RetailInternet & Catalog Retail (3.1%)

Rakuten Inc 1,759 152,505 3.1

Internet Software & ServInternet Software & ServInternet Software & ServInternet Software & Servicesicesicesices (3.0%)

DeNA Co 20,700 47,382 1.0

Gree Inc 46,300 96,628 2.0

(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet


IT ServicesIT ServicesIT ServicesIT Services (3.7%)




Leisure Equipment & ProductsLeisure Equipment & ProductsLeisure Equipment & ProductsLeisure Equipment & Products (4.1%)


Nikon Corp 32,400 81,097 1.7


Fanuc Corp 8,200 120,130 2.5

NGK Insulators 126,000 148,554 3.0


Cyber Agent 214 46,181 1.0

Office ElectronicsOffice ElectronicsOffice ElectronicsOffice Electronics (7.4%)

Konica Minolta Hldgs 261,500 188,542 3.8

Ricoh Co 217,000 174,251 3.6

Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment (15.2%)

Advantest Corp 90,100 117,220 2.4

Dainippon Screen Mfg 75,000 55,725 1.1

Disco Corp 10,800 49,410 1.0

Sumco Corp 143,400 144,404 2.9

Tokyo Electron 58,700 277,064 5.7

Tokyo Seimitsu 58,700 100,670 2.1

SoftwareSoftwareSoftwareSoftware (6.0%)

Konami Corp 60,000 140,400 2.9

Nintendo Co 7,900 98,355 2.0

Square Enix Hldgs 29,800 51,673 1.1





Total investmentTotal investmentTotal investmentTotal investments, at costs, at costs, at costs, at cost 4,069,155



- 137 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011




Electronic Equipment, Instruments &

Components 41.4 28.4

Semiconductors & Semiconductor

Equipment 15.2 5.9

Office Electronics 7.4 3.8

Software 6.0 12.6

Machinery 5.5 1.4

Computers & Peripherals 4.2 1.5

Leisure Equipment & Products 4.1 2.5

IT Services 3.7 -

Internet & Catalog Retail 3.1 7.9

Internet Software & Services 3.0 13.6

Electrical Equipment 1.4 -

Media 1.0 -

Chemicals - 3.7

Health Care Technology - 2.4

Wireless Telecommunication Services - 1.8








- 138 -



31.3.20131.3.20131.3.20131.3.2012222 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 72,607 684,491



Investments 4,690,876 4,023,479




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






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




Statement of CompreheStatement of CompreheStatement of CompreheStatement of Comprehensive Incomensive Incomensive Incomensive Income


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







gains/(losses) 265 (11)

Other income 39 -

485,809 299,081

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





Registrar's fee 872 1,665







44,341 60,763

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


FinaFinaFinaFinance costsnce costsnce costsnce costs



Taxation (2,580) (4,558)








- 139 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011


Net assets attribuNet assets attribuNet assets attribuNet assets attributable to holders table to holders table to holders table to holders



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


Redemption of redeemable units (320,307) (889,682)

Net redemptNet redemptNet redemptNet redemptionionionion (257,117) (787,961)

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

4,449,531 5,567,087





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





1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (4,880,002) (4,861,028)






Tax paid (2,580) (4,558)



Others (2,162) (3,191)


operating activitiesoperating activitiesoperating activitiesoperating activities (361,378) 790,148

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






redeemable units (316,024) (912,551)


financing activitiesfinancing activitiesfinancing activitiesfinancing activities (250,685) (810,264)

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


equivalentsequivalentsequivalentsequivalents (612,063) (20,116)







Analysis of balances of cash and cash equivaleAnalysis of balances of cash and cash equivaleAnalysis of balances of cash and cash equivaleAnalysis of balances of cash and cash equivalents:nts:nts:nts:


JF JAPAN TECHNOLOGY FUNDJF JAPAN TECHNOLOGY FUNDJF JAPAN TECHNOLOGY FUNDJF JAPAN TECHNOLOGY FUND SemiSemiSemiSemi----annual report forannual report forannual report forannual report for thethethethe


- 140 -



JF Japan Technology Fund (the "Fund") was established under a Trust Deed dated 5 March 1981, as amended, and is governed by the laws of


The investment objective of the Fund is to provide investors with long-term capital growth through a portfolio primarily of shares in Japanese

companies involved in technology industries.







Classification












ownership.








on an exchange.





Income.





- 141 -






separately.






transactions.










Fund's Trust Deed dated 5 March 1981, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2012 30.9.2011

Units Units


JPY'000 JPY'000




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

JPY'000 JPY'000



448,651 233,985



- 142 -





transactions.






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


- 143 -















this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ListedListedListedListed/Quoted Investments/Quoted Investments/Quoted Investments/Quoted Investments (90.5%)




Hyundai Mobis 170,000 42,910,728 5.8


Hyundai Motor 76,000 15,628,613 2.1

KIA Motors 141,000 9,221,217 1.3

BeveragBeveragBeveragBeverageseseses (0.8%)

Hite Jinro 141,720 3,214,513 0.4

Pungkuk Alcohol Ind 621,708 2,611,827 0.4

Capital MarketsCapital MarketsCapital MarketsCapital Markets (3.5%)

Daishin Securities 487,570 4,776,512 0.6

Daishin Securities Pref 125,000 765,633 0.1

Hanyang Securities 1,076,370 6,402,836 0.9

Mirae Asset Securities 320,000 11,198,094 1.5

Shin Young Sec 107,420 2,976,910 0.4


Honam Petrochemical 14,500 4,306,297 0.6

KPX Green Chemical 502,330 1,529,534 0.2

LG Chem 60,000 19,566,656 2.6

OCI Co 77,000 15,664,357 2.1

ComComComCommercial Banksmercial Banksmercial Banksmercial Banks (13.3%)

BS Financial Group 380,000 4,443,758 0.6

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Hana Financial Group 205,000 7,725,608 1.1

Industrial Bank of Korea 938,220 11,385,663 1.5

KB Financial Group 1,241,680 45,259,594 6.1



Hyundai Development 800,000 17,545,563 2.4



Asia Cement Co 63,800 2,680,270 0.4

Hanil Cement 73,296 3,092,140 0.4

Containers & PackagingContainers & PackagingContainers & PackagingContainers & Packaging (0.1%)

Youl Chon Chemical 114,800 820,688 0.1

Diversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer Services (0.7%)

MegaStudy Co 52,850 5,448,021 0.7


Korea Ratings Corp 247,500 5,613,830 0.8

NICE Hldgs Co 141,374 6,400,853 0.9

NICE Information Service 276,000 6,260,271 0.8

Electric UtilitiesElectric UtilitiesElectric UtilitiesElectric Utilities (0.9%)

Korea Electric Power 350,000 6,919,377 0.9


Gaon Cable 337,006 6,171,726 0.8

Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components (0.5%)

Nice Information & Telecom 689,303 3,461,572 0.5

Food & Staples RetailingFood & Staples RetailingFood & Staples RetailingFood & Staples Retailing (3.8%)

Dongsuh Co 342,000 10,006,001 1.4

E-MART Co 82,000 17,948,016 2.4

Food ProductsFood ProductsFood ProductsFood Products (0.5%)

Pulmuone Hldgs 97,907 3,499,610 0.5

Hotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & Leisure (1.6%)

Shinsegae Food 171,523 11,989,428 1.6

Household DurablesHousehold DurablesHousehold DurablesHousehold Durables (1.3%)

LG Electronics 129,000 9,415,560 1.3

Industrial ConglomeratesIndustrial ConglomeratesIndustrial ConglomeratesIndustrial Conglomerates (3.1%)

LG Corp 401,553 23,000,565 3.1


Korean Reinsurance 690,000 8,312,519 1.1


Cert 13,400 161,432 0.0

Samsung Fire & Marine

Insurance 49,000 9,254,667 1.3


Hanjin Heavy Ind & Const

Hldgs 755,000 5,510,657 0.8




- 144 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


KoreaKoreaKoreaKorea (Continued)

STX Corp 570,000 6,892,017 0.9

Young Poong Precision 265,000 2,911,831 0.4

MarMarMarMarineineineine (0.8%)

STX Pan Ocean-KR List 890,000 6,189,665 0.8


Hyundai Steel 57,000 5,106,129 0.7

POSCO 180,000 60,368,032 8.1


GS Hldgs Pref 84,960 1,585,900 0.2

SK Innovation 100,000 14,562,464 2.0

S-Oil Corp Pref 52,127 2,783,358 0.4

Personal ProductsPersonal ProductsPersonal ProductsPersonal Products (0.9%)

Amorepacific Corp 6,391 6,757,352 0.9


Yuhan Corp 73,000 7,602,489 1.0

Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment (9.2%)


Samsung Electronics GDR-

RegS 78,000 43,991,999 6.0

Specialty RetailSpecialty RetailSpecialty RetailSpecialty Retail (1.1%)

Hi Mart Co 145,000 7,793,566 1.1


KT & G 142,000 10,026,036 1.4

Trading Companies & DistributorsTrading Companies & DistributorsTrading Companies & DistributorsTrading Companies & Distributors (2.6%)

Samsung C&T 280,000 19,596,664 2.6


Capital MarketsCapital MarketsCapital MarketsCapital Markets (0.8%)

UOB-Kay Hian Hldgs 4,280,000 5,735,714 0.8

670,064,480 90.5

(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (0.0%)

OptionsOptionsOptionsOptions (0.0%)

KOSPI 200 (KFE) Put Opt

04/12 265 750 184,679 0.0








- 145 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Hong KongHong KongHong KongHong Kong

Media ---- 0.0

KoreaKoreaKoreaKorea


Semiconductors & Semiconductor

Equipment 9.2 10.0


Machinery 6.2 15.7


Chemicals 5.5 6.6


Food & Staples Retailing 3.8 0.4

Capital Markets 3.5 2.0

Automobiles 3.4 1.9

Industrial Conglomerates 3.1 8.1

Trading Companies & Distributors 2.6 3.5



Insurance 2.4 -

Hotels Restaurants & Leisure 1.6 1.9

Tobacco 1.4 3.3

Household Durables 1.3 1.7

Specialty Retail 1.1 -


Electric Utilities 0.9 1.6

Personal Products 0.9 -

Marine 0.8 0.8


Beverages 0.8 0.4


Diversified Consumer Services 0.7 0.3

Food Products 0.5 0.3

Electronic Equipment, Instruments &

Components 0.5 2.1

Containers & Packaging 0.1 0.5

Distributors - 1.5


Capital Markets 0.8 0.7


Options 0.0 -

Forward foreign exchange contracts - 0.1

Futures - (0.0)



(Continued)



31.3.201231.3.201231.3.201231.3.2012 30.9.2030.9.2030.9.2030.9.2011111111



Fair value adjustment of units of the Fair value adjustment of units of the Fair value adjustment of units of the Fair value adjustment of units of the

FundFundFundFund - (2.0)


redeemable units (after fair value redeemable units (after fair value redeemable units (after fair value redeemable units (after fair value

adjustment)adjustment)adjustment)adjustment) 100.0 100.0




- 146 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 1,350,182 5,630,954




Margin deposits 1,391,114 1,030,118

Derivatives 184,679 475,023

Investments 670,064,480 634,745,669


receivable 7,355,638 1,562,305


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





Other accounts payable 953,655 1,046,325


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




Represented by:Represented by:Represented by:Represented by:

Fair value adjustment of units of

the Fund [Note 3] - (12,857,354)

Net assets attributable to holders of

redeemable units (after fair

value adjustment) [Note 3] 740,217,964 633,646,788



1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





Dividend income 9,908,569 12,147,324



losses (267,606) (728,315)

Other income 2,406 3,694

170,752,962 158,142,583

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


Management fee 5,199,554 6,514,920


Trustee's fee 107,296 156,726






Legal and professional expenses - 174


8,592,687 10,733,420

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





Taxation (2,179,726) (2,671,615)

IncrIncrIncrIncrease in net assets ease in net assets ease in net assets ease in net assets







- 147 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

580,237,524 787,961,924










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (513,949,519) (703,993,065)







(Increase)/decrease in margin

deposits (360,996) 7,528,280

Tax paid (2,179,726) (2,671,615)



Others (13,302,663) (977,654)



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









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

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

cash equivalentscash equivalentscash equivalentscash equivalents 46,897,458 (21,134,405)






the end of thethe end of thethe end of thethe end of the periodperiodperiodperiod 52,528,496 13,165,780


Cash at banks 1,350,182 4,165,780


52,528,496 13,165,780



- 148 -



JF Korea Fund (the "Fund") was established under a Trust Deed dated 11 December 1991, as amended, and is governed by the laws of Hong


The investment objective of the Fund is to provide investors with long-term capital appreciation through investment primarily in companies

whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market.







Classification












ownership.








on an exchange.





Income.








- 149 -








separately.






transactions.











statements.



Redeemable units of the Fund, which are represented by assets less liabilities, are classified as equity and accounted for in accordance with

HKFRS. As stated in Note 2(e), for the purpose of determining the net asset value per unit for subscriptions and redemptions and for various

fee calculations (the “Trust Deed NAV”), the Trust Deed NAV is calculated in accordance with the provisions of the Fund’s Trust Deed dated 11

December 1991, as amended, which may be different from the accounting policies under HKFRS.

The difference between the Equity value reported in the Statement of Financial Position and Trust Deed NAV for the purpose of calculating the

net asset value per unit for processing subscriptions and redemptions and for various fee calculations are reconciled below:

31.3.2012 30.9.2011

US$ US$

Equity as reported in the Statement of Financial Position 740,217,964 646,504,142


Adjustment for market volatility [Note 3(a)] - (12,857,354)

Trust Deed NAV 740,217,964 633,646,788



- 150 -

Note:

a Market volatility may arise due to the time difference between different stock exchanges, resulting in arbitrage and/or dilution

opportunities. As a safeguard against such arbitrage and/or dilution opportunities, the Manager may, with the prior consent of the

Trustee, adjust the net asset value of the relevant Fund or a unit thereof, if it considers that such adjustment is required to reflect more

accurately the fair value of the units of the Fund, such adjustment being made in good faith, with the Manager taking into account the

best interests of unitholders and is made using pricing factors calculated by an independent third party valuation agent. The adjustment

represents the estimated movement in the price of securities between the close of the underlying market on which the securities trade

and the Fund’s subsequent valuation point, due to intra day volatility.

31.3.2012 30.9.2011

Units Units


US$ US$

Trust Deed NAV 740,217,964 633,646,788

Trust Deed NAV (per unit) 49.22 38.90


1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



161,064,041 146,711,175





transactions.






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

period endperiod endperiod endperiod ended 31 March 2012ed 31 March 2012ed 31 March 2012ed 31 March 2012

- 151 -















this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






Petronas Chemicals 2,842,800 6,217,320 3.0


Gamuda Bhd (CDS) 879,700 1,039,502 0.5

IJM Corp 3,700,000 6,787,661 3.3

Sunway Bhd 1,500,000 1,287,743 0.6

WCT Bhd 2,900,000 2,300,310 1.1

Consumer ProductsConsumer ProductsConsumer ProductsConsumer Products (11.8%)

Axiata Group 9,475,600 15,898,345 7.7

Kencana Petroleum 2,634,100 2,691,279 1.3

PPB Group (CDS) 500,000 2,732,169 1.3

QL Resources 1,489,200 1,574,999 0.8

UMW Hldgs (CDS) 650,000 1,538,273 0.7

FinanceFinanceFinanceFinance (28.2%)

Alliance Financial Group (CDS) 4,700,000 5,952,669 2.9

AMMB Hldgs (CDS) 1,540,000 3,141,831 1.5

CIMB Group Hldgs 7,992,900 20,037,692 9.7

Malayan Banking (CDS) 5,127,667 14,846,550 7.2

Public Bank (L) (CDS) 3,204,373 14,267,226 6.9

InduInduInduIndustrial Productsstrial Productsstrial Productsstrial Products (5.0%)

Ann Joo Resources 2,000,000 1,325,282 0.6

Maxis Bhd 1,200,000 2,369,838 1.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Parkson Hldgs (CDS) 1,059,539 1,850,346 0.9

Perisai Petroleum Teknologi 5,800,000 1,552,473 0.8

TOP Glove Corp 1,300,000 1,896,850 0.9

WTK Hldgs (CDS) 2,500,000 1,224,090 0.6

PlantationsPlantationsPlantationsPlantations (7.1%)

IOI Corp (CDS) 1,777,100 3,091,870 1.5

Kuala Lumpur Kepong (CDS) 1,431,000 11,462,948 5.6

PropertyPropertyPropertyProperty (3.8%)

CapitaMalls Malaysia Trust 7,322,400 3,274,584 1.6

IJM Land (CDS) 2,820,000 1,979,109 0.9

UEM Land Hldgs 3,600,000 2,620,532 1.3


Pavilion REIT 3,907,900 1,454,221 0.7

Trading ServicesTrading ServicesTrading ServicesTrading Services (26.6%)

AirAsia Bhd 1,824,900 2,055,135 1.0

Dialog Group 6,839,160 4,844,452 2.3

Dialog Group Wts 12/02/17 569,930 103,252 0.1

Digi.com Bhd 3,500,000 4,501,387 2.2

Genting Bhd (CDS) 3,584,400 12,683,172 6.1

Genting Malaysia (CDS) 3,751,000 4,750,736 2.3

Media Prima (CDS) 2,450,000 2,143,300 1.0

Sime Darby 6,325,090 20,089,154 9.7

Telekom Malaysia (CDS) 2,200,000 3,813,285 1.9


Food & House ProductsFood & House ProductsFood & House ProductsFood & House Products (0.7%)






HealthcareHealthcareHealthcareHealthcare (0.7%)

Wilmar Intl 370,000 1,438,979 0.7


Genting Singapore 1,113,000 1,509,258 0.7

RetailingRetailingRetailingRetailing (1.1%)






Total iTotal iTotal iTotal investments, at costnvestments, at costnvestments, at costnvestments, at cost 155,256,808



- 152 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



MalaysiaMalaysiaMalaysiaMalaysia

Finance 28.2 31.9

Trading Services 26.6 27.3

Consumer Products 11.8 10.7

Plantations 7.1 6.2


Industrial Products 5.0 3.3

Property 3.8 1.6

Chemicals 3.0 3.6

Real Estate 0.7 -

Machinery & Engineers - 0.5


Food & House Products 0.7 -


Food & House Products 1.9 1.6

Retailing 1.1 -

Real Estate 0.7 -

Healthcare 0.7 1.4

Beverages & Tobacco - 1.1


Chemicals & Plastics - 0.3








- 153 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 2,125,843 1,820,072




Investments 200,017,419 169,900,343


receivable 995,351 1,241,678


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


Amounts due to brokers - 1,759,173



TTTTotal liabilitiesotal liabilitiesotal liabilitiesotal liabilities 1,463,247 3,465,638

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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







gains/(losses) 33,142 (59,513)


Other income 188 77

36,531,479 25,047,620

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


Management fee 1,510,933 1,428,123










1,942,086 2,082,841

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





Taxation (157,413) (382,795)








- 154 -


of Redeemaof Redeemaof Redeemaof Redeemable Unitsble Unitsble Unitsble Units


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

172,101,276 160,848,847










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (62,836,694) (73,384,659)







Tax paid (157,413) (382,795)



Others (87,429) (196,769)



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









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









AnalysiAnalysiAnalysiAnalysis of balances of cash and cash equivalents:s of balances of cash and cash equivalents:s of balances of cash and cash equivalents:s of balances of cash and cash equivalents:

Cash at banks 2,125,843 4,875,942


6,126,078 4,875,942

JF MALAYSIA FUNDJF MALAYSIA FUNDJF MALAYSIA FUNDJF MALAYSIA FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the


- 155 -



JF Malaysia Fund (the "Fund") was established under a Trust Deed dated 12 December 1989, as amended, and is governed by the laws of Hong


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

Malaysian economy. These include, but are not restricted to, securities listed on the Kuala Lumpur Stock Exchange.







Classification












ownership.








on an exchange.





Income.





- 156 -






separately.






transactions.











statements.


31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



33,651,943 22,210,581



- 157 -





transactions.






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


- 158 -




HK$HK$HK$HK$

portfolioportfolioportfolioportfolio

fairfairfairfair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet



(I) Debt Securities(I) Debt Securities(I) Debt Securities(I) Debt Securities (45.8%)


ANZ Banking Grp 2%

23/04/12 HKD25,000,000 25,459,253 2.2

ANZ Banking Grp FRN

21/05/12 HKD15,000,000 15,028,576 1.3

Commonwealth Bk Aust

FRN 15/05/12 HKD40,000,000 40,082,647 3.4

National Aust Bk 2.15%

29/10/12 HKD30,000,000 30,423,538 2.6

National Aust Bk 5.22%

13/06/12 HKD5,000,000 5,242,700 0.4

Westpac Banking Sydney

FRN 22/05/12 HKD40,000,000 40,086,187 3.4


Canadian Imperial Bank

FRN 25/05/12 HKD10,000,000 10,008,869 0.8

Cayman IslandsCayman IslandsCayman IslandsCayman Islands (4.3%)

Sun Hung Kai Prop 2.56%

21/05/12 HKD20,000,000 20,440,660 1.7

Swire Pacific MTN FRN

10/06/13 HKD30,000,000 30,124,832 2.6


Agricultural Bk China HK

1.7% 02/13 HKD30,000,000 30,081,555 2.6

China Const Bk HK 0%

31/07/12 HKD30,000,000 29,847,000 2.5

China Dev Bank HK FRN

26/11/12 HKD40,000,000 39,962,162 3.4

ICBC HK FRN 08/04/13 HKD30,000,000 30,002,482 2.5


Bank of China HK 0%

21/08/12 HKD15,000,000 14,907,750 1.3

China Const Bk Asia 2%

28/09/12 HKD10,000,000 10,118,822 0.9

DBS Bank HK 0.91%

27/06/12 HKD10,000,000 10,057,859 0.9

HK Mortgage 2.05%

20/04/12 HKD7,000,000 7,135,863 0.6

HK Mortgage FRN

16/08/13 HKD10,000,000 9,989,273 0.8

Kowloon-Canton Rail 2%

30/04/12 HKD23,000,000 23,192,463 2.0

Rabobank Nederland (HK)

4% 21/06/12 HKD31,000,000 32,141,199 2.7

Urban Renewal Auth

2.08% 27/07/12 HKD27,000,000 27,199,641 2.3


Sumitomo Mitsui FRN

29/11/12 HKD35,000,000 34,984,374 3.0

(Continued)


HK$HK$HK$HK$


fairfairfairfair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet



Export-Import Bk Kor

3.07% 15/10/12 HKD5,000,000 5,073,192 0.4


Barclays Bank FRN

27/08/13 HKD10,000,000 9,956,596 0.8

United StatesUnited StatesUnited StatesUnited States (0.7%)

Morgan Stanley FRN

18/06/12 HKD8,000,000 7,998,517 0.7

539,546,010 45.8

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

(II) Money Market(II) Money Market(II) Money Market(II) Money Market (21.7%)


Bank of China Syd ECP 0%

07/12-HKD HKD30,000,000 29,910,000 2.5

Bk Tky-Mit UFJ ECD 0%

02/05/12-HKD HKD40,000,000 39,996,000 3.4

Credit Suisse ECP 0%

31/05/12-HKD HKD30,000,000 29,994,000 2.6


Agricultural Bk China HK

CD FRN2/13 HKD15,000,000 14,956,104 1.3

Bank of Commun HK CD

2.15% 14/01/13 HKD10,000,000 10,071,778 0.8

LuxembourgLuxembourgLuxembourgLuxembourg (2.6%)

Banque ET Caisse ECP 0%

4/6/12-HKD HKD30,000,000 29,991,000 2.6

NetherlandsNetherlandsNetherlandsNetherlands (3.0%)

ING Bank ECP 0%

27/06/12-HKD HKD35,000,000 34,975,500 3.0


Lloyds TSB Bk-AU ECP

0%02/04/12-HKD HKD30,000,000 30,000,000 2.5

UBS AG London ECP 0%

14/05/12-HKD HKD35,000,000 34,996,500 3.0

254,890,882 21.7

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




redeemable units at 31 March 2012redeemable units at 31 March 2012redeemable units at 31 March 2012redeemable units at 31 March 2012 1,176,630,519 100.0




- 159 -



HK$HK$HK$HK$




31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011

Listed/Quoted InListed/Quoted InListed/Quoted InListed/Quoted Investmentsvestmentsvestmentsvestments


Australia 13.3 12.5

Hong Kong 11.5 16.3

China 11.0 13.4

Cayman Islands 4.3 2.9

Japan 3.0 -

Canada 0.8 0.9


United States 0.7 0.8

Korea 0.4 1.0

Virgin Islands - 4.1

Malaysia - 3.8

Singapore - 1.9

Money MarketMoney MarketMoney MarketMoney Market

Australia 8.5 0.5


Netherlands 3.0 -

Luxembourg 2.6 -

China 2.1 0.9

Korea - 5.7

Hong Kong - 2.9








- 160 -



HK$HK$HK$HK$

porporporportfoliotfoliotfoliotfolio

31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 665,324 11,600,064


Amounts receivable on allotment 656,440 10,078,016

Investments 794,436,892 747,328,351


receivable 671,168 495,558


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





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




Statement of CoStatement of CoStatement of CoStatement of Comprehensive Incomemprehensive Incomemprehensive Incomemprehensive Income


HK$HK$HK$HK$


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011



Net gains on investments [Note 4] 2,634,177 2,649,887



losses (87) (440)

2,982,448 2,659,636

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


Management fee 1,409,686 1,430,080


Trustee's fee 101,497 102,966







2,080,583 2,154,069

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

Increase in nIncrease in nIncrease in nIncrease in net assets et assets et assets et assets







- 161 -




HK$HK$HK$HK$


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

1,175,728,654 1,124,565,467










HK$HK$HK$HK$


1.10.21.10.21.10.21.10.2011011011011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011



Purchase of investments (893,668,196) (721,277,255)


investments 849,031,585 934,576,978






Others (190,454) (239,494)



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








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

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

equivalentsequivalentsequivalentsequivalents 87,492,108 128,836,827




and cash equivalents (279) 3



Analysis oAnalysis oAnalysis oAnalysis of balances of cash and cash equivalents:f balances of cash and cash equivalents:f balances of cash and cash equivalents:f balances of cash and cash equivalents:

Cash at banks 665,324 627,198


381,957,023 259,327,198



- 162 -



JF Money Fund (the "Fund") was established under a Trust Deed dated 13 June 1983, as amended, and is governed by the laws of Hong Kong.


The investment objective of the Fund is to provide an efficient vehicle for holding liquid assets currently denominated in the currency of Hong

Kong.


2222 Summary of principal accounting policieSummary of principal accounting policieSummary of principal accounting policieSummary of principal accounting policiessss




(b)(b)(b)(b) InvestmentsInvestmentsInvestmentsInvestments

Classification

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

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

term or short-term profit taking.


Purchases and sales of investments are accounted for on the trade date basis. Investments are initially recognized at fair value and are

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

Comprehensive Income. Investments are derecognized when the rights to receive cash flows from the investments have expired or the

Fund has transferred substantially all risks and rewards of ownership.








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



transactions.






investments.



- 163 -





statements.


31.3.2012 30.9.2011

Units Units


HK$ HK$



4444 Net gainsNet gainsNet gainsNet gains on investments on investments on investments on investments

1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

HK$ HK$

Change in unrealized gains/losses in value of investments (434,641) 462,343

Realized gains on sale of investments 3,068,818 2,187,544

2,634,177 2,649,887






JF PACIFIC SECURITIES FUNDJF PACIFIC SECURITIES FUNDJF PACIFIC SECURITIES FUNDJF PACIFIC SECURITIES FUND SemiSemiSemiSemi----annual reportannual reportannual reportannual report for thefor thefor thefor the


- 164 -















this new regime.








Investment PortfoInvestment PortfoInvestment PortfoInvestment Portfoliolioliolio



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Australia & NZ Bkg Group-AU

List 130,000 3,131,159 0.8

Commonwealth Bank of

Australia 50,000 2,595,055 0.7

Computershare Ltd 282,702 2,632,858 0.7

Macquarie Group 130,000 3,913,612 1.0

National Australia Bank 100,000 2,547,401 0.6

Telstra Corp 500,000 1,698,958 0.4

Wesfarmers Ltd 120,000 3,730,663 1.0

Wesfarmers Ltd Await Cert 2,906 90,344 0.0



Anhui Conch Cement 'H' 961,500 3,040,292 0.8

Bank of China 'H' 10,000,030 4,018,559 1.0

Bank of Communications 'H' 3,000,000 2,268,161 0.6

China Construction Bank 'H' 7,000,588 5,410,037 1.4

China Mobile 500,000 5,502,962 1.4


'H' 1,500,000 1,889,490 0.5


'H' 5,000,000 5,441,783 1.4

CNOOC Ltd 2,000,000 4,100,979 1.1

Ind & Comm Bank of China 'H' 12,000,578 7,743,804 2.0

New China Life Insurance 'H' 600,000 2,434,312 0.6

Ping An Insurance (Group) 'H' 650,000 4,914,348 1.3

Tingyi (Cayman Islands) Hldgs 1,000,000 2,872,231 0.7

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





AIA Group 800,000 2,931,479 0.8

Cheung Kong (Hldgs) 600,000 7,751,158 2.0

Cheung Kong Infrastructure

Hldgs 480,000 2,911,901 0.8

Galaxy Entertainment Group 1,300,000 3,583,205 0.9

Henderson Land Development 500,038 2,743,640 0.7


Jardine Strategic Hldgs (CDP) 145,304 4,433,225 1.1

MGM China Hldgs 1,500,200 2,736,068 0.7

Power Assets Hldgs 420,000 3,083,462 0.8

Wharf (Hldgs) 1,200,315 6,524,123 1.7


Astra Intl 547,500 4,427,781 1.1



United Tractors 913,500 3,266,782 0.9


Aeon Co 300,000 3,955,283 1.0

Asahi Group Hldgs 100,000 2,221,277 0.6

Bank Of Yokohama 800,000 4,005,104 1.0

Canon Inc 100,000 4,732,973 1.2

Chiba Bank 600,000 3,834,984 1.0

FUJIFILM Hldgs 150,000 3,530,591 0.9

Honda Motor 60,000 2,289,325 0.6

Japan Retail Fund Investment 2,000 2,979,525 0.8

KDDI Corp 800 5,200,802 1.3

Komatsu Ltd 200,000 5,725,743 1.5

Konami Corp 80,000 2,274,743 0.6

Mitsubishi Estate 200,000 3,582,235 0.9

Mitsubishi UFJ Financial Group 850,000 4,245,094 1.1

Nippon Building Fund 700 6,643,174 1.7

Nippon Electric Glass 250,000 2,181,177 0.6

Nippon Telegraph &

Telephone 120,000 5,468,133 1.4

Nissan Motor 600,000 6,415,943 1.6

Nomura Real Estate Office Fd 300 1,788,079 0.5

NTT DoCoMo 3,000 5,001,519 1.3

Point Inc 50,000 1,853,090 0.5

Rakuten Inc 6,000 6,321,162 1.6

Softbank Corp 200,000 5,929,886 1.5

Sumitomo Mitsui Trust Hldgs 2,500,000 7,989,549 2.1

Sumitomo Rubber Industries 350,000 4,674,039 1.2

Suzuki Motor 100,000 2,396,257 0.6

Teijin Ltd 800,000 2,692,752 0.7

THK Co 100,000 2,045,082 0.5

Toyota Motor 100,000 4,325,901 1.1

Yamada Denki 50,000 3,135,063 0.8



Hyundai Mobis 24,000 6,057,985 1.5

Hyundai Motor 10,000 2,056,396 0.5

KB Financial Group 132,000 4,811,438 1.2

KIA Motors 70,000 4,577,909 1.2



- 165 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


KoreaKoreaKoreaKorea (Continued)

LG Chem 8,000 2,608,888 0.7

LG Corp 25,000 1,431,976 0.4

Lotte Shopping 7,423 2,325,727 0.6

POSCO 4,000 1,341,512 0.3


Samsung Electronics Pref 6,000 4,204,581 1.1


Samsung Fire & Marine

Insurance 10,000 1,888,707 0.5




Keppel Corp 237,000 2,060,214 0.5

Noble Group 1,700,000 1,859,069 0.5




Fubon Financial Hldg 2,000,000 2,249,742 0.6

Hon Hai Precision Ind 1,200,000 4,635,010 1.2

Mega Financial Hldg 3,000,000 2,119,297 0.5




Banpu Public Co (F) 90,000 1,773,744 0.4

Kasikornbank Public Co NVDR 400,000 1,996,759 0.5

Krung Thai Bank (F) 4,000,000 2,269,044 0.6


PTT Public Co (F) 300,000 3,432,739 0.9


BHP Billiton plc 480,000 14,628,998 3.7

Rio Tinto-UK List 90,000 4,955,262 1.3





Total Total Total Total investments, at costinvestments, at costinvestments, at costinvestments, at cost 369,877,549





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Japan 30.2 37.2

China 16.1 17.0

Korea 13.3 10.8

Hong Kong 11.0 12.7

Australia 5.2 8.1

United Kingdom 5.0 -

Taiwan 4.7 1.9

Indonesia 3.2 2.9

Thailand 3.0 2.4

Singapore 3.0 1.1

Malaysia - 0.6

India - 0.4


China - 1.5

DerDerDerDerivativesivativesivativesivatives

Forward foreign exchange contracts - (0.4)








- 166 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 12,892,042 12,211,202



Margin deposits 46 44

Investments 368,266,050 324,368,042


receivable 2,316,087 2,659,144


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




Derivatives - 1,223,005



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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011






Interest on deposits 742 1,112


losses (667,063) (86,256)


58,850,387 50,646,432

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


Management fee 2,715,416 3,371,203










3,980,423 5,029,804

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





Taxation (235,226) (256,571)








- 167 -


of Redeof Redeof Redeof Redeemable Unitsemable Unitsemable Unitsemable Units


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

334,143,782 405,322,459










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (341,774,283) (538,321,543)




Interest received 742 1,112

Increase in margin deposits (2) (850,375)



Tax paid (235,226) (265,790)



Others (316,606) (227,802)



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









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

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







the end of the periodthe end of the periodthe end of the periodthe end of the period 12,892,042 (8,585,807)


Cash at banks 12,892,042 871,155


unsecured - (9,456,962)

12,892,042 (8,585,807)

JF PACIFIJF PACIFIJF PACIFIJF PACIFIC SECURITIES FUNDC SECURITIES FUNDC SECURITIES FUNDC SECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 168 -

NotesNotesNotesNotes to the Financial Statementsto the Financial Statementsto the Financial Statementsto the Financial Statements


JF Pacific Securities Fund (the "Fund") was established under a Trust Deed dated 7 April 1978, as amended, and is governed by the laws of


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

companies in the Asia-Pacific region, including Japan, Australia and New Zealand.







Classification












ownership.








on an exchange.





Income.








- 169 -








separately.






transactions.










Fund's Trust Deed dated 7 April 1978, as amended, which may be different from the accounting policies stated in the financial statements.


31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



56,047,883 46,765,144



- 170 -





transactions.






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


- 171 -















this new regime.









As at 31 March 2012As at 31 March 2012As at 31 March 2012As at 31 March 2012 (Una(Una(Una(Unaudited)udited)udited)udited)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



EquitiesEquitiesEquitiesEquities and Warrantsand Warrantsand Warrantsand Warrants (98.2%)


Asciano Ltd 33,950 170,225 0.5

Ausdrill Ltd 43,426 188,946 0.5

Ausenco Ltd 19,458 86,274 0.3

Automotive Hldgs Group 43,236 106,153 0.3

Bathurst Resources 215,016 164,832 0.5

Beach Energy 77,800 118,074 0.3


03/12) 9,725 14,759 0.0

Boart Longyear 30,022 128,759 0.4

Campbell Brothers 1,700 117,836 0.3

Drillsearch Energy 168,900 265,957 0.8

Gryphon Minerals 56,523 62,947 0.2

Imdex Ltd 68,757 214,399 0.6

Mermaid Marine Australia 53,639 178,927 0.5

Monadelphous Group 4,900 120,812 0.3

Navitas Ltd 29,520 106,729 0.3

NRW Hldgs 78,450 336,459 1.0

Oil Search 32,760 232,473 0.7

SAI Global 49,919 252,879 0.7

Sandfire Resources 8,221 66,599 0.2

Treasury Wine Estates 39,289 164,841 0.5

Whitehaven Coal 26,800 155,475 0.5


China Resources Gas Group 120,000 229,675 0.7

China Shanshui Cement Group 149,000 117,450 0.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


China Suntien Green Energy

'H' 1,246,000 227,888 0.7


Services Hldgs 172,500 170,856 0.5

Haier Electronics Group 259,000 292,893 0.9

Haitian Intl Hldgs 185,000 207,541 0.6

Home Inns & Hotels Mgt ADR 5,758 146,887 0.4


(Group) 286,500 357,940 1.0

Minth Group 538,000 622,955 1.8

Perfect World ADR 20,208 326,359 1.0

Poly Hong Kong Investment 142,000 66,025 0.2

Ports Design 55,000 56,530 0.2

REXLot Hldgs 2,775,000 243,045 0.7

Shenguan Hldgs (Group) 430,000 254,766 0.7

Springland Intl Hldgs 247,000 178,792 0.5

Towngas China 1,723,000 1,244,982 3.6

Weiqiao Textile 'H' 354,000 181,924 0.5


Emperor Watch & Jewellery 3,640,000 576,662 1.7

I.T Ltd 276,000 161,036 0.5

Luk Fook Hldgs Intl 140,000 424,652 1.2

Melco Intl Dev 123,000 117,550 0.3

Midland Hldgs 390,000 203,941 0.6

SCMP Group 1,146,000 216,978 0.6


Bata India (DEMAT) 17,530 263,922 0.8

Eicher Motors 8,196 315,324 0.9

IndusInd Bank 93,728 601,183 1.7

Mahindra & Mah Fin PN 8/2/17

(JPM)* 11,861 154,907 0.5


Alam Sutera Realty 5,067,000 338,022 1.0

Asahimas Flat Glass 232,000 150,962 0.4

Hexindo Adiperkasa 223,000 268,263 0.8

Indomobil Sukses Intl 180,500 297,083 0.9

Jasa Marga (Persero) 344,000 189,983 0.5

Resource Alam Indonesia 234,500 180,799 0.5

Surya Citra Media 351,500 309,446 0.9

Total Bangun Persada 2,900,500 155,429 0.5


AIN Pharmaciez 8,000 431,132 1.2

Anritsu Corp 50,000 656,784 1.9

Arnest One 30,000 335,379 1.0

Asahi Co 20,500 370,168 1.1

Calbee Inc 6,900 352,986 1.0

Dainippon Screen Mfg 95,000 857,707 2.5

Kansai Paint Co 55,000 557,385 1.6

Keihin Corp 41,000 762,258 2.2

Message Co 47 141,408 0.4

Nissin Electric 25,000 151,893 0.4

ORIX JREIT 120 562,124 1.6

Pigeon Corp 18,000 674,768 2.0

Rohto Pharmaceutical 42,000 527,201 1.5

Takara Standard 45,000 334,103 1.0




- 172 -

Investment Investment Investment Investment PortfolioPortfolioPortfolioPortfolio (Continued)



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


JapanJapanJapanJapan (Continued)

United Urban Investment 880 1,006,234 2.9

Zeon Corp 40,000 372,319 1.1

Zojirushi Corp 175,000 614,557 1.8


Cheil Communications 5,440 86,902 0.3

CJ O Shopping Co 639 145,616 0.4

Com2us Corp 18,875 319,012 0.9

Fila Korea 2,138 161,900 0.5

Gamevil Inc 8,571 551,455 1.6

GS Retail 9,020 187,079 0.5

Hi Mart Co 6,061 325,771 0.9

Hyundai Development 6,010 131,811 0.4

Korean Reinsurance 10,240 123,363 0.4


Cert 204 2,458 0.0

Mirae Asset Securities 2,380 83,286 0.2

Neowiz Games 9,311 288,028 0.8

Shinsegae Food 8,984 627,980 1.8

STX Pan Ocean-KR List 28,050 195,079 0.6


Alliance Global Group 402,600 117,962 0.4

Pepsi-Cola Products

Philippines 2,370,000 151,247 0.4

Puregold Price Club 205,900 97,831 0.3

Universal Robina 53,320 78,238 0.2


China Minzhong Food 803,000 638,645 1.8

Parkson Retail Asia 266,000 296,178 0.9

STX OSV Hldgs 165,000 231,618 0.7


Chailease Hldgs 306,000 438,557 1.3

Chipbond Technology 342,000 443,223 1.3

Evergreen Marine 459,000 314,144 0.9

GeoVision Inc 64,000 301,411 0.9

Gloria Material Technology 326,028 344,647 1.0

Johnson Health Tech 87,000 269,420 0.8

Kinsus Interconnect

Technology 115,000 368,598 1.1

MStar Semiconductor 36,000 220,163 0.6

PCHome Online 42,000 235,511 0.7

Prince Housing &

Development 580,270 435,480 1.3

Radiant Opto-Electronics 20,000 88,770 0.2

Taiwan Hon Chuan Enterprise 77,471 175,340 0.5

TPK Hldg Co 24,000 387,877 1.1

Tripod Technology 87,950 294,711 0.8


Amata Corp (F) 787,700 423,852 1.2

Hemaraj Land & Dev (F) 5,260,100 480,826 1.4

Home Product Center (F) 379,500 169,760 0.5

LPN Development (F) 536,900 283,678 0.8

LPN Development NVDR 130,500 65,567 0.2

Sino Thai Eng & Construction

(F) 755,100 342,671 1.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Freehold 250,200 95,700 0.3

Thaicom Public Co (F) 211,200 106,798 0.3

Thaicom Public Co NVDR 219,500 110,995 0.3

Thanachart Capital (F) 169,000 183,517 0.5


Other Other Other Other net assetsnet assetsnet assetsnet assets 624,053 1.8







- 173 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Japan 27.2 35.7

China 14.3 12.8

Taiwan 12.5 5.0

Australia 9.4 8.2

Korea 9.3 7.5

Thailand 6.5 1.0

Indonesia 5.5 1.3

Hong Kong 4.9 7.0

India 3.9 3.8

Singapore 3.4 3.0

Philippines 1.3 1.0








- 174 -



31.3.20131.3.20131.3.20131.3.2012222 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 612,021 3,574,434



Investments 33,941,835 27,602,034


receivable 259,252 249,752


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





Total liabTotal liabTotal liabTotal liabilitiesilitiesilitiesilities 748,603 469,368

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




StatemStatemStatemStatement of Comprehensive Incomeent of Comprehensive Incomeent of Comprehensive Incomeent of Comprehensive Income


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







gains/(losses) 14,339 (12,709)


Other income 2,588 176

4,392,602 2,241,695

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












405,955 603,283

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





Taxation (21,722) 3,062


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






- 175 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.21.10.21.10.21.10.2010010010010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

30,601,018 42,676,522










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.2031.3.2031.3.2031.3.2011111111




derivatives (23,750,400) (36,249,559)







Tax paid (23,312) (33,618)




Others (21,825) (81,833)



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









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









Analysis of balances oAnalysis of balances oAnalysis of balances oAnalysis of balances of cash and cash equivalents:f cash and cash equivalents:f cash and cash equivalents:f cash and cash equivalents:

Cash at banks 612,021 447,970



- 176 -



JF Pacific Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 22 May 1993, as amended, and is governed by the



medium sized companies in the Asia-Pacific region, including Japan, Australia and New Zealand.


2222 Summary of principal accounting policiSummary of principal accounting policiSummary of principal accounting policiSummary of principal accounting policieseseses





Classification












ownership.








on an exchange.





Income.





- 177 -






separately.






transactions.











statements.


31.3.2012 30.9.2011

Units Units


US$ US$





- 178 -


1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



4,132,239 1,886,645





transactions.






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


- 179 -



distributing fund in respect of the period from 14 August












this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

nenenenetttt





Telstra Corp 371,687 1,262,961 2.0


Lenovo Group 744,000 667,913 1.1

Tencent Hldgs 88,600 2,471,762 3.9

ZTE Corp 'H' 205,560 552,026 0.9


AAC Technologies Hldgs 456,000 1,236,321 2.0

Foxconn Intl Hldgs 1,296,000 919,753 1.5


Infosys Ltd ADR 21,000 1,197,630 1.9


Canon Inc 115,800 5,480,783 8.7

Gree Inc 17,800 451,408 0.7

Hitachi Ltd 399,000 2,569,658 4.1

Keyence Corp 7,040 1,660,446 2.6

Konami Corp 45,600 1,296,604 2.1

Kyocera Corp 13,600 1,251,012 2.0

Murata Mfg 15,900 945,750 1.5

Omron Corp 68,400 1,475,302 2.4

Softbank Corp 56,500 1,675,193 2.7

Tokyo Electron 27,400 1,571,517 2.5

Toshiba Corp 363,000 1,601,179 2.6

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Duksan Hi-Metal Co 34,000 697,674 1.1

Hynix Semiconductor 99,060 2,557,261 4.1

NHN Corp 2,700 617,184 1.0

Samsung C&T 17,957 1,256,776 2.0


Samsung Electronics GDR-

RegS 3,244 1,829,616 2.9

Samsung Techwin 19,012 1,141,005 1.8


Advanced Semiconductor Eng 912,724 916,914 1.5

Asustek Computer 170,900 1,609,724 2.6


Delta Electronics 245,000 717,207 1.1

Hon Hai Precision Ind 1,480,681 5,719,143 9.1

MediaTek Inc 116,000 1,108,337 1.8

Taiwan Mobile 401,500 1,217,512 1.9


TPK Hldg Co 55,200 892,117 1.4

Unimicron Technology 550,000 681,106 1.1

United Microelectronics 2,405,000 1,173,389 1.9








- 180 -


For the period ended 31 March 2012For the period ended 31 March 2012For the period ended 31 March 2012For the period ended 31 March 2012 (U(U(U(Unaudited)naudited)naudited)naudited)



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Taiwan 32.9 33.6

Japan 31.9 34.2

Korea 19.5 19.5

China 5.9 4.7

Hong Kong 3.5 2.4

Australia 2.0 -

India 1.9 1.9

Total LisTotal LisTotal LisTotal Listed/Quoted Investmentsted/Quoted Investmentsted/Quoted Investmentsted/Quoted Investments 97.6 96.3







- 181 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 1,346,468 1,800,018



Investments 61,109,716 54,492,962


receivable 283,300 249,423


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






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




Statement of Comprehensive InStatement of Comprehensive InStatement of Comprehensive InStatement of Comprehensive Incomecomecomecome


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







gains 60,408 57,210


Other income - 42

9,809,924 7,105,769

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












567,895 937,901

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

Net opeNet opeNet opeNet operating profitrating profitrating profitrating profit 9,242,029 6,167,868




Taxation (28,161) (49,330)








- 182 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

53,404,661 68,753,749










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.2031.3.2031.3.2031.3.2011111111




derivatives (12,167,251) (43,100,284)






Tax paid (28,161) (59,133)




Others 15,917 (52,349)



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









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


equivalentsequivalentsequivalentsequivalents (477,436) (2,475,182)







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

Cash at banks 1,346,468 1,457,406



- 183 -



JF Pacific Technology Fund (the "Fund") was established under a Trust Deed dated 14 August 1997, as amended, and is governed by the laws


The investment objective of the Fund is to provide long-term capital growth through a portfolio consisting primarily of securities of technology

companies in the Pacific region, including Japan.



(a)(a)(a)(a) Accounting policies of interim financial statemAccounting policies of interim financial statemAccounting policies of interim financial statemAccounting policies of interim financial statements ents ents ents



(b)(b)(b)(b) Investments aInvestments aInvestments aInvestments and derivatives nd derivatives nd derivatives nd derivatives

Classification












ownership.








on an exchange.





Income.





- 184 -






separately.






transactions.











statements.


31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



9,426,559 6,613,134



- 185 -





transactions.






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


- 186 -















this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






Bank Of Philippine Islands 1,754,400 2,974,737 3.6

BDO Unibank 3,191,940 4,921,543 5.9

Metropolitan Bank & Trust 900,000 1,831,024 2.2

Security Bank 480,000 1,576,336 1.9

CommunicationsCommunicationsCommunicationsCommunications (12.6%)

Globe Telecom 96,020 2,531,609 3.0


Telephone 126,530 7,956,935 9.6

Construction & Related ProductsConstruction & Related ProductsConstruction & Related ProductsConstruction & Related Products (1.0%)

EEI Corp 6,087,200 860,587 1.0

Diversified InduDiversified InduDiversified InduDiversified Industrialsstrialsstrialsstrials (5.6%)


Financial ServicesFinancial ServicesFinancial ServicesFinancial Services (2.1%)

COL Financial Group 3,270,000 1,713,637 2.1



(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Food, Beverages & TobaccoFood, Beverages & TobaccoFood, Beverages & TobaccoFood, Beverages & Tobacco (2.6%)

Jollibee Food 368,900 996,679 1.2

Pepsi-Cola Products

Philippines 10,000,000 638,174 0.8

RFM Corp 11,280,000 522,818 0.6

Holding FirmsHolding FirmsHolding FirmsHolding Firms (20.9%)

Aboitiz Equity Ventures 1,962,000 2,266,570 2.7

Ayala Corp 169,540 1,600,037 1.9

DMCI Hldgs 3,039,000 3,811,579 4.6

JG Summit Hldgs 2,300,000 1,617,794 1.9

SM Investments 532,201 8,143,847 9.8

Information TechnologyInformation TechnologyInformation TechnologyInformation Technology (0.7%)

Marcventures Hldgs 8,000,000 583,207 0.7

MiningMiningMiningMining (0.7%)

Nickel Asia 762,600 582,585 0.7

Misc & Other GroupsMisc & Other GroupsMisc & Other GroupsMisc & Other Groups (1.5%)

Semirara Mining 217,780 1,237,646 1.5

Power & EnergyPower & EnergyPower & EnergyPower & Energy (5.6%)

Aboitiz Power 3,147,100 2,477,512 3.0

Manila Electric 364,580 2,216,266 2.6

Manila Water 1 1 0.0

PropertyPropertyPropertyProperty (16.3%)

Ayala Land 12,577,460 6,078,544 7.3

Robinsons Land 4,213,300 1,619,179 1.9

SM Development 600 95 0.0

SM Prime Hldgs 14,982,000 5,897,189 7.1

Transportation ServicesTransportation ServicesTransportation ServicesTransportation Services (2.6%)

Intl Container Terminal

Services 1,420,270 2,143,554 2.6





Total investmTotal investmTotal investmTotal investments, at costents, at costents, at costents, at cost 61,613,961



- 187 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011




Holding Firms 20.9 17.2

Property 16.3 15.8

Banks 13.6 9.9

Communications 12.6 16.3

Food & House Products 8.2 4.5

Power & Energy 5.6 10.0

Diversified Industrials 5.6 6.0

Food, Beverages & Tobacco 2.6 2.2

Transportation Services 2.6 4.9

Financial Services 2.1 -

Misc & Other Groups 1.5 3.8

Construction & Related Products 1.0 -

Information Technology 0.7 -

Mining 0.7 -

Energy - 6.6

Media - 0.9

Gold Mines - 0.1








- 188 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 226,403 5,406,787




Investments 78,211,073 70,426,252


receivable 503,219 459,444


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


Amounts due to brokers 1,660,686 598,593




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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





Dividend income 620,534 1,235,720


gains/(losses) 43,896 (90,512)



23,452,791 2,374,053

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









Legal and professional expenses 3,216 299

Printing and publication expenses 893 1,161


1,349,195 1,567,887

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

Net operating profitNet operating profitNet operating profitNet operating profit 22,103,596 806,166



Profit before taxationProfit before taxationProfit before taxationProfit before taxation 22,103,596 806,096

Taxation (158,614) (370,716)




comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 21,944,982 435,380




- 189 -



For thFor thFor thFor the period ended 31 March 2012e period ended 31 March 2012e period ended 31 March 2012e period ended 31 March 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

61,290,713 97,616,090




comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 21,944,982 435,380






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.231.3.231.3.231.3.2011011011011




derivatives (57,092,008) (54,456,692)







Tax paid (158,614) (370,716)



Others (12,563) (167,400)



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









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









AnalysAnalysAnalysAnalysis of balances of cash and cash equivalents:is of balances of cash and cash equivalents:is of balances of cash and cash equivalents:is of balances of cash and cash equivalents:

Cash at banks 226,403 3,249,258


2,133,622 3,249,258



- 190 -



JF Philippine Fund (the "Fund") was established under a Trust Deed dated 29 July 1974, as amended, and is governed by the laws of Hong


The investment objective of the Fund is to provide investors with long-term capital growth through investment primarily in the securities of

companies based or operating in the Philippines.


2222 SummSummSummSummary of principal accounting policiesary of principal accounting policiesary of principal accounting policiesary of principal accounting policies





Classification












ownership.








on an exchange.





Income.





- 191 -






separately.

(d)(d)(d)(d) ForeigForeigForeigForeign currency translationn currency translationn currency translationn currency translation





transactions.







(e)(e)(e)(e) Proceeds and payments on allProceeds and payments on allProceeds and payments on allProceeds and payments on allotment and redemption of unitsotment and redemption of unitsotment and redemption of unitsotment and redemption of units



Fund's Trust Deed dated 29 July 1974, as amended, which may be different from the accounting policies stated in the financial

statements.

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

31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



22,782,995 1,228,845



- 192 -





transactions.






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


- 193 -



distributing fund in respect of the period from 8 August












this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


LLLListed/Quoted Investmentsisted/Quoted Investmentsisted/Quoted Investmentsisted/Quoted Investments (97.3%)



EnergyEnergyEnergyEnergy (0.5%)



AgribusinessAgribusinessAgribusinessAgribusiness (5.8%)


BankingBankingBankingBanking (17.8%)

Kasikornbank Public Co (F) 1,121,900 5,582,225 1.5


Krung Thai Bank (F) 32,887,000 18,655,511 5.1

Siam Commercial Bank (F) 5,301,600 24,660,602 6.7

Building & FBuilding & FBuilding & FBuilding & Furnishing Materialsurnishing Materialsurnishing Materialsurnishing Materials (13.2%)

Dynasty Ceramic (F) 2,978,500 6,275,608 1.7


Siam Cement (F) 818,307 10,928,444 3.0

Siam Cement NVDR 898,693 10,341,524 2.8

Siam City Cement (F) 641,200 6,339,254 1.7

Siam Global House (F) 10,923,900 4,178,347 1.1

Siam Global House (F)

Await Cert 2,704,780 1,034,567 0.3

Siam Global House Wts

18/05/13 (L) 10,582,400 2,006,711 0.6

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Chemicals & PlasticsChemicals & PlasticsChemicals & PlasticsChemicals & Plastics (7.6%)

Indorama Ventures (F) 9,576,600 11,718,530 3.2


CommerceCommerceCommerceCommerce (2.8%)

Robinson Department

Store (F) 3,956,500 6,540,729 1.8

Siam Makro (F) 80,200 930,684 0.2

Siam Makro NVDR 242,000 2,808,298 0.8

CommunicationsCommunicationsCommunicationsCommunications (10.1%)

Advanced Information (F) 3,904,400 23,287,182 6.3

Thaicom Public Co (F) 12,156,400 6,147,159 1.7

Thaicom Public Co NVDR 800,000 404,538 0.1

Total Access Communication

NVDR 2,780,000 7,366,775 2.0

Construction & HConstruction & HConstruction & HConstruction & Houseouseouseouse (3.6%)

Banpu Public Co (F) 664,500 13,096,143 3.6

Electrical Products & ComputerElectrical Products & ComputerElectrical Products & ComputerElectrical Products & Computer (0.3%)

Singer Thailand (F) 4,310,900 1,306,545 0.3

EnergyEnergyEnergyEnergy (11.9%)

PTT Exploration &

Production (F) 2,719,600 15,383,151 4.2

PTT Public Co (F) 2,463,000 28,182,787 7.7

Entertainment & RecreationEntertainment & RecreationEntertainment & RecreationEntertainment & Recreation (0.2%)

Major Cineplex Group NVDR 1,169,700 682,483 0.2

Finance & SecuritiesFinance & SecuritiesFinance & SecuritiesFinance & Securities (1.1%)


Food & BeveragesFood & BeveragesFood & BeveragesFood & Beverages (2.9%)

CP ALL (F) 1,813,000 3,834,627 1.1

Thai Union Frozen Products (F) 2,898,690 6,647,725 1.8

Hotel & Travel ServicesHotel & Travel ServicesHotel & Travel ServicesHotel & Travel Services (2.1%)

Central Plaza Hotel (F) 18,429,300 7,646,517 2.1

Machinery & EquipmentMachinery & EquipmentMachinery & EquipmentMachinery & Equipment (0.8%)

Somboon Advance

Technology (F) 3,376,108 3,036,856 0.8

ProProProProperty Developmentperty Developmentperty Developmentperty Development (12.7%)

Amata Corp (F) 6,635,000 3,570,211 1.0

Hemaraj Land &

Development (F) 112,009,300 10,238,776 2.8


Sino Thai Eng &

Construction (F) 22,669,700 10,287,708 2.8

Supalai Public Co (F) 13,468,000 6,810,399 1.8


Freehold 8,381,400 3,205,852 0.9

TransportationTransportationTransportationTransportation (3.9%)

Airports of Thailand (F) 7,625,800 14,398,796 3.9




- 194 -

InvestInvestInvestInvestment Portfolioment Portfolioment Portfolioment Portfolio (Continued)



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet










31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



IndonesiaIndonesiaIndonesiaIndonesia

Energy 0.5 2.9


Banking 17.8 21.7

Building & Furnishing Materials 13.2 7.4

Property Development 12.7 8.6

Energy 11.9 11.9

Communications 10.1 16.0

Chemicals & Plastics 7.6 5.6

Agribusiness 5.8 8.8

Transportation 3.9 -

Construction & House 3.6 -

Food & Beverages 2.9 3.5

Commerce 2.8 1.3

Hotel & Travel Services 2.1 0.6

Finance & Securities 1.1 1.6

Machinery & Equipment 0.8 1.4

Electrical Products & Computer 0.3 0.2

Entertainment & Recreation 0.2 -

Health Care Services - 2.7

Vehicles & Parts - 1.2








- 195 -

StaStaStaStatement of Financial Positiontement of Financial Positiontement of Financial Positiontement of Financial Position


31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 2,667,923 3,621,512




Investments 356,544,908 284,744,886


receivable 3,352,567 842,877


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






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






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011








losses (233,738) (216,124)

Other income - 419

92,176,801 35,228,323

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


Management fee 2,493,123 2,916,416


Trustee's fee 86,569 194,428








3,547,305 4,209,281

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





Taxation (375,207) (367,841)








- 196 -


of Redeemaof Redeemaof Redeemaof Redeemable Unitsble Unitsble Unitsble Units


1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

278,170,645 379,478,327










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (202,189,850) (211,013,326)







Tax paid (375,207) (367,841)



Others (350,054) (364,803)



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









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









AAAAnalysis of balances of cash and cash equivalents:nalysis of balances of cash and cash equivalents:nalysis of balances of cash and cash equivalents:nalysis of balances of cash and cash equivalents:

Cash at banks 2,667,923 8,145,471


6,467,923 8,145,471



- 197 -



JF Thailand Fund (the "Fund") was established under a Trust Deed dated 20 July 1989, as amended, and is governed by the laws of Hong Kong.


The investment objective of the Fund is to provide investors with long-term capital appreciation through a portfolio consisting primarily of

securities of companies based, or operating principally, in Thailand.



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




Classification












ownership.








on an exchange.





Income.





- 198 -






separately.






transactions.










Fund's Trust Deed dated 20 July 1989, as amended, which may be different from the accounting policies stated in the financial

statements.

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

31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



88,457,185 31,307,396



- 199 -





transactions.






JF VIETNAM OPPORTUNITIES FUNDJF VIETNAM OPPORTUNITIES FUNDJF VIETNAM OPPORTUNITIES FUNDJF VIETNAM OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for thannual report for thannual report for thannual report for theeee


- 200 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





NagaCorp Ltd 3,932,384 1,777,778 1.4

KoreKoreKoreKoreaaaa (2.4%)

Suheung Capsule 250,920 2,956,429 2.4


QL Resources 992,800 1,049,999 0.9


Manila Water 1,500,000 808,781 0.7



Ascott Residence Trust 1,469,850 1,244,992 1.0

CapitaLand Ltd 600,000 1,484,074 1.2

Fraser & Neave (CDP) 418,000 2,227,383 1.8

Keppel Corp 149,000 1,295,240 1.1

Keppel Land 518,000 1,425,442 1.2

Mapletree Logistics Trust 1,600,000 1,189,804 1.0


Sembcorp Industries (CDP) 340,000 1,427,765 1.2


Amata Corp (F) 2,838,300 1,527,254 1.3

Charoen Pokphand

Foods NVDR 2,225,000 2,668,558 2.2

PTT Public Co NVDR 103,900 1,188,872 1.0

Siam Cement NVDR 109,000 1,254,295 1.0

Toyo-Thai Corp (F) 3,341,000 1,516,175 1.2

Toyo-Thai Corp NVDR 1,000,000 453,809 0.4

VietnamVietnamVietnamVietnam (67.3%)

Bao Viet Securities 1,130,960 748,549 0.6

Baoviet Hldgs 1,892,130 6,715,473 5.5

Binh Minh Plastics 473,920 945,567 0.8

Binh Thanh Import Export

Production 7 11 0.0

DHG Pharmaceutical 1,114,308 3,366,974 2.8

Dong Phu Rubber 600,000 1,539,568 1.3

FPT Corp 1,346,880 3,746,717 3.1

GEMADEPT Corp 966,096 1,153,755 0.9

Ho Chi Minh City Infrastructure

Investment 1,101,915 1,569,634 1.3

Ho Chi Minh City Securities 1,715,266 1,480,805 1.2

Hoa Phat Group 2,382,319 2,639,404 2.2

Imexpharm Pharmaceutical 520,200 938,106 0.8

JSC Bank for Foreign Trade 1,293,172 1,786,252 1.5

Kinh Do 1,037,373 1,950,361 1.6

Lam Son Sugar 664,740 838,497 0.7

Masan Group 1,974,960 10,703,619 8.8

Minh Phu Seafood 866,590 1,151,297 0.9

Petrolimex Gas 770,536 247,606 0.2

Petrovietnam Drilling & Well

Services 3,426,096 6,507,118 5.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Petrovietnam Fertilizer &

Chemical 3,227,300 4,519,768 3.7

PetroVietnam Low Pressure 300,000 446,043 0.4

Phu Nhuan Jewelry 621,580 1,156,705 1.0

Phuoc Hoa Rubber 1,000,000 1,223,022 1.0

Saigon Securities 2,346,040 2,070,366 1.7

Societe de Bourbon Tay Ninh 1,500,000 1,057,554 0.9

Southern Seed 645,482 993,764 0.8

Tan Tao Inv PN 30/05/12

(JPM)* 546,933 288,550 0.2

Tan Tao Investment Industry 1 1 0.0

Tan Tien Plastic Packaging 142,168 218,195 0.2

Tan Tien Plastic PN 19/07/12

(JPM)* 248,000 380,624 0.3

Thu Duc Housing Development 500,000 357,314 0.3

Vietnam Dairy Products 2,407,980 10,625,140 8.7

Vietnam Export-Import Comm

JS Bank 10,463,015 8,681,542 7.1

VietNam JS Comm Bk for Ind &

Trade 1,244,950 1,307,645 1.0

Vietnam Sun 515,380 637,736 0.5





Total Total Total Total investments, at costinvestments, at costinvestments, at costinvestments, at cost 147,129,211




- 201 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011

ListeListeListeListed/Quoted Investmentsd/Quoted Investmentsd/Quoted Investmentsd/Quoted Investments


Vietnam 67.3 64.7

Singapore 9.7 7.3

Thailand 7.1 5.5

Korea 2.4 4.7

Philippines 2.3 -

Hong Kong 1.4 2.4

Malaysia 0.9 1.4








- 202 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 13,114,443 16,724,927


Amounts receivable on allotment 1,385,838 128

Investments 110,952,433 97,900,146


receivable 980,347 584,993


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






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

Net assets attrNet assets attrNet assets attrNet assets attributable to holders ibutable to holders ibutable to holders ibutable to holders




For the period ended 31 March 2012For the period ended 31 March 2012For the period ended 31 March 2012For the period ended 31 March 2012 ((((Unaudited)Unaudited)Unaudited)Unaudited)

1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011








(losses)/gains (47,911) 854,844

Other income - 167

16,599,720 (804,993)

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


Management fee 859,841 1,121,904










1,125,379 1,438,842

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


Taxation (32,159) (50,273)









- 203 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011



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


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



Net (redemptioNet (redemptioNet (redemptioNet (redemption)/allotmentn)/allotmentn)/allotmentn)/allotment (7,430,532) 8,800,465

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

106,393,561 143,572,332










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (19,921,532) (33,072,093)





Tax paid (32,159) (50,273)




Management fee paid (854,379) (1,105,818)

Others (160,159) 1,115,163



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







financing activitiesfinancing activitiesfinancing activitiesfinancing activities (4,657,518) 9,305,994

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





Exchange losses on cash and cash

equivalents (4,970) (412,873)



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

Cash at banks 13,114,443 11,547,545

JF VIETNAM OPPORJF VIETNAM OPPORJF VIETNAM OPPORJF VIETNAM OPPORTUNITIES FUNDTUNITIES FUNDTUNITIES FUNDTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 204 -



JF Vietnam Opportunities Fund (the "Fund") was established under a Trust Deed dated 15 August 2006, as amended, and is governed by the


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

either (i) domiciled or listed on a stock exchange in Vietnam, or (ii) with actual or prospective operations, assets or investments, direct or

indirect, in Vietnam in an aggregate amount of not less than either US$50 million or 10 per cent. of the gross assets of the investing company

(albeit such operations, assets or investments may at the time of investment be immaterial to the financial results of such company).



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





(a)(a)(a)(a) Accounting policies of interim financial statemAccounting policies of interim financial statemAccounting policies of interim financial statemAccounting policies of interim financial statementsentsentsents



(b)(b)(b)(b) Investments anInvestments anInvestments anInvestments and derivatives d derivatives d derivatives d derivatives

Classification












ownership.








on an exchange.





Income.



- 205 -








separately.






transactions.











statements.


31.3.2012 30.9.2011

Class A Class A

Units Units


US$ US$





- 206 -


1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$


Realized losses on sale of investments and derivatives (5,020,845) (7,231,886)

14,927,374 (4,096,106)





transactions.






JPM ASIAN TOTAL RETURN BOND FUNDJPM ASIAN TOTAL RETURN BOND FUNDJPM ASIAN TOTAL RETURN BOND FUNDJPM ASIAN TOTAL RETURN BOND FUND (Formerly known as JF Asian Total Return Bond Fund)(Formerly known as JF Asian Total Return Bond Fund)(Formerly known as JF Asian Total Return Bond Fund)(Formerly known as JF Asian Total Return Bond Fund)

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


- 207 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Convertibles(I) Convertibles(I) Convertibles(I) Convertibles (10.6%)


QBE Fund Trt CB(QBE)

0%12/5/30-RegS USD4,000,000 2,504,000 1.2


Bright North EB

(Tianjin) 1.25%4/16 CNY8,000,000 1,122,418 0.6

Country Garden CB

2.5% 22/02/13 CNY12,000,000 2,191,982 1.1

Glory River EB(Ch

Agri) 1% 29/07/15 HKD13,000,000 1,627,302 0.8

Hidili Ind Intl CB 1.5%

19/01/15 CNY12,000,000 1,858,521 0.9


Newford EB (Shangri-

La) 0% 12/05/16 USD400,000 374,599 0.2


Asahi Group Hldgs CB

0% 26/05/23 JPY150,000,000 1,844,529 0.9


YTL Corp Fin EB (YTL)

0% 15/05/12 USD1,500,000 1,657,455 0.8


SM Inv CB 1.625%

15/02/17 USD1,400,000 1,391,770 0.7


CapitaLand Ltd CB

2.875% 03/09/16 SGD1,750,000 1,358,391 0.7

CapitaMall Trust CB

2.125% 19/04/14 SGD2,750,000 2,175,634 1.1


BTS Group Hldgs CB

1% 25/01/16 THB65,000,000 2,079,286 1.0

Thoresen Thai Agen

CB 2.5% 24/09/12 USD1,100,000 1,237,352 0.6

21,423,239 10.6

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

(II) Debt Securities(II) Debt Securities(II) Debt Securities(II) Debt Securities (70.1%)


Australian Govt IL

No15CI 4%20/8/15 AUD1,000,000 1,858,784 0.9

BermudaBermudaBermudaBermuda (2.4%)

BW Group 6.625%

28/06/17-RegS USD2,000,000 2,000,397 1.0

China Oriental 7%

17/11/17-RegS USD2,500,000 2,151,625 1.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Rosy Unicorn 6.5%

09/02/17 USD600,000 628,542 0.3


PTTEP Canada Intl

5.692%5/4/21-RegS USD600,000 662,331 0.3


Agile Property 8.875%

28/04/17-RegS USD1,000,000 974,365 0.5

Agile Property 9.875%

20/03/17 USD2,200,000 2,130,902 1.0

Central China 12.25%

20/10/15-RegS USD2,500,000 2,559,813 1.3

China Overseas Fin

4.875% 15/02/17 USD600,000 614,679 0.3

China Overseas Fin

5.5% 11/20-RegS USD1,550,000 1,558,671 0.8

China Res Land

4.625% 19/05/16-

RegS USD1,300,000 1,331,833 0.7

China Shanshui Cem

6.5% 22/07/14 CNY6,000,000 932,930 0.5

China Shanshui Cem

8.5%25/5/16-RegS USD1,500,000 1,500,279 0.7

Country Garden

11.125% 23/2/18-

RegS USD2,000,000 1,984,104 1.0

Fufeng Group 7.625%

13/04/16-RegS USD1,250,000 1,127,619 0.6

Hutchison Wha Int11

4.625%1/22-RegS USD2,200,000 2,244,328 1.1

KWG Property 13.25%

22/03/17 USD2,200,000 2,135,277 1.0

MCE Finance 10.25%

15/05/18 USD2,000,000 2,338,414 1.1

PHBS Ltd 6.625%

Perpetual USD2,000,000 1,867,704 0.9


Baosteel Group

3.675% 01/03/15-

RegS CNY5,000,000 796,422 0.4


Chinatrust C Bk

VRN5.625% Perp-

RegS USD1,500,000 1,443,516 0.7

Chong Hing Bank 6%

04/11/20 USD2,600,000 2,728,353 1.3

CITIC Bank Intl 6.875%

24/06/20 USD2,000,000 2,153,431 1.1

CITIC Pacific 6.625%

15/04/21 USD1,600,000 1,577,812 0.8

CITIC Pacific 6.875%

21/01/18 USD2,400,000 2,415,362 1.2

CITIC Pacific VRN

7.875% Perp USD1,500,000 1,467,947 0.7

Fita Intl 7% 10/02/20 USD1,800,000 1,828,280 0.9




- 208 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Hong KongHong KongHong KongHong Kong (Continued)

Wheelock Finance

4.75% 23/02/17 USD2,800,000 2,822,808 1.4


NTPC Ltd 5.625%

14/07/21 USD1,100,000 1,126,826 0.6


Bank Danamon Indo

No2A 8.75%9/12/13 IDR10,000,000,000 1,132,535 0.6

Berau Capital 12.5%

08/07/15-RegS USD2,000,000 2,308,333 1.1

Berau Coal Energy

7.25% 03/17-RegS USD1,000,000 1,011,706 0.5

Indo Energy Fin 7%

07/05/18-RegS USD1,500,000 1,580,525 0.8

Indonesia Govt

NoFR49 9%

15/09/13 IDR20,000,000,000 2,338,490 1.2

Indonesia Govt

NoFR52 10.5%

15/8/30 IDR18,000,000,000 2,739,900 1.3

Rep of Indonesia

5.25% 17/1/42-RegS USD2,000,000 2,119,475 1.0


Hitachi Capital 3.75%

22/03/15 CNY9,000,000 1,429,006 0.7

Mitsui & Co 4.25%

01/03/17 CNY7,000,000 1,123,736 0.6



5.1%10/13-RegS INR120,000,000 2,326,270 1.1


6.6%11/13-RegS IDR30,000,000,000 3,383,428 1.7

Korea Land & Housing

3.5% 27/08/20 KRW5,000,000,000 4,823,088 2.4

Korea Try No1503

4.5% 10/03/15 KRW1,550,120,000 1,405,389 0.7

Korea Try No2006 5%

10/06/20 KRW3,600,000,000 3,454,958 1.7

Korea Try No2006 ILB

2.75% 10/06/20 KRW3,000,000,000 3,255,102 1.6

National Agri Coop

3.5% 8/2/17-RegS USD2,000,000 2,020,900 1.0

SC First Bk KR

VRN7.267% 03/34-

RegS USD1,000,000 1,038,354 0.5

Shinhan Bank 4.375%

27/07/17-RegS USD1,200,000 1,263,239 0.6

Shinhan Bank VRN

6.819% 20/09/36 USD1,500,000 1,548,410 0.8

Woori Bank VRN

6.208% 02/05/37-

RegS USD1,500,000 1,541,050 0.7

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


MalaMalaMalaMalaysiaysiaysiaysia (5.6%)

AMBB Capital VRN

6.77% Perpetual USD1,800,000 1,775,491 0.9

Danga Capital 2.9%

20/10/14-RegS CNY9,000,000 1,436,850 0.7

Malayan Banking VRN

3.8% 28/04/21 SGD1,500,000 1,221,292 0.6

Malaysian Govt

No0311 4.392%

04/26 MYR5,700,000 1,980,779 1.0

Malaysian Govt

No0902 4.378%

11/19 MYR7,640,000 2,651,420 1.3

Petronas Cap 5.25%

12/08/19-RegS USD2,000,000 2,250,583 1.1

MongoliaMongoliaMongoliaMongolia (1.0%)

Dev Bank Mongolia

5.75% 03/17-RegS USD2,000,000 2,010,714 1.0


Listrindo Capital

6.95%21/2/19-RegS USD3,000,000 3,097,846 1.5

Majapahit Hldg 7.75%

20/01/20-RegS USD3,000,000 3,627,300 1.8

PakistanPakistanPakistanPakistan (1.4%)

Islamic Rep

Pakistan7.125%3/16

-RegS USD2,600,000 2,166,309 1.1

Islamic Rep

Pakistan7.875%3/3

6-RegS USD1,000,000 640,438 0.3


Dev Bank Of Philip

VRN 8.375% Perp USD600,000 639,543 0.3


CMT MTN Pte 3.731%

21/03/18 USD1,100,000 1,106,864 0.5

Sigma Capital 9%

30/04/15 USD2,500,000 2,737,500 1.4

United Overseas Bk

VRN 3.45% 1/4/21 SGD2,250,000 1,838,171 0.9


Thailand Govt Bond IL

1.2% 14/07/21 THB114,000,000 3,858,327 1.9


Vedanta Res 8.25%

07/06/21-RegS USD2,200,000 2,107,939 1.0


Reliance Hldgs USA

5.4% 02/22-RegS USD1,500,000 1,492,140 0.7

Westpac Cap VRN

5.819% Perp-RegS USD2,000,000 2,047,084 1.0




- 209 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Virgin IslandsVirgin IslandsVirgin IslandsVirgin Islands (6.3%)

Big Will Inv 7%

29/04/14-RegS CNY15,000,000 2,184,057 1.1

Henderson Land MTN

4.75% 14/02/17 USD2,000,000 2,031,467 1.0

Howes Capital 4.75%

10/04/17-RegS USD800,000 804,160 0.4

Rainbow Days 3%

30/06/16-RegS CNY8,500,000 1,302,656 0.6

Star Energy Geo 11.5%

12/02/15-RegS USD2,000,000 2,231,944 1.1

Wiseyear Hldgs 5%

15/02/17-RegS USD1,000,000 1,027,428 0.5

Wiseyear Hldgs

5.875% 06/04/21 USD3,000,000 3,129,937 1.6

142,205,487 70.1

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

(III) Money Market(III) Money Market(III) Money Market(III) Money Market (1.7%)


Bank of China HK CD

2.5% 04/03/13 CNY12,000,000 1,890,191 0.9

Bank of China HK CD

2.5% 26/03/13 CNY10,000,000 1,584,434 0.8

3,474,625 1.7

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

(IV) Derivatives(IV) Derivatives(IV) Derivatives(IV) Derivatives (0.1%)

Forward foreign exchangeForward foreign exchangeForward foreign exchangeForward foreign exchange

contcontcontcontracts racts racts racts (0.0%) 26,805 0.0

FuturesFuturesFuturesFutures (0.1%)

HSCEI (HFE) Fut 04/12 (55) 68,618 0.0

HSI (HFE) Fut 04/12 (30) 97,991 0.1

US 10Yr Note (CBT)

Fut 06/12 (70) (85,313) (0.0)

108,101 0.1

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

Total Listed/Quoted InvestmTotal Listed/Quoted InvestmTotal Listed/Quoted InvestmTotal Listed/Quoted Investmentsentsentsents 167,211,452 82.5









31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011


ConvertiblesConvertiblesConvertiblesConvertibles

China 3.4 3.6

Singapore 1.8 1.9

Thailand 1.6 1.6

Australia 1.2 -

Japan 0.9 -

Malaysia 0.8 0.9

Philippines 0.7 -

Hong Kong 0.2 1.9

Korea - 1.5


Korea 12.8 16.0

Cayman Islands 11.5 8.5

Hong Kong 8.1 6.9

Indonesia 6.5 11.5

Virgin Islands 6.3 4.7

Malaysia 5.6 6.7

Netherlands 3.3 1.0

Singapore 2.8 1.6

Bermuda 2.4 2.2

Thailand 1.9 4.1


Pakistan 1.4 1.8

Japan 1.3 -


Mongolia 1.0 -

Australia 0.9 1.1

India 0.6 1.5

China 0.4 -

Canada 0.3 0.3

Philippines 0.3 2.8

Money Money Money Money MarketMarketMarketMarket

China 1.7 -


Futures 0.1 -

Forward foreign exchange contracts 0.0 1.0









- 210 -



31.3.2031.3.2031.3.2031.3.2012121212 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 6,932,916 23,051,425



Amounts receivable on allotment 393,449 1,040,759

Margin deposits 854,402 -

Derivatives [Note 3] 193,414 1,979,453

Investments [Note 3] 167,103,351 161,775,000




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




Distribution payable [Note 5] 617,729 619,958

Derivatives [Note 3] 85,313 -


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


redeemable units)redeemable units)redeemable units)redeemable units) 5,199,921 6,013,926

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

NNNNet assets attributable to holders et assets attributable to holders et assets attributable to holders et assets attributable to holders

of redeemable units of redeemable units of redeemable units of redeemable units

(before fair value adjustment) (before fair value adjustment) (before fair value adjustment) (before fair value adjustment)

[Note 3] 202,434,962 187,911,064


the Fund [Note 3] 338,357 1,140,762


of redeemable unitsof redeemable unitsof redeemable unitsof redeemable units

(after fair value adjustment) (after fair value adjustment) (after fair value adjustment) (after fair value adjustment)

[Note 3] 202,773,319 189,051,826


For the period ended 31 For the period ended 31 For the period ended 31 For the period ended 31 March 2012March 2012March 2012March 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011






Dividend income - 41,341

Net expense on credit default

swaps - (50,556)


(losses)/gains (118,420) 20,014


20,235,727 3,836,754

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


Management fee 978,788 1,016,379










1,122,436 1,186,964

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



Distribution [Note 5] (3,690,030) (4,180,718)


Taxation (216,106) (202,143)

15,207,155 (1,733,071)

Change in cumulative difference

arising from the fair value

adjustment of units of the

Fund (802,405) 73,071



of rof rof rof redeemable units and edeemable units and edeemable units and edeemable units and







- 211 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1111.10.2010.10.2010.10.2010.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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



Net redemptionNet redemptionNet redemptionNet redemption (683,257) (150,113)

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

188,368,569 200,753,614










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (120,919,364) (222,072,195)




Dividend received - 41,341

Expense paid on credit default

swaps - (50,556)




Tax paid (265,641) (356,554)

Increase in margin deposits (854,402) (368,565)

Management fee paid (978,651) (1,009,797)

Others (109,048) 486



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






Distribution paid (3,692,259) (4,337,420)



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







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



Cash at banks 6,932,916 10,229,618


35,935,735 10,229,618

JPM ASIAN TOTAL RETURN BOND FUNDJPM ASIAN TOTAL RETURN BOND FUNDJPM ASIAN TOTAL RETURN BOND FUNDJPM ASIAN TOTAL RETURN BOND FUND (Formerly known as JF(Formerly known as JF(Formerly known as JF(Formerly known as JF Asian Total Return Bond Fund)Asian Total Return Bond Fund)Asian Total Return Bond Fund)Asian Total Return Bond Fund)



- 212 -



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

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

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

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

With effect from 2 January 2012, the name of the Fund was changed from JF Asian Total Return Bond Fund to JPM Asian Total Return Bond

Fund.

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

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

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

Prior to 2 April 2012 (the “Effective Date”), only one Class which is offered in United States dollar was issued. With effect from the Effective

Date, the name of such Class was clarified as the USD Class and two additional Classes, the HKD Class which is offered in Hong Kong dollar,

and the USD Class (acc) which is offered in United States dollar were issued. Classes with the suffix “(acc)” are accumulation Classes and will

not normally pay distributions. All income will be accumulated and reinvested within the corresponding “(acc)” Classes of the Fund.


2222 Summary of principal accounting Summary of principal accounting Summary of principal accounting Summary of principal accounting policiespoliciespoliciespolicies





Classification










ownership.








on an exchange.






- 213 -



Income.

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

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








transactions.










Fund's Trust Deed dated 30 November 2004, as amended, which may be different from the accounting policies stated in the financial

statements.





3333 Net assetNet assetNet assetNet assets attributable to holders of redeemable units and number of units in issues attributable to holders of redeemable units and number of units in issues attributable to holders of redeemable units and number of units in issues attributable to holders of redeemable units and number of units in issue


As stated in Note 2(d), units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial




calculated in accordance with the provisions of the Fund's Trust Deed dated 30 November 2004, as amended ("Trust Deed NAV").




- 214 -

31.3.2012 30.9.2011

US$ US$

Net assets attributable to holders of redeemable units (before fair value adjustment) 202,434,962 187,911,064


Difference between bid/ask prices and last traded prices basis in valuing investments and

derivatives as at the end of the period [Note 3(a)] 338,357 1,140,762

Net assets attributable to holders of redeemable units (after fair value adjustment) 202,773,319 189,051,826

Note:



compliance with Hong Kong Accounting Standards 39, "Financial Instruments: Recognition and Measurement" and for reporting purposes

is to value its investments and derivatives at fair value based on the relevant bid/ask market prices on the Statement of Financial

Position date.


31.3.2012 30.9.2011

Units Units


US$ US$


(after fair value adjustment) 202,773,319 189,051,826



1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



20,267,869 3,811,681




- 215 -


In accordance with the Explanatory Memorandum of the Fund, in respect of each accounting period, the Fund will distribute at least 85% of

the net operating profit of the Fund after making certain adjustments to the holders of redeemable units. The distribution is included under

finance costs in the Statement of Comprehensive Income.

1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Net operating profit 19,113,291 2,649,790

Adjustments:

Net gains on investments and derivatives (20,267,869) (3,811,681)

Net foreign currency exchange losses/(gains) 118,420 (20,014)

Interest income included in net gains on investments and derivatives (at coupon rate) 5,176,051 4,950,106

Taxation (216,106) (202,143)


Capital gain tax 116,724 (40,753)

Equalization on allotment of units* 65,646 (4,398)

Equalization on redemption of units* (68,422) (10,252)

Amount available for distribution 4,042,079 3,520,735

Distribution of

US$0.035 per unit on 17,552,619.982 units ex on 31 October 2011 and pay

on 8 November 2011 (614,342)

(2011: US$0.040 per unit on 18,409,612.110 units ex on 29 October 2010 and pay

on 12 November 2010)

(736,384)

US$0.035 per unit on 17,419,181.058 units ex on 30 November 2011 and pay

on 8 December 2011 (609,671)

(2011: US$0.040 per unit on 18,509,881.172 units ex on 30 November 2010 and pay

on 13 December 2010)

(740,395)

US$0.035 per unit on 17,564,723.353 units ex on 30 December 2011 and pay

on 10 January 2012 (614,765)

(2011: US$0.040 per unit on 17,586,111.489 units ex on 31 December 2010 and pay

on 13 January 2011)

(703,444)

US$0.035 per unit on 17,637,282.137 units ex on 31 January 2012 and pay

on 8 February 2012 (617,305)

(2011: US$0.040 per unit on 17,452,841.437 units ex on 31 January 2011 and pay

on 10 February 2011)

(698,114)

US$0.035 per unit on 17,606,238.991 units ex on 29 February 2012 and pay

on 8 March 2012 (616,218)

(2011: US$0.040 per unit on 17,221,688.870 units ex on 28 February 2011 and pay

on 8 March 2011)

(688,868)

US$0.035 per unit on 17,649,390.981 units ex on 30 March 2012 and pay

on 12 April 2012 (617,729)

(2011: US$0.035 per unit on 17,528,934.988 units ex on 31 March 2011 and pay

on 11 April 2011)

(613,513)

Total distribution to holders of redeemable units (3,690,030) (4,180,718)

Note:

* The Fund calculates an equalization amount on allotment and redemption for the purpose of eliminating the dilution impact on the

amount available for distribution, representing a notional amount for income/expenses accruing to units on allotment and redemption.

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

discretion determine that such distributions be paid from capital.




- 216 -





transactions.




JPM EVERGREEN FUNDJPM EVERGREEN FUNDJPM EVERGREEN FUNDJPM EVERGREEN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 217 -



Place ofPlace ofPlace ofPlace of

establishmentestablishmentestablishmentestablishment HoldingHoldingHoldingHolding

FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes (92.8%)


JPMF-JF China Fd 'A' (dist)-USD* Luxembourg 28,740 1,170,862 3.2

GermanyGermanyGermanyGermany (6.4%)

JPMF-Germany Equity 'A'(acc)-EUR* Luxembourg 114,000 2,350,078 6.4

InternationalInternationalInternationalInternational (24.0%)

JPM Global Property Income Fund** Hong Kong 274,439 2,080,245 5.7

JPMF-Emer Mk L Ccy Debt'A'(acc)-USD* Luxembourg 60,000 1,111,200 3.0

JPMF-Emer Mkt Small Cap'A'(acc)-USD*# Luxembourg 110,000 1,115,400 3.1

JPMF-Global Merger Arb 'A'(acc)-USD*# Luxembourg 15,200 1,507,536 4.1

JPMIF-Global High Yield'A'(acc)-USD* Luxembourg 23,750 2,963,999 8.1


JPMF-Japan Strat Value 'A'(acc)-JPY*# Luxembourg 29,200 2,433,363 6.7

JPMIF-Japan 50 Equity 'A' (acc)-JPY* Luxembourg 23,971 2,344,524 6.4


JPMF-JF Taiwan 'A' (acc)-USD* Luxembourg 65,000 1,006,850 2.8


iShares Barclays 7-10Yr Tsy Bond Fd# United States 25,100 2,592,328 7.1

iShares Barclays TIPS Bond Fd# United States 13,400 1,574,500 4.3

iShares DJ US Oil & Gas Expl & Prod# United States 15,300 968,490 2.7

JPMF-Highbr US Steep 'A'(acc)-USD*# Luxembourg 127,500 1,573,350 4.3

JPMF-US Aggregate Bd 'A' (acc)-USD* Luxembourg 100,000 1,488,000 4.1

JPMF-US Select 130/30 'A'(acc)-USD*# Luxembourg 282,000 2,949,719 8.1

JPMF-US Technology 'A' (acc)-USD* Luxembourg 175,000 2,735,250 7.5

SPDR Gold Trust (US Listing) United States 11,800 1,912,662 5.2



Net assets attributable to holders of redeemable units at 31 March 2012Net assets attributable to holders of redeemable units at 31 March 2012Net assets attributable to holders of redeemable units at 31 March 2012Net assets attributable to holders of redeemable units at 31 March 2012 36,524,772 100.0

Total investments, at Total investments, at Total investments, at Total investments, at costcostcostcost 30,316,854

* Issued and managed by a Connected Person of the Manager

** Issued and managed by the Manager

# Not authorized in Hong Kong and not available to Hong Kong Residents



- 218 -


For theFor theFor theFor the period ended 31 March 2012period ended 31 March 2012period ended 31 March 2012period ended 31 March 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011




International 24.0 15.3

Japan 13.1 10.6

Germany 6.4 5.8

China 3.2 4.1

Taiwan 2.8 2.9



Net assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable units 100.0 100.0




- 219 -



31.3.20131.3.20131.3.20131.3.2012222 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 2,482,408 2,901,063



Investments 33,878,356 26,645,596




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





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





For the period ended 3For the period ended 3For the period ended 3For the period ended 31 March 20121 March 20121 March 20121 March 2012 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







gains 12,250 16,769


Other income 60 -

3,462,875 1,928,334

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










Transaction costs - 865


122,831 126,565

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

Profit before taxatioProfit before taxatioProfit before taxatioProfit before taxationnnn 3,340,044 1,801,769

Taxation (12,883) (16,394)








- 220 -

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



1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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



Net allotmentNet allotmentNet allotmentNet allotment 718,285 4,596,743

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

33,197,611 36,127,679










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

USUSUSUS$$$$ US$US$US$US$



derivatives (4,925,735) (5,662,006)





Transaction costs paid (60) (885)


Tax paid (12,883) (16,394)



Others (13,192) (11,027)


operating activitiesoperating activitiesoperating activitiesoperating activities (3,948,686) (1,613,490)

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








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






equivalents 17 462




Cash at banks 2,482,408 4,268,629



- 221 -



JPM Evergreen Fund (the "Fund") was established under a Trust Deed dated 19 January 2004, as amended, and is governed by the laws of


The investment policy of the Fund is to seek to produce a competitive total return in different market conditions. The Fund seeks to achieve

this through an actively managed portfolio of collective investment schemes managed by the Manager, its connected parties or external

parties.


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

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




Classification










ownership.







on an exchange.

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

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






transactions.





- 222 -









statements.


31.3.2012 30.9.2011

Units Units


US$ US$




1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$



3,377,008 1,820,595






JPM GLOBAL BOND AND CURRENCY FUNDJPM GLOBAL BOND AND CURRENCY FUNDJPM GLOBAL BOND AND CURRENCY FUNDJPM GLOBAL BOND AND CURRENCY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 223 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Debt Securities(I) Debt Securities(I) Debt Securities(I) Debt Securities (88.2%)

BelgiumBelgiumBelgiumBelgium (1.4%)

Belgium Kingdom of

No67 3% 28/09/19 EUR340,000 452,248 1.4


Canada Govt Of 1.5%

01/12/12 CAD290,000 292,481 0.9

Canada Govt Of 3.5%

01/06/20 CAD100,000 112,669 0.3

Canada Govt Of 4.5%

01/06/15 CAD200,000 222,542 0.7

Canada Govt Of 5.75%

01/06/29 CAD130,000 191,344 0.6


Hutchison Wha Int9/16

4.625% 11/09/15-

RegS USD350,000 372,749 1.1


Export-Imp Bk CN

4.875% 21/07/15-

RegS USD60,000 64,483 0.2

FranceFranceFranceFrance (6.2%)

France OAT 3.5%

25/04/20 EUR542,000 794,901 2.5

France OAT 3.75%

25/10/19 EUR35,000 51,498 0.1

France OAT 4%

25/04/55 EUR25,000 36,881 0.1

France OAT 4.75%

25/04/35 EUR137,000 223,271 0.7

France OAT 5.75%

25/10/32 EUR138,000 246,346 0.8

SFEF 3.375%

05/05/14-RegS USD600,000 635,329 2.0


Bundesrep Deut 2%

04/01/22 EUR150,000 204,971 0.6

Bundesrep Deut 2.5%

04/01/21 EUR721,000 1,034,114 3.2

Bundesrep Deut 3%

04/07/20 EUR50,000 75,654 0.2

Bundesrep Deut

3.25% 04/07/42 EUR65,000 103,540 0.3

Bundesrep Deut

4.75% 04/07/34 EUR520,000 977,026 3.1

Bundesrep Deut No08

4.75% 04/07/40 EUR40,000 79,716 0.3


Indonesia Govt

NoFR26 11%

15/10/14 IDR700,000,000 91,924 0.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ItalyItalyItalyItaly (8.6%)

Italy Rep Of (BTP)

3.7% 14/11/16 JPY80,000,000 948,377 3.0

Italy Rep Of (BTP) 4%

01/02/37 EUR215,000 228,335 0.7

Italy Rep Of (BTP)

4.5% 08/06/15 JPY75,000,000 942,752 2.9

Italy Rep Of (BTP)

4.75% 01/09/21 EUR456,000 601,851 1.9

Italy Rep Of (BTP) 5%

01/09/40 EUR30,000 35,765 0.1


JGB No105 (20Yr) 2.1%

20/09/28 JPY53,100,000 693,110 2.2

JGB No20 (30Yr) 2.5%

20/09/35 JPY44,100,000 603,677 1.9

JGB No291 (10Yr) 1.3%

20/03/18 JPY81,000,000 1,034,193 3.2

JGB No305 (10Yr) 1.3%

20/12/19 JPY68,400,000 872,023 2.7

JGB No309 (10Yr) 1.1%

20/06/20 JPY82,000,000 1,026,113 3.2

JGB No31 (30Yr) 2.2%

20/09/39 JPY36,100,000 466,926 1.4

JGB No318 (10Yr) 1%

20/09/21 JPY50,000,000 611,415 1.9

JGB No4 (40Yr) 2.2%

20/03/51 JPY7,000,000 87,409 0.3

JGB No70 (5Yr) 0.8%

20/03/13 JPY42,000,000 513,913 1.6

JGB No73 (20Yr) 2%

20/12/24 JPY51,500,000 683,085 2.1

JGB No78 (20Yr) 1.9%

20/06/25 JPY21,200,000 277,204 0.9


Korea Natl Oil 5.375%

30/07/14-RegS USD500,000 537,778 1.7

Korea Try No1206 4%

10/06/12 KRW163,000,000 145,776 0.4


Petronas Cap 5.25%

12/08/19-RegS USD600,000 675,175 2.1

MexicoMexicoMexicoMexico (1.7%)

Mexican Bds Desarr

Fix 8% 19/12/13 MXN41,000 344,241 1.1

United Mexican States

5.625%15/1/17 USD180,000 210,138 0.6


Majapahit Hldg 7.75%

20/01/20-RegS USD300,000 362,730 1.1

Netherlands Govt

3.25% 15/07/21 EUR150,000 222,163 0.7

Netherlands Govt 4%

15/07/19 EUR117,000 182,830 0.6



- 224 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


NorwayNorwayNorwayNorway (1.1%)

Norway Kingdom of

No471 5% 15/05/15 NOK1,760,000 353,018 1.1


Dev Bank Of Philip

VRN 8.375% Perp USD400,000 426,362 1.3

RussiaRussiaRussiaRussia (0.9%)

Russia Step-up 7.5%

31/03/30-RegS USD290,000 288,404 0.9


Singapore Govt 2.25%

01/07/13 SGD460,000 377,529 1.2

SwedenSwedenSwedenSweden (2.0%)

Sweden Kingdom Of

No1054 3.5%

01/06/22 SEK3,600,000 633,028 2.0


UK Treasury 3.75%

07/09/20 GBP315,000 576,292 1.8

UK Treasury 3.75%

22/07/52 GBP30,000 51,715 0.2

UK Treasury 4.25%

07/09/39 GBP287,000 531,734 1.6

UK Treasury 4.25%

07/12/27 GBP65,000 123,479 0.4

UK Treasury 4.25%

07/12/40 GBP86,000 160,899 0.5

UK Treasury 5%

07/03/25 GBP100,000 203,137 0.6

UK Treasury IL No8MO

2.5% 16/08/13 GBP75,000 340,698 1.1


US Treasury 1%

31/03/17 USD1,150,000 1,147,785 3.6

US Treasury 2.125%

15/08/21 USD750,000 751,897 2.3

US Treasury 2.25%

31/07/18 USD1,105,000 1,163,640 3.6

US Treasury 3.125%

15/05/21 USD600,000 660,452 2.1

US Treasury 4.625%

15/02/40 USD918,000 1,152,937 3.6

US Treasury 5.25%

15/11/28 USD245,000 325,271 1.0

US Treasury IL Nts

1.875% 15/07/19 USD375,000 475,020 1.5

VenezuelaVenezuelaVenezuelaVenezuela (0.1%)

Rep of Venezuela

5.75% 26/2/16-

RegS USD49,000 43,804 0.1

28,357,767 88.2

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

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


(II) Money Market(II) Money Market(II) Money Market(II) Money Market (0.1%)


US Treasury Bill 0%

17/05/12* USD25,000 24,998 0.1

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

(III) Collect(III) Collect(III) Collect(III) Collective Investment Schemesive Investment Schemesive Investment Schemesive Investment Schemes (7.6%)

InternationalInternationalInternationalInternational (7.6%)

JPMIF-Global High

Yield 'X'(acc)-EUR

hedged** 10,800 1,786,001 5.6

JPMIF-Global High

Yield'X'(acc)-USD** 5,933 648,952 2.0

2,434,953 7.6

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

Total Listed/Total Listed/Total Listed/Total Listed/Quoted InvestmentsQuoted InvestmentsQuoted InvestmentsQuoted Investments 30,817,718 95.9





* Security pledged as collateral with broker for derivative contracts

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



- 225 -




of net assetof net assetof net assetof net assetssss

31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Japan 21.4 19.9


Italy 8.6 7.9

Germany 7.7 8.1

France 6.2 5.8


Canada 2.5 3.0

Netherlands 2.4 2.1

Korea 2.1 2.0

Malaysia 2.1 2.0

Sweden 2.0 -

Mexico 1.7 0.8

Belgium 1.4 1.8

Philippines 1.3 1.3

Singapore 1.2 -

Cayman Islands 1.1 -

Norway 1.1 -

Russia 0.9 0.8

Indonesia 0.3 -

China 0.2 0.2

Venezuela 0.1 0.1

Spain - 3.2

Hong Kong - 1.1

Hungary - 0.4

MoMoMoMoney Marketney Marketney Marketney Market



International 7.6 4.9


Forward foreign exchange contracts - 0.1

Futures - 0.0


Other net asOther net asOther net asOther net assetssetssetssets 4.1 6.1






- 226 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 1,207,261 1,861,220

Amounts due from brokers 2,611,841 454,023


Derivatives [Note 3] - 31,019


Other accounts receivable 9,463 184


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


Amounts due to brokers 2,232,661 726,308






redeemable units)redeemable units)redeemable units)redeemable units) 2,611,970 1,085,723

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



(before fair value adjust(before fair value adjust(before fair value adjust(before fair value adjustment) ment) ment) ment)

[Note 3] 32,070,189 33,171,077


the Fund [Note 3] 64,344 47,696



(after f(after f(after f(after fair value adjustment) air value adjustment) air value adjustment) air value adjustment)

[Note 3] 32,134,533 33,218,773



1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




and derivatives [Note 4] 194,307 (365,452)



(losses)/gains (48,635) 1,389

Other income - 3

145,969 (363,870)

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











215,071 236,383

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

Net operating lossNet operating lossNet operating lossNet operating loss (69,102) (600,253)


Distribution [Note 5] (222,479) (301,303)

Loss before taxationLoss before taxationLoss before taxationLoss before taxation (291,581) (901,556)

Taxation (2,855) (4,085)

(294,436) (905,641)




Fund 16,648 (9,039)



redredredredeemable units and total eemable units and total eemable units and total eemable units and total

comprehensive losscomprehensive losscomprehensive losscomprehensive loss (277,788) (914,680)




- 227 -




1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31313131.3.2011.3.2011.3.2011.3.2011





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




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

32,412,321 31,173,491




comprehensive losscomprehensive losscomprehensive losscomprehensive loss (277,788) (914,680)






1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (15,826,431) (11,504,528)






Tax paid (2,632) (6,459)




Others (65,676) (16,763)


operating activitiesoperating activitiesoperating activitiesoperating activities (379,312) 7,813,673

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






Distribution paid (240,743) (352,494)



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


equivalentsequivalentsequivalentsequivalents (637,122) (1,767,643)






the end of the periodthe end of the periodthe end of the periodthe end of the period 1,207,261 833,995


Cash at banks 1,207,261 833,995



- 228 -



JPM Global Bond and Currency Fund (the "Fund") was established under a Trust Deed dated 30 April 1979, as amended, and is governed by


The investment objective of the Fund is to provide a stable income primarily from a portfolio of international interest bearing securities

together with long-term capital appreciation through diversification of exposure to the major international currencies.







Classification












ownership.








on an exchange.





Income.





- 229 -






separately.






transactions.







(e)(e)(e)(e) ProceedsProceedsProceedsProceeds and payments on allotment and redemption of unitsand payments on allotment and redemption of unitsand payments on allotment and redemption of unitsand payments on allotment and redemption of units



Fund's Trust Deed dated 30 April 1979, as amended, which may be different from the accounting policies stated in the financial

statements.







As stated in Note 2(e), units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial




calculated in accordance with the provisions of the Fund's Trust Deed dated 30 April 1979, as amended ("Trust Deed NAV").

31.3.2012 30.9.2011

US$ US$




derivatives as at the end of the period [Note 3(a)] 64,344 47,696




- 230 -

Note:





Position date.

31.3.2012 30.9.2011

Units Units


US$ US$





1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Change in unrealized gains/losses in value of investments and derivatives (672,055) (1,726,761)

Realized gains on sale of investments and derivatives 866,362 1,361,309

194,307 (365,452)



- 231 -





1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Net operating loss (69,102) (600,253)

Adjustments:

Net (gains)/losses on investments and derivatives (194,307) 365,452

Net foreign currency exchange losses/(gains) 48,635 (1,389)

Interest income included in net gains/losses on investments and derivatives (at coupon rate) 447,519 551,241


Taxation (2,855) (4,085)

Amount available for distribution 231,180 313,046

Interim distribution of

US$0.1695 per unit on 1,312,559.778 units ex on 30 March 2012 and pay

on 12 April 2012 (222,479)

(2011: US$0.2361 per unit on 1,276,168.614 units ex on 31 March 2011 and pay

on 11 April 2011)

(301,303)





transactions.




JPM GLOBAL PROPERTY INCOME FUNDJPM GLOBAL PROPERTY INCOME FUNDJPM GLOBAL PROPERTY INCOME FUNDJPM GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the

period ended 31 Maperiod ended 31 Maperiod ended 31 Maperiod ended 31 March 2012rch 2012rch 2012rch 2012

- 232 -




FaFaFaFairiririr


US$US$US$US$

% of% of% of% of

netnetnetnet






Commonwealth Property

Office Fd 484,085 491,458 2.4

Dexus Property Group Stapled

Sec 849,401 761,145 3.7

Stockland Stapled Sec 183,773 559,716 2.7

Westfield Group Stapled Sec 92,378 842,152 4.1

Westfield Retail Trust Stapled

Sec 243,529 650,892 3.2

BelgiumBelgiumBelgiumBelgium (0.9%)

Befimmo S.C.A. 1,792 118,402 0.6

Warehouses De Pauw 1,270 67,650 0.3


Artis Real Estate Inv Trust 17,625 284,624 1.4

First Capital Realty 19,170 341,030 1.6

RioCan Real Estate Inv Trust 17,684 476,669 2.3


Unibail-Rodamco 4,036 805,943 3.9


Advance Residence

Investment 94 178,759 0.9

Japan Real Estate Inv 29 256,893 1.2

Japan Retail Fund Investment 365 543,763 2.6

Kenedix Realty Investment 167 615,888 3.0

Nomura Real Estate

Residential Fd 80 410,718 2.0

ORIX JREIT 86 402,856 2.0

Premier Investment 66 265,059 1.3

Tokyu REIT 90 479,008 2.3


Corio NV 9,419 495,899 2.4

Eurocommercial Properties

CVA 11,704 442,025 2.1

Nieuwe Steen Investment 15,829 184,719 0.9

VastNed Retail 6,442 336,247 1.6

Wereldhave NV 3,593 284,361 1.4


Ascendas Real Estate Inv Trust 127,415 203,686 1.0

Ascott Residence Trust 229,193 194,131 1.0

CapitaCommercial Trust 340,000 327,196 1.6

CapitaMalls Asia 229,000 296,870 1.4


British Land 66,320 507,668 2.5

Land Securities Group 13,220 152,397 0.7

Segro plc 18,846 70,701 0.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Apartment Inv & Mgmt 'A' 8,470 223,523 1.1

Apartment Inv & Mgmt Pref 'U' 3,750 94,125 0.5

Associated Estates Realty 19,400 316,996 1.5

Biomed Realty Trust Pref 'A' 14,675 369,076 1.8

Boston Properties 1,000 104,890 0.5

CBL & Associates Prop Dep

Pref 'D' 15,225 380,168 1.8

DCT Industrial Trust 51,400 302,746 1.5

Duke Realty Dep Pref 'O' 12,900 335,271 1.6

Eastgroup Properties 5,200 261,092 1.3

Education Realty Trust 38,800 420,592 2.0

HCP Inc 9,100 358,813 1.7

Health Care REIT 12,600 692,118 3.3

Kilroy Realty Pref 'F' 3,900 98,592 0.5

Liberty Property Trust 13,700 489,090 2.4

Macerich Co 10,000 577,500 2.8

Mack-Cali Realty 14,800 426,388 2.1

Omega Healthcare Investors 10,400 221,104 1.1

Pennsylvania Real Estate Inv

Trt 14,200 216,834 1.0

Public Storage 2,710 374,088 1.8

Public Storage Dep Pref 'M' 12,500 312,875 1.5

Realty Income 6,800 263,364 1.3

Regency Centers Pref 'C' 17,472 436,625 2.1

Senior Housing Properties 15,700 346,185 1.7

Taubman Centers Pref 'G' 3,725 94,690 0.5

Weingarten Realty Investors 6,900 182,367 0.9

20,140,696 97.6

(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (1.2%)


contracts contracts contracts contracts (1.2%) 251,364 1.2


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

UnlistedUnlistedUnlistedUnlisted/Unquoted Investments /Unquoted Investments /Unquoted Investments /Unquoted Investments (0.0%)

Equities Equities Equities Equities (0.0%)

MaltaMaltaMaltaMalta (0.0%)

BGP Hldgs 193,047 0 0.0

Total Unlisted/Unquoted Total Unlisted/Unquoted Total Unlisted/Unquoted Total Unlisted/Unquoted

InvestmentsInvestmentsInvestmentsInvestments 0 0.0

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

Total InvestmentsTotal InvestmentsTotal InvestmentsTotal Investments 20,392,060 98.8







- 233 -





31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011




Australia 17.0 16.2

Japan 15.3 13.3

Netherlands 8.4 9.8

Canada 5.3 6.0

Singapore 5.0 3.4

France 3.9 4.5


Belgium 0.9 3.3


Forward foreign exchange contracts 1.2 2.6


---- ----

UnlistedUnlistedUnlistedUnlisted/Unquoted Investments/Unquoted Investments/Unquoted Investments/Unquoted Investments

Equities Equities Equities Equities

Malta 0.0 0.0

Total Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted Investments 0.0 0.0

---- ----

Total investmentsTotal investmentsTotal investmentsTotal investments 98.8 99.8







- 234 -



31.3.201231.3.201231.3.201231.3.2012 30.9.201130.9.201130.9.201130.9.2011



Cash at banks 260,349 204,208


Derivatives [Note 3] 251,364 486,704


Dividend receivable 78,443 64,812


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


Amounts due to brokers - 90,033





attributattributattributattributable to holders of able to holders of able to holders of able to holders of

redeemable units)redeemable units)redeemable units)redeemable units) 154,964 313,148

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



(before fair value adjustment) (before fair value adjustment) (before fair value adjustment) (before fair value adjustment)

[Note 3] 20,600,068 18,916,510


the Fund [Note 3] 31,712 52,835



(after fair value adjustment) (after fair value adjustment) (after fair value adjustment) (after fair value adjustment)

[Note 3] 20,631,780 18,969,345



1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011







losses (795) (15,362)


2,539,047 2,155,473

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












189,610 259,718

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

Net operatinNet operatinNet operatinNet operating profitg profitg profitg profit 2,349,437 1,895,755

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


Distribution [Note 5] (241,000) (425,216)


(241,016) (425,986)

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


Taxation (120,124) (125,108)

1,988,297 1,344,661




Fund (21,123) (10,766)

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







- 235 -




1.10.1.10.1.10.1.10.2011201120112011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011





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




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

18,664,606 24,720,098










1.10.20111.10.20111.10.20111.10.2011

totototo

31.3.201231.3.201231.3.201231.3.2012

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011




derivatives (2,409,500) (4,625,909)







Tax paid (120,124) (125,108)


Others (21,958) (42,111)



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







Distribution paid (290,098) (393,833)



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


cash equivalentscash equivalentscash equivalentscash equivalents 55,207 (771,109)


beginning of the period 204,208 1,242,217






Cash at banks 260,349 472,205



- 236 -



JPM Global Property Income Fund (the "Fund") was established under a Trust Deed dated 6 July 2005, as amended, and is governed by the


The investment objective of the Fund is to achieve a high level of current income and long-term capital appreciation primarily through

investing in securities that are listed on any stock exchange and are principally engaged in or related to the property industry or which own

significant property assets. The Fund does not invest in real estate directly.







Classification












ownership.








on an exchange.





Income.





- 237 -






separately.






transactions.










Fund's Trust Deed dated 6 July 2005, as amended, which may be different from the accounting policies stated in the financial statements.





3333 Net Net Net Net assets attributable to holders of redeemable units and number of units in issueassets attributable to holders of redeemable units and number of units in issueassets attributable to holders of redeemable units and number of units in issueassets attributable to holders of redeemable units and number of units in issue


As stated in Note 2(e), units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial




calculated in accordance with the provisions of the Fund's Trust Deed dated 6 July 2005, as amended ("Trust Deed NAV").

31.3.2012 30.9.2011

US$ US$




derivatives as at the end of the period [Note 3(a)] 31,712 52,835




- 238 -

Note:

(a) Listed investments, investments and derivative with prices quoted in over-the-counter markets or by market makers are stated at the




Position date.


31.3.2012 30.9.2011

Units Units


US$ US$





1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$


Realized gains on sale of investments and derivatives 130,372 78,572

1,971,638 1,352,521



- 239 -





1.10.2011

to

31.3.2012

1.10.2010

to

31.3.2011

US$ US$

Net operating profit 2,349,437 1,895,755

Adjustments:

Net gains on investments and derivatives (1,971,638) (1,352,521)

Net foreign currency exchange losses 795 15,362


Taxation (120,124) (125,108)


Amount available for distribution 264,806 448,610

Distribution of

US$0.0536 per unit on 2,707,831.796 units ex on 30 December 2011

and pay on 10 January 2012 (145,139)

(2011: US$0.1178 per unit on 3,043,630.112 units ex on 31 December 2010

and pay on 13 January 2011)

(358,539)

US$0.0352 per unit on 2,723,310.031 units ex on 30 March 2012

and pay on 12 April 2012 (95,861)

(2011: US$0.0202 per unit on 3,300,830.102 units ex on 31 March 2011

and pay on 11 April 2011)

(66,677)

Total distribution to holders of redeemable units (241,000) (425,216)





transactions.




JPM MULTI INCOME FUNDJPM MULTI INCOME FUNDJPM MULTI INCOME FUNDJPM MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 240 -


As at 31 March 2012As at 31 March 2012As at 31 March 2012As at 31 March 2012 (Un(Un(Un(Unaudited)audited)audited)audited)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Australia & NZ Bkg Group-

AU List 13,761 331,445 0.2


Dexus Property Group

Stapled Sec 437,299 391,862 0.3

Goodman Group Stapled

Sec 306,004 218,733 0.1

Mirvac Group Stapled Sec 163,285 197,066 0.1

Stockland Stapled Sec 81,393 247,898 0.2

Transurban Group Stapled

Sec 43,779 253,069 0.2

Westfield Group Stapled

Sec 72,034 656,688 0.4

Westfield Retail Trust

Stapled Sec 73,095 195,365 0.1

BrazilBrazilBrazilBrazil (2.6%)

AES Tiete 45,910 638,708 0.4

Bradespar SA Pref 11,300 214,318 0.1

CCR SA 94,950 769,260 0.5

CIA de Bebidas das Amer

Pref ADR 13,520 558,376 0.3

CIA de Transmissao

Paulista Pref 12,540 426,936 0.3

Cielo SA 12,100 409,236 0.3

EDP - Energias do Brasil 18,980 435,303 0.3

Souza Cruz 40,520 619,250 0.4


Dundee Real Estate

Investment Trust 5,000 175,997 0.1

First Capital Realty 10,180 181,100 0.1

RioCan Real Estate Inv

Trust 6,710 180,867 0.1

ChileChileChileChile (0.2%)

Banco Santander-Chile

ADR 3,150 271,184 0.2


China Construction Bank

'H' 1,106,000 854,713 0.5

China Mobile 69,000 759,409 0.5

Jiangsu Expressway 'H' 492,000 475,270 0.3

PetroChina Co 'H' 536,000 755,260 0.5

Zhejiang Expressway 'H' 692,000 512,494 0.3

Czech RepublicCzech RepublicCzech RepublicCzech Republic (0.2%)

Telefonica Czech Republic 16,320 340,319 0.2

FinlandFinlandFinlandFinland (0.2%)

UPM-Kymmene Oyj 28,959 393,360 0.2


Cie de Saint-Gobain 8,540 380,815 0.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


GDF Suez (France Listing) 9,968 257,058 0.2

Sanofi 3,672 284,696 0.2

Schneider Electric 9,010 587,812 0.4

Sodexo 5,103 417,865 0.3

Total SA 7,647 389,417 0.2

Unibail-Rodamco 3,493 697,512 0.4


Allianz SE-Regd 3,182 379,126 0.2

BASF SE 4,700 410,152 0.3

Bayerische Motoren Werke 4,614 414,321 0.3

Deutsche Boerse 6,117 411,211 0.3

E.ON AG 16,050 383,446 0.2


Hang Seng Bank 34,600 459,462 0.3

Hutchison Whampoa 53,000 529,386 0.3

Link REIT 73,500 272,643 0.2

Sun Hung Kai Properties 6,000 74,536 0.0

VTech Hldgs 31,100 398,764 0.3


Hero Motorcorp (DEMAT) 9,350 376,698 0.2


Perusahaan Gas Negara 1,557,500 642,997 0.4

Telekomunikasi Indonesia

'B' 250,500 191,765 0.1

ItalyItalyItalyItaly (0.3%)

Ente Nazionale

Inrocarburi-ENI 19,734 459,896 0.3


Advance Residence


Canon Inc 10,200 482,763 0.3

Daito Trust Construction 4,700 423,197 0.3

Daiwahouse Residential


Japan Real Estate Inv 24 212,601 0.1

Japan Retail Fund

Investment 128 190,690 0.1

Japan Tobacco 77 435,081 0.3

Kenedix Realty Investment 78 287,660 0.2

Mitsui Fudosan 11,000 210,790 0.1

Nippon Telegraph &

Telephone 9,100 414,667 0.3

Nomura Real Estate

Residential Fd 26 133,483 0.1

ORIX JREIT 25 117,109 0.1

Premier Investment 9 36,144 0.0

Sumitomo Corp 34,400 499,520 0.3

Tokyu REIT 43 228,860 0.1


KazMunaiGas Exploration

GDR-RegS 23,610 478,339 0.3



- 241 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



KT Corp ADR 56,831 778,016 0.5

SK Telecom ADR 59,150 822,185 0.5


Berjaya Sports Toto (CDS) 235,000 334,454 0.2

Lafarge Malayan Cement

(CDS) 95,200 223,744 0.1


Grupo Aeroportuario del

Sureste ADR 5,980 409,750 0.3

Kimberly-Clark de Mexico

'A' 9,900 21,955 0.0

Kimberly-Clark de Mexico

'A'-AC 203,790 451,948 0.3


Ahold 28,065 387,196 0.2

Corio NV 1,460 76,867 0.1

Eurocommercial

Properties CVA 855 32,291 0.0

Royal Dutch Shell 'A'-UK

List 17,600 613,868 0.4

Unilever NV CVA 9,188 312,193 0.2

VastNed Retail 3,221 168,123 0.1

Wereldhave NV 1,332 105,418 0.1

New ZealandNew ZealandNew ZealandNew Zealand (0.3%)

Telecom Corp Of New

Zealand 230,460 457,962 0.3



Tel ADR 8,710 541,675 0.3

PolandPolandPolandPoland (0.7%)

KGHM Polska Miedz 7,150 326,917 0.2

Powszechny Zaklad

Ubezpiecze 3,370 351,177 0.2

Telekomunikacja Polska 87,000 476,731 0.3


Lukoil Sponsored ADR-LI

List 6,500 390,975 0.3

Mechel OJSC Pref ADR 100,460 358,642 0.2

Mobile Telesystems ADR 27,770 508,746 0.3


Ascendas India Trust 675,000 445,580 0.3

CapitaCommercial Trust 198,000 190,544 0.1

CapitaMalls Asia 142,000 184,086 0.1

Hutchison Port Hldgs

Trust-USD 416,000 316,160 0.2

Singapore Telecom 125,000 312,164 0.2

South AfricaSouth AfricaSouth AfricaSouth Africa (1.4%)

African Bank Investments 14,301 73,866 0.0

Foschini Group 13,000 208,368 0.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Growthpoint Properties

Units 118,730 309,412 0.2

Kumba Iron Ore 7,190 489,042 0.3

MTN Group 14,196 249,716 0.2

Redefine Properties Uts 303,830 314,735 0.2

Vodacom Group 41,070 578,225 0.4

SpainSpainSpainSpain (0.1%)

Red Electrica Corp 4,393 214,642 0.1

SwedenSwedenSwedenSweden (0.4%)

Ericsson (LM) Tel 'B' 34,920 360,496 0.2

Swedbank AB 'A' 13,176 203,537 0.2

SwitzerlandSwitzerlandSwitzerlandSwitzerland (0.9%)

Nestle SA-Regd 6,198 389,154 0.3

Roche Hldg (Genusschein) 3,509 609,906 0.4

Swiss Re 6,012 383,129 0.2


Asia Cement Corp 202,000 245,703 0.2

Asustek Computer 38,000 357,926 0.2

Delta Electronics 127,000 371,777 0.2

Far EasTone Telecom 195,000 399,058 0.2

Novatek Microelectronics 166,000 502,255 0.3

President Chain Store 71,000 393,315 0.2

Quanta Computer 157,000 410,659 0.3

Taiwan Mobile 141,300 428,479 0.3

Taiwan Semiconductor

Mfg ADR 47,380 723,493 0.5

Tripod Technology 93,000 311,633 0.2


Advanced Information (F) 152,500 909,561 0.6

Bangkok Expressway (F) 599,700 419,887 0.2

Charoen Pokphand Foods

(F) 362,300 434,525 0.3

TurkeyTurkeyTurkeyTurkey (0.9%)

Arcelik AS 106,570 473,405 0.3

Ford Otomotiv Sanayi 31,780 295,002 0.2

Tupras-Turkiye Petrol

Rafinerileri 23,250 592,041 0.4


British American Tobacco-

UK List 12,262 617,234 0.4

British Land 41,976 321,319 0.2

Centrica plc 77,802 393,311 0.3

GlaxoSmithKline plc 20,563 458,649 0.3

Hammerson plc 26,423 175,455 0.1

HSBC Hldgs-UK List 43,419 384,880 0.3

Land Securities Group 17,860 205,886 0.1

Old Mutual (South Africa

Listing) 212,050 536,580 0.3

SABMiller plc 7,683 307,931 0.2

Segro plc 15,002 56,280 0.0

Vodafone Group 187,108 514,795 0.3



- 242 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Apartment Inv & Mgmt 'A' 1,672 44,124 0.0

Apple Inc 792 474,772 0.3

Associated Estates Realty 12,100 197,714 0.1

Boston Properties 464 48,669 0.0

Brandywine Realty Trust 6,400 73,472 0.0

Bristol Myers Squibb 7,650 258,188 0.2

Camden Property Trust 700 46,025 0.0

Chevron Corp 3,649 391,027 0.2

CME Group 'A' 1,063 307,558 0.2

Coca-Cola Co 3,545 262,259 0.2

Colonial Properties Trust 5,400 117,234 0.1

ConocoPhillips 3,390 257,674 0.2

DCT Industrial Trust 18,700 110,143 0.1

Du Pont (EI) de Nemours 9,243 488,585 0.3

Duke Realty 15,000 215,100 0.1

Education Realty Trust 19,900 215,716 0.1

Emerson Electric 7,964 415,562 0.3

Equity Lifestyle Properties 600 41,820 0.0

Glimcher Realty Trust 5,300 54,060 0.0

HCP Inc 8,159 321,709 0.2

Highwoods Properties 4,100 136,612 0.1

Hospitality Properties

Trust 4,200 111,174 0.1

Liberty Property Trust 3,400 121,380 0.1

Macerich Co 4,100 236,775 0.1

Mack-Cali Realty 2,400 69,144 0.0

Masco Corp 18,829 251,744 0.2

Mattel Inc 7,554 254,268 0.2

Merck & Co 15,464 593,354 0.4

Microsoft Corp 13,603 438,561 0.3

Omega Healthcare

Investors 4,300 91,418 0.1

Paychex Inc 7,249 224,647 0.1

Pfizer Inc 25,286 572,475 0.4

PG&E Corp 3,606 156,428 0.1

Realty Income 2,800 108,444 0.1

Regency Centers 5,100 226,746 0.1

Senior Housing Properties 9,700 213,885 0.1

Sysco Corp 8,638 257,758 0.2

Time Warner 19,874 750,244 0.5

Unitedhealth Group 4,646 273,835 0.2

Ventas Inc 3,785 216,124 0.1

Verizon Communications 13,464 514,325 0.3

Vornado Realty Trust 600 50,520 0.0

Weingarten Realty

Investors 1,300 34,359 0.0

Wells Fargo & Co 14,198 484,294 0.3

Williams Co 8,396 258,513 0.2

60,784,968 38.3

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

(II) Debt Securities(II) Debt Securities(II) Debt Securities(II) Debt Securities (58.0%)

ArgentinaArgentinaArgentinaArgentina (1.4%)

Rep of Argentina No1

8.75% 02/06/17 USD2,251,188 2,249,312 1.4

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



FMG Res (Aug2006) 6%

01/04/17-RegS USD16,000 15,935 0.0

FMG Res (Aug2006)

6.875% 04/22-RegS USD68,000 66,462 0.0

FMG Res (Aug2006)

6.875%1/2/18-RegS USD775,000 785,818 0.5

FMG Res (Aug2006) 7%

01/11/15-RegS USD145,000 152,854 0.1

AustriaAustriaAustriaAustria (0.1%)

OGX Austria 8.375%

01/04/22-RegS USD200,000 202,093 0.1

BermudaBermudaBermudaBermuda (0.1%)

Aircastle Ltd 7.625%

15/04/20-RegS USD25,000 25,000 0.0

Aircastle Ltd 9.75%

01/08/18 USD100,000 113,250 0.1

Aircastle Ltd 9.75%

01/08/18-RegS USD5,000 5,663 0.0

BraBraBraBrazilzilzilzil (0.6%)

Fed Rep of Brazil 11%

17/08/40 USD680,000 907,222 0.6

Navios Mar Hldgs/Fin

8.875% 1/11/17 USD65,000 69,044 0.0


Cascades Inc 7.75%

15/12/17 USD100,000 102,053 0.1

Garda World Sec 9.75%

15/03/17-RegS USD100,000 107,710 0.1

Masonite Intl 8.25%

15/04/21-RegS USD50,000 53,664 0.0

Novelis Inc 8.375%

15/12/17 USD350,000 391,087 0.2

Novelis Inc 8.75%

15/12/20 USD300,000 337,052 0.2

Trinidad Drill 7.875%

15/01/19-RegS USD75,000 80,918 0.1


MCE Finance 10.25%

15/05/18 USD100,000 116,921 0.1

Seagate HDD Cayman

6.875% 01/05/20 USD300,000 328,094 0.2

Seagate HDD Cayman 7%

01/11/21-RegS USD50,000 54,625 0.0

ColombiaColombiaColombiaColombia (0.9%)

Rep of Colombia 11.75%

25/02/20 USD845,000 1,354,853 0.9

DominicaDominicaDominicaDominican Republicn Republicn Republicn Republic (0.9%)

Dominican Republic 7.5%

6/5/21-RegS USD100,000 105,582 0.1

Dominican Republic

9.04% 01/18-RegS USD1,088,333 1,323,138 0.8



- 243 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


El SalvadorEl SalvadorEl SalvadorEl Salvador (0.8%)

Rep of El Salvador 7.75%

01/23-RegS USD1,090,000 1,206,781 0.8


Rexel SA 6.125% 15/12/19-

RegS USD200,000 202,512 0.1


Unitymedia

Hes/NRW8.125% 12/17-

RegS USD300,000 330,298 0.2

IraqIraqIraqIraq (1.1%)

Rep of Iraq 5.8%

15/01/28-RegS USD2,080,000 1,770,092 1.1

IrelandIrelandIrelandIreland (0.6%)

Ardagh Packaging 7.375%

10/17-RegS USD600,000 661,434 0.4

Ardagh Packaging 9.125%

10/20-RegS USD200,000 213,846 0.1

Elan Fin 8.75% 15/10/16 USD100,000 114,184 0.1

XL Group VRN 6.5% Perp USD30,000 26,330 0.0


KazMunayGas Natl 11.75%

01/15-RegS USD1,570,000 1,952,799 1.2

LuxembourgLuxembourgLuxembourgLuxembourg (1.6%)

Intelsat Bermuda 11.25%

04/02/17 USD400,000 429,875 0.3

Intelsat Bermuda 11.5%

04/02/17 USD325,000 344,098 0.2

Intelsat Jackson 7.5%

01/04/21 USD450,000 491,346 0.3

Intelsat Jackson 8.5%

01/11/19 USD225,000 255,469 0.2

RSHB Capital 9%

11/06/14-RegS USD875,000 996,144 0.6

Marshall IslandMarshall IslandMarshall IslandMarshall Island (0.1%)

Ocean Rig UDW 9.5%

27/04/16 USD100,000 103,736 0.1


Kansas City Southern

6.125% 15/6/21 USD50,000 54,755 0.0

Kansas City Southern

6.625%15/12/20 USD50,000 55,985 0.1

United Mexican States

5.75% 10/2110 USD1,044,000 1,105,025 0.7


Lyondellbasell Ind 5%

15/04/19-RegS USD200,000 200,000 0.1

Lyondellbasell Ind 5.75%

04/24-RegS USD200,000 200,126 0.2

Royal Bk Scotland NV FRN

09/03/15 USD10,000 8,590 0.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


PeruPeruPeruPeru (0.9%)

Rep of Peru 9.875%

06/02/15 USD1,095,000 1,360,933 0.9


Philippines Rep of

10.625% 16/03/25 USD765,000 1,236,410 0.8

RomaniaRomaniaRomaniaRomania (1.0%)

Romania 6.75% 07/02/22-

RegS USD1,570,000 1,660,923 1.0


Russia 12.75% 24/06/28-

RegS USD970,000 1,774,914 1.1

SerbiaSerbiaSerbiaSerbia (0.9%)

Rep of Serbia 7.25%

28/09/21-RegS USD1,360,000 1,430,864 0.9

SupranationalSupranationalSupranationalSupranational (0.7%)

Eurasian Dev Bk 7.375%

29/9/14-RegS USD1,080,000 1,170,196 0.7

United Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab Emirates (0.6%)

Dubai Elec & Water 8.5%

22/04/15 USD860,000 989,497 0.6


Ceva Group 8.375%

01/12/17-RegS USD75,000 76,308 0.0

Royal Bk Scotland Grp 5%

01/10/14 USD115,000 115,633 0.1

Royal Bk Scotland Grp

5.05% 8/1/15 USD30,000 29,604 0.0

Royal Bk Scotland VRN

9.5% 16/03/22 USD83,000 87,210 0.1

Virgin Media Fin 8.375%

15/10/19 USD100,000 115,385 0.1


AbitibiBowater Inc

10.25%10/18-RegS USD561,000 671,825 0.4

ACE Cash Express 11%

01/02/19-RegS USD75,000 70,094 0.0

Advanced Micro Devices

7.75% 1/8/20 USD400,000 444,167 0.3

Advanced Micro Devices

8.125% 12/17 USD10,000 11,241 0.0

AES Corp 7.375%

01/07/21-RegS USD100,000 112,844 0.1

AK Steel 7.625% 15/05/20 USD275,000 276,105 0.2

AK Steel 8.375% 01/04/22 USD39,000 37,994 0.0

Allbritton Commun 8%

15/05/18 USD100,000 109,669 0.1

Alliance One Intl 10%

15/07/16 USD25,000 26,083 0.0

Alliant Techsystems

6.875% 15/9/20 USD100,000 107,075 0.1



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United StatesUnited StatesUnited StatesUnited States (Continued)

Ally Financial 6.25%

01/12/17 USD245,000 257,760 0.2

Ally Financial 7.5%

15/09/20 USD210,000 229,119 0.1

Ally Financial 8% 01/11/31 USD395,000 449,642 0.3

Ally Financial 8%

15/03/20 USD74,000 83,067 0.1

Alpha Natural Res 6.25%

01/06/21 USD100,000 92,646 0.1

American Airlines NoA

5.25% 31/1/21 USD200,000 202,658 0.1

American Casino 11%

15/06/14 USD75,000 81,858 0.1

American Intl Group VRN

8.175% 5/58 USD410,000 449,405 0.3

Amerigas Finance 6.75%

20/05/20 USD267,000 278,348 0.2

Amerigas Finance 7%

20/05/22 USD22,000 22,947 0.0

Amerigas Part 6.5% 5/21

(Offer3/12) USD24,000 25,035 0.0

Ameristar Casinos 7.5%

15/04/21 USD100,000 109,729 0.1

Amkor Tech 6.625%

01/06/21 USD200,000 214,417 0.1

Amkor Tech 7.375%

01/05/18 USD400,000 439,292 0.3

Appleton Papers 10.5%

15/06/15-RegS USD200,000 214,742 0.1

Arch Coal 7% 15/06/19-

RegS USD50,000 47,415 0.0

Arch Coal 7.25% 01/10/20 USD50,000 48,500 0.0

Arch Coal 7.25% 15/06/21-

RegS USD125,000 116,756 0.1

Avaya Inc 7% 01/04/19-

RegS USD400,000 415,000 0.3

Avaya Inc 9.75% 01/11/15 USD150,000 154,594 0.1

Avis Budget Car Rental

7.75% 05/16 USD15,000 15,917 0.0


8.25% 01/19 USD25,000 26,661 0.0


9.625% 03/18 USD100,000 109,250 0.1


9.75% 03/20 USD45,000 49,257 0.0


FRN 15/05/14 USD5,000 4,919 0.0

Bakercorp 8.25%

01/06/19-RegS USD100,000 104,875 0.1

Ball Corp 5% 15/03/22 USD250,000 252,361 0.2

Ball Corp 5.75% 15/05/21 USD100,000 108,188 0.1

Ball Corp 6.75% 15/09/20 USD50,000 54,909 0.0

Bank of America 5.875%

05/01/21 USD250,000 273,954 0.2

BE Aerospace 5.25%

01/04/22 USD675,000 685,308 0.4

Belden Inc 9.25%

15/06/19 USD100,000 113,249 0.1

(Continued)


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% of% of% of% of

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Berry Plastics 9.5%

15/05/18 USD65,000 70,762 0.0

Bill Barrett 7% 15/10/22 USD275,000 267,819 0.2

Bill Barrett 7.625%

01/10/19 USD173,000 181,941 0.1

Biomet Inc 10.375%

15/10/17 USD100,000 113,313 0.1

Brightstar Corp 9.5%

01/12/16-RegS USD100,000 107,167 0.1

Building Materials 6.75%

05/21-RegS USD100,000 109,563 0.1

Burger King 9.875%

15/10/18 USD150,000 176,221 0.1

Cablevision Systems

7.75% 15/04/18 USD200,000 218,030 0.1

Cablevision Systems

8.625% 15/09/17 USD89,000 97,595 0.1

Caesars Entertainment

11.25% 1/6/17 USD420,000 474,600 0.3

Calpine Corp 7.5%

15/02/21-RegS USD100,000 106,979 0.1

Calpine Corp 7.875%

31/07/20-RegS USD450,000 493,031 0.3

Calumet Specialty 9.375%

01/05/19 USD100,000 107,156 0.1

Capella Healthcare 9.25%

01/07/17 USD200,000 209,625 0.1

Carriage Services 7.875%

15/01/15 USD150,000 153,652 0.1

CB Richard Ellis 6.625%

15/10/20 USD50,000 54,537 0.0

CCO Hldgs LLC/Cap 6.5%

30/04/21 USD650,000 692,214 0.4

CCO Hldgs LLC/Cap

6.625% 31/01/22 USD300,000 317,572 0.2

CCO Hldgs LLC/Cap 7%

15/01/19 USD100,000 107,997 0.1

CCO Hldgs LLC/Cap 7.25%

30/10/17 USD130,000 144,561 0.1

CCO Hldgs LLC/Cap

7.375% 01/06/20 USD30,000 33,364 0.0

CCO Hldgs LLC/Cap

8.125% 30/04/20 USD25,000 28,639 0.0

CDW LLC/CDW Fin 8.5%

01/04/19 USD520,000 573,300 0.4

CDW LLC/CDW Fin 8.5%

01/04/19-RegS USD16,000 17,720 0.0

Cedar Fair 9.125%

01/08/18 USD30,000 34,206 0.0

Celanese US Hldgs 6.625%

15/10/18 USD225,000 247,102 0.2

Cemex Fin 9.5% 14/12/16-

RegS USD300,000 307,830 0.2

Cenveo Corp 8.875%

01/02/18 USD250,000 242,448 0.2

Cequel Comm 8.625%

15/11/17-RegS USD100,000 110,657 0.1

Chemtura Corp 7.875%

01/09/18 USD325,000 353,275 0.2



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Chesapeake Energy

6.125% 15/02/21 USD350,000 350,660 0.2

Chesapeake Energy

6.775% 15/03/19 USD125,000 125,457 0.1

Chesapeake Midstr 6.125%

07/22-RegS USD190,000 192,618 0.1

Chesapeake Oil 6.625%

15/11/19-RegS USD15,000 15,313 0.0

Chrysler Grp/CG 8.25%

15/06/21 USD1,000,000 1,036,471 0.7

CHS/Community Health

8% 11/19-RegS1 USD375,000 397,552 0.3


8% 11/19-RegS2 USD110,000 116,890 0.1


8.875% 07/15 USD48,000 50,889 0.0

Cimarex Energy 5.875%

01/05/22 USD350,000 357,875 0.2

Cincinnati Bell 8.375%

15/10/20 USD46,000 48,132 0.0

Cinemark USA 7.375%

15/06/21 USD100,000 109,442 0.1

Cinemark USA 8.625%

15/06/19 USD21,000 23,953 0.0

CIT Group 5.25% 15/03/18 USD230,000 235,745 0.2

CIT Group 6.625%

01/04/18-RegS USD125,000 138,516 0.1

CIT Group 7% 02/05/17-

RegS USD255,000 257,047 0.2

Citigroup Funding CLN

03/01/17 USD1,650,000 1,650,000 1.0

CityCenter Hldgs/Fin

10.75% 15/1/17 USD250,000 282,623 0.2

CityCenter Hldgs/Fin

7.625% 15/1/16 USD100,000 107,131 0.1

CKE Restaurants 11.375

15/07/18 USD190,000 221,460 0.1

Claire's Stores 8.875%

15/03/19 USD100,000 88,857 0.1

Claire's Stores 9%

15/03/19-RegS USD140,000 145,565 0.1

Clear Channel 7.625%

15/03/20-RegS USD60,000 58,941 0.0

Clear Channel 7.625%

3/20-RegS SerA USD10,000 9,811 0.0

Clear Channel 9.25%

15/12/17-Ser B USD625,000 703,121 0.4

Clear Channel Comm 9%

01/03/21 USD250,000 228,583 0.1

Clearwire Comm/Fin 12%

1/12/15-RegS USD100,000 102,250 0.1

Cloud Peak Energy

Res/Fin8.25%12/17 USD25,000 26,051 0.0

CNG Hldgs 12.25%

15/02/15-RegS USD100,000 110,099 0.1

CNH Capital 6.25%

01/11/16-RegS USD25,000 27,392 0.0

CNO Financial 9%

15/01/18-RegS USD100,000 107,425 0.1

(Continued)


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% of% of% of% of

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Commercial Barge Line

12.5% 15/7/17 USD125,000 143,655 0.1

Commercial Metals 6.5%

15/07/17 USD225,000 231,314 0.1

Commercial Metals 7.35%

15/08/18 USD75,000 79,001 0.1

Commercial Vehicle

7.875% 4/19-RegS USD450,000 470,377 0.3

Comstock Resources

7.75% 01/04/19 USD200,000 194,250 0.1

Concho Resources 5.5%

01/10/22 USD275,000 270,340 0.2

Concho Resources 7%

15/01/21 USD50,000 54,499 0.0

Consol Energy 8%

01/04/17 USD100,000 108,875 0.1

Consol Energy 8.25%

01/04/20 USD225,000 247,331 0.2

Constellation Brands

7.25% 01/09/16 USD100,000 113,644 0.1

Constellation Brands

7.25% 15/05/17 USD225,000 262,445 0.2

Continental Air 7.875%

2/7/18 USD650,000 353,881 0.2

Continental Air NoB 6.25%

11/04/20 USD100,000 101,924 0.1

Continental Airlines

9.798% 1/4/21 USD500,000 392,162 0.2

Continental Resources 5%

09/22-RegS USD150,000 150,875 0.1

Copano Energy/Fin 7.125%

01/04/21 USD120,000 130,575 0.1

Countrywide Cap 8.05%

06/27-Ser B USD100,000 103,393 0.1

Covanta Hldg 6.375%

01/10/22 USD202,000 205,495 0.1

Cricket Commun 10%

15/07/15 USD215,000 232,499 0.1

Cricket Commun 7.75%

15/10/20 USD100,000 101,095 0.1

CSC Hldgs 8.625%

15/02/19 USD50,000 58,063 0.0

D.R. Horton 5.625%

15/01/16 USD60,000 64,322 0.0

Davita Inc 6.375%

01/11/18 USD200,000 216,313 0.1

Dean Foods 7% 01/06/16 USD75,000 79,000 0.1

Dean Foods 9.75%

15/12/18 USD15,000 17,160 0.0

Deluxe Corp 7% 15/03/19 USD110,000 114,489 0.1

Denbury Resources 8.25%

15/02/20 USD25,000 28,144 0.0

DineEquity Inc 9.5%

30/10/18 USD130,000 147,577 0.1

Dish DBS 6.75% 01/06/21 USD300,000 334,961 0.2

Dish DBS 7.875%

01/09/19 USD100,000 116,200 0.1

DPL Inc 7.25% 15/10/21-

RegS USD100,000 114,855 0.1



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Dupont Fabros Tech 8.5%

15/12/17 USD300,000 339,829 0.2

Dycom Inv 7.125%

15/01/21 USD25,000 25,943 0.0

Endo Pharmaceuticals 7%

15/07/19 USD50,000 53,999 0.0

Endo Pharmaceuticals 7%

15/12/20 USD125,000 136,351 0.1

Energy Future/EFIH 10%

01/12/20 USD600,000 676,250 0.4

Energy Transfer 5.2%

01/02/22 USD13,000 13,836 0.0

Energy XXI Gulf Coast

7.75% 15/6/19 USD60,000 63,032 0.0

Energy XXI Gulf Coast

9.25%15/12/17 USD125,000 139,218 0.1

Equinix Inc 8.125%

01/03/18 USD265,000 296,506 0.2

Esterline Technologies 7%

01/08/20 USD150,000 166,375 0.1

Felcor Lodging 6.75%

01/06/19 USD150,000 155,250 0.1

Ferrellgas LP/Ferrel Fin

6.5% 05/21 USD200,000 186,167 0.1

Fidelity Natl Info 5%

15/03/22-RegS USD51,000 50,072 0.0

Fidelity Natl Info 7.625%

15/07/17 USD210,000 233,375 0.1

First Data 10.55%

24/09/15 USD30,000 32,333 0.0

First Data 7.375%

15/06/19-RegS USD21,000 21,775 0.0

First Data 8.25% 15/01/21-

RegS USD50,000 49,882 0.0

First Data 8.875%

15/08/20-RegS USD100,000 109,159 0.1

First Data 9.875%

24/09/15 USD200,000 201,750 0.1

Ford Motor 7.45%

16/07/31 USD250,000 308,932 0.2

Forest Oil 7.25% 15/06/19 USD200,000 201,310 0.1

Freescale Semicon

10.125% 3/18-RegS USD100,000 112,478 0.1

Freescale Semicon 8.05%

01/02/20 USD50,000 51,171 0.0

Fresenius Medi 5.625%

31/07/19-RegS USD15,000 15,708 0.0


15/02/21-RegS USD100,000 103,501 0.1


31/01/22-RegS USD12,000 12,459 0.0

Frontier Commun 7.875%

15/04/15 USD220,000 246,187 0.2


15/04/20 USD50,000 54,705 0.0


15/04/22 USD550,000 602,575 0.4

FTI Consulting 6.75%

01/10/20 USD100,000 110,375 0.1

(Continued)


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% of% of% of% of

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Genesis Energy/Fin

7.875% 15/12/18 USD75,000 79,474 0.1

Genesis Energy/Fin

7.875%12/18-RegS USD80,000 84,273 0.1

Gibraltar Industries 8%

01/12/15 USD25,000 26,167 0.0

Goodyear Tire & Rubber

7% 15/05/22 USD494,000 497,266 0.3

Griffon Corp 7.125%

01/04/18 USD50,000 53,281 0.0

Gulfmark Offshore 6.375%

03/22-RegS USD10,000 10,085 0.0

Gymboree Corp 9.125%

01/12/18 USD50,000 48,975 0.0

Hartford Fin VRN 8.125%

15/06/38 USD50,000 54,832 0.0

HCA Inc 5.875% 15/03/22 USD125,000 126,095 0.1

HCA Inc 6.5% 15/02/20 USD300,000 318,185 0.2

HCA Inc 7.25% 15/09/20 USD100,000 109,342 0.1

HCA Inc 7.5% 15/02/22 USD650,000 696,990 0.4

Health Management

7.375% 01/20-RegS USD300,000 314,985 0.2

Hertz Corp 6.75%

15/04/19 USD50,000 53,566 0.0

Hertz Corp 7.375%

15/01/21 USD100,000 107,827 0.1

Hilcorp Energy 7.625%

15/04/21-RegS USD75,000 83,653 0.1

Holly Energy 6.5%

01/03/20-RegS USD105,000 106,823 0.1

Host Hotels & Resorts 6%

01/11/20 USD100,000 107,250 0.1

Host Hotels & Resorts 6%

10/21-RegS USD5,000 5,449 0.0

Hughes Satellite 6.5%

15/06/19 USD100,000 106,182 0.1

Iasis Healthcare/Cap

8.375% 15/5/19 USD300,000 301,311 0.2

IGate Corp 9% 01/05/16 USD525,000 590,625 0.4

Inergy LP/Inergy Fin

6.875% 1/8/21 USD37,000 36,129 0.0

Ingles Markets 8.875%

15/05/17 USD250,000 279,069 0.2

Interactive Data 10.25%

01/08/18 USD200,000 229,417 0.1

Intl Lease Finance 6.25%

15/05/19 USD230,000 234,320 0.2


15/12/20 USD325,000 367,094 0.2


15/01/22 USD75,000 85,609 0.1

Ipalco Enterprises 5%

01/05/18 USD200,000 204,167 0.1

Iron Mountain 7.75%

01/10/19 USD125,000 141,023 0.1

Isle of Capri Casinos 7%

01/03/14 USD65,000 65,242 0.0

Isle of Capri Casinos 7.75%

15/3/19 USD170,000 174,447 0.1



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assassassassetsetsetsets


J Crew Group 8.125%

01/03/19 USD27,000 27,803 0.0

JB Poindexter 9%

01/04/22-RegS USD250,000 255,625 0.2

JBS USA LLC/Fin 11.625%

01/05/14 USD25,000 30,211 0.0


01/06/21 USD50,000 49,833 0.0


01/02/20-RegS USD150,000 157,006 0.1

JM Huber 9.875%

01/11/19-144A USD55,000 59,601 0.0

KB Home 5.875% 15/01/15 USD20,000 19,851 0.0

KB Home 6.25% 15/06/15 USD54,000 54,193 0.0

Key Energy Serv 6.75%

01/03/21 USD325,000 337,113 0.2

Key Energy Serv 6.75%

01/03/21-RegS USD45,000 46,226 0.0

Lamar Media 5.875%

01/02/22-RegS USD50,000 51,057 0.0

Lamar Media 7.875%

15/04/18 USD200,000 226,806 0.1

Landry's Rest 11.625%

1/12/15-PO USD60,000 68,775 0.0

Lawson Software

9.375%01/04/19-RegS USD50,000 50,625 0.0

Lennar Corp 12.25%

01/06/17 USD50,000 66,292 0.0

Lennar Corp 5.6%

31/05/15-Ser B USD25,000 26,657 0.0

Lennar Corp 6.95%

01/06/18 USD55,000 59,574 0.0

Level 3 Comm 11.875%

01/02/19 USD250,000 303,594 0.2

Level 3 Fin 8.125%

01/07/19-RegS USD250,000 263,203 0.2

Level 3 Fin FRN 15/02/15 USD190,000 185,869 0.1

Liberty Mutual 7.8%

15/03/37-RegS USD500,000 489,342 0.3

Liberty Mutual VRN

10.75% 6/58-RegS USD100,000 136,195 0.1

Lyondell Chemical 11%

01/05/18 USD200,000 224,667 0.1

M/I Homes 8.625%

15/11/18 USD92,000 93,180 0.1

Markwest Energy 6.25%

15/06/22 USD15,000 16,275 0.0

Markwest Energy 6.75%

01/11/20 USD75,000 83,109 0.1

Mcclatchy Co 11.5%

15/02/17 USD25,000 27,375 0.0

McJunkin Red Man 9.5%

15/12/16 USD50,000 55,506 0.0

MDC Hldgs 5.625%

01/02/20 USD20,000 19,909 0.0

Mediacom Broadband

8.5% 15/10/15 USD10,000 10,719 0.0

Mediacom LLC/Cap 7.25%

15/2/22-RegS USD50,000 51,179 0.0

(Continued)


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Mediacom LLC/Cap

9.125% 15/08/19 USD120,000 131,330 0.1

Meritage Homes 7%

01/04/22-RegS USD50,000 50,188 0.0

MetroPCS Wireless 6.625%

15/11/20 USD375,000 388,204 0.2

Metropcs Wireless 7.875%

01/09/18 USD50,000 53,475 0.0

MGM Resorts Intl 10%

01/11/16 USD200,000 230,833 0.1

MGM Resorts Intl 11.375%

01/03/18 USD60,000 71,107 0.0


15/01/17 USD340,000 356,374 0.2


15/03/22 USD164,000 167,477 0.1


1/2/19-RegS USD20,000 21,909 0.0

Momentive Performance

12.5% 15/6/14 USD50,000 54,858 0.0

MPT Operating Part

6.375% 15/02/22 USD40,000 40,919 0.0

Mylan Inc 7.625%

15/07/17-RegS USD100,000 111,631 0.1

Mylan Inc 7.875%

15/07/20-RegS USD75,000 84,888 0.1

National Mentor 12.5%

15/02/18-RegS USD424,000 429,859 0.3

Navistar Intl 8.25%

01/11/21 USD100,000 112,188 0.1

NB Capital Trust II 7.83%

15/12/26 USD100,000 102,577 0.1

New Enterprise Stone 13%

03/18-RegS USD25,000 25,872 0.0

Newfield Exploration

6.875% 1/2/20 USD100,000 106,646 0.1

Newfield Exploration

7.125% 15/5/18 USD100,000 108,619 0.1

Nextel Comm 7.375%

01/08/15-Ser D USD250,000 242,448 0.2

Nielsen Finance 7.75%

15/10/18 USD75,000 85,618 0.1

NII Capital 7.625%

01/04/21 USD200,000 203,625 0.1

NII Capital 8.875%

15/12/19 USD250,000 271,595 0.2

Northwest Air No07-1

7.027% 1/11/19 USD110,000 109,268 0.1

Northwest Air No07-1

8.028% 1/11/17 USD185,000 116,345 0.1

NRG Energy 8.5%

15/06/19 USD75,000 78,207 0.1

Oil States Intl 6.5%

01/06/19 USD100,000 107,417 0.1

Omega Healthcare 5.875%

03/24-RegS USD94,000 93,024 0.1

Omnicare Inc 7.75%

01/06/20 USD200,000 227,167 0.1

Omnova Solutions 7.875%

01/11/18 USD75,000 74,273 0.0



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Oppenheimer Hldgs 8.75%

15/04/18 USD275,000 288,912 0.2

PBF Hldg 8.25% 15/02/20-

RegS USD225,000 232,233 0.1

Peabody Energy 6%

15/11/18-RegS USD20,000 20,007 0.0

Peabody Energy 6.25%

15/11/21-RegS USD15,000 15,038 0.0

Peninsula Gaming 10.75%

15/08/17 USD160,000 178,646 0.1

Peninsula Gaming 8.375%

15/08/15 USD30,000 32,016 0.0

Penn Virginia 10.375%

15/06/16 USD75,000 77,313 0.1

Pinnacle Entertain 7.75%

01/04/22 USD50,000 52,515 0.0

Pinnacle Entertain 8.75%

15/05/20 USD80,000 89,864 0.1

Pioneer Drilling 9.875%

15/03/18 USD150,000 159,699 0.1

Pioneer Drilling

9.875%15/3/18-RegS USD55,000 58,900 0.0

Pioneer Natural Res 7.5%

15/01/20 USD50,000 61,802 0.0

Polyone Corp 7.375%

15/09/20 USD325,000 346,444 0.2

Prestige Brands 8.125%

1/2/20-RegS USD6,000 6,561 0.0

Pulte Group 7.625%

15/10/17 USD115,000 124,674 0.1

QEP Resources 5.375%

01/10/22 USD100,000 100,228 0.1

Quapaw Downstream

10.5% 1/7/19-RegS USD25,000 26,219 0.0

QVC Inc 7.375% 15/10/20-

RegS USD300,000 340,264 0.2

Range Resources 5.75%

01/06/21 USD50,000 53,458 0.0

Regal Cinemas 8.625%

15/07/19 USD50,000 55,735 0.0

Regal Entertainment

9.125% 15/08/18 USD50,000 55,346 0.0

Regency Energy 6.5%

15/07/21 USD75,000 79,980 0.1

Reynolds Grp 7.875%

15/08/19-RegS USD300,000 325,584 0.2

Reynolds Grp 9.875%

15/08/19-RegS USD200,000 206,578 0.1

Rite Aid 10.25% 15/10/19 USD190,000 227,534 0.1

Rite Aid 9.5% 15/06/17 USD536,000 554,318 0.4

Rite Aid 9.75% 12/06/16 USD100,000 111,960 0.1

Rock-Tenn Co 4.45%

01/03/19-RegS USD30,000 30,115 0.0

Rock-Tenn Co 4.9%

01/03/22-RegS USD30,000 30,237 0.0

Rouse Co 5.375% 26/11/13 USD50,000 51,066 0.0

RR Donnelley 6.125%

15/01/17 USD90,000 88,029 0.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


RR Donnelley 7.625%

15/06/20 USD105,000 103,460 0.1

RR Donnelley 8.25%

15/03/19 USD30,000 30,131 0.0

Samson Inv 9.75%

15/02/20-RegS USD200,000 204,925 0.1

Seneca Gaming 8.25%

01/12/18-RegS USD25,000 26,188 0.0

Service Corp Intl 7%

15/05/19 USD100,000 110,914 0.1

Service Corp Intl 7.625%

01/10/18 USD100,000 118,813 0.1

Sinclair Tele 8.375%

15/10/18 USD25,000 27,971 0.0

Sinclair Tele 9.25%

01/11/17-144A USD25,000 28,776 0.0

SM Energy 6.5% 15/11/21 USD100,000 108,350 0.1

SM Energy 6.625%

15/02/19 USD200,000 212,730 0.1

Smithfield Foods 7.75%

01/07/17 USD75,000 86,873 0.1

Spectrum Brands 6.75%

15/03/20-RegS USD100,000 101,225 0.1

Spectrum Brands 9.5%

15/06/18 USD100,000 115,461 0.1

Speedway Motorsports

6.75% 01/02/19 USD60,000 63,675 0.0

Sprint Capital 6.9%

01/05/19 USD100,000 89,875 0.1

Sprint Nextel 11.5%

15/11/21-RegS USD10,000 11,232 0.0

Sprint Nextel 6% 01/12/16 USD100,000 91,875 0.1

Sprint Nextel 8.375%

15/08/17 USD300,000 291,280 0.2

Sprint Nextel 9% 15/11/18-

RegS USD215,000 243,649 0.2

Sprint Nextel 9.125%

01/03/17-RegS USD200,000 201,248 0.1

SPX Corp 6.875%

01/09/17 USD50,000 54,931 0.0

Standard Pacific 10.75%

15/09/16 USD25,000 28,127 0.0

Standard Pacific 8.375%

15/05/18 USD175,000 190,640 0.1

Steel Dynamics 7.625%

15/03/20 USD125,000 137,013 0.1

Supervalu Inc 7.5%

15/11/14 USD100,000 104,354 0.1

Supervalu Inc 8%

01/05/16 USD700,000 761,833 0.5

Swift Energy 7.125%

01/06/17 USD25,000 27,359 0.0

Swift Energy 7.875%

01/03/22-RegS USD15,000 15,555 0.0

Swift Energy 8.875%

15/01/20 USD175,000 192,322 0.1

Targa Res 6.375%

01/08/22-RegS USD432,000 445,230 0.3

Targa Res 6.875%

01/02/21 USD75,000 78,859 0.1



- 249 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Tenet Healthcare 10%

01/05/18 USD25,000 29,667 0.0

Tenet Healthcare 8%

01/08/20 USD395,000 412,117 0.3

Tenet Healthcare 8.875%

01/07/19 USD25,000 28,560 0.0

Thermadyne Hldgs 9%

15/12/17-RegS USD75,000 78,694 0.1

Toys R US Delaware

7.375% 9/16-RegS USD75,000 77,367 0.1

Transdigm Inc 7.75%

15/12/18 USD100,000 110,625 0.1

TransUnion Hldg 9.625%

15/6/18-RegS USD200,000 210,588 0.1

Treehouse Foods 7.75%

01/03/18 USD5,000 5,459 0.0

TriMas Corp 9.75%

15/12/17 USD25,000 28,349 0.0

Tutor Perini 7.625%

01/11/18 USD200,000 208,748 0.1

UAL 2007 Pass Trust

6.636% 02/07/22 USD75,000 62,919 0.0

UCI Intl 8.625% 15/02/19 USD150,000 156,564 0.1

United Rentals NA 8.375%

15/09/20 USD50,000 52,698 0.0

United Rentals NA 9.25%

15/12/19 USD100,000 113,999 0.1

Univision Comm 6.875%

15/05/19-RegS USD245,000 253,553 0.1

Univision Comm 7.875%

01/11/20-RegS USD700,000 757,969 0.5

UR Financing Esc 5.75%

15/7/18-RegS USD160,000 163,988 0.1


05/20-RegS USD48,000 49,126 0.0


04/22-RegS USD112,000 114,926 0.1

US Steel 7% 01/02/18 USD14,000 14,478 0.0

US Steel 7.375% 01/04/20 USD336,000 356,783 0.2

US Steel 7.5% 15/03/22 USD60,000 61,413 0.0

USPI Finance 9%

01/04/20-RegS USD101,000 102,894 0.1

Vail Resorts 6.5%

01/05/19 USD50,000 53,229 0.0

Valassis Communication

6.625% 02/21 USD50,000 51,802 0.0

Valeant Pharm Intl 7%

01/10/20-RegS USD500,000 515,000 0.3

Vanguard Health 7.75%

01/02/19-RegS USD125,000 124,896 0.1

Vanguard Health 8%

01/02/18 USD100,000 102,896 0.1

Vanguard Nat RES/VNR

7.875% 1/4/20 USD150,000 149,532 0.1

Vulcan Materials 7%

15/06/18 USD130,000 143,423 0.1

Vulcan Materials 7.5%

15/06/21 USD95,000 106,915 0.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


W&T Offshore 8.5%

15/06/19 USD350,000 378,967 0.2

Wachovia Cap Trust FRN

Perp USD345,000 332,107 0.2

Windstream Corp 7%

15/03/19 USD50,000 51,040 0.0

Windstream Corp 7.75%

01/10/21 USD550,000 609,813 0.4

Windstream Corp 7.75%

15/10/20 USD25,000 27,524 0.0

WMG Acquisition 11.5%

01/10/18-RegS USD100,000 112,375 0.1

WPX Energy 5.25%

15/01/17-RegS USD90,000 91,361 0.1

WPX Energy 6% 15/01/22-

RegS USD15,000 15,345 0.0

Wynn Las Vegas 5.375%

15/03/22-RegS USD30,000 29,340 0.0

UruguayUruguayUruguayUruguay (0.3%)

Rep of Uruguay 8%

18/11/22 USD390,000 550,203 0.3

VenezuelaVenezuelaVenezuelaVenezuela (1.6%)

Rep of Venezuela 11.95%

08/31-RegS USD2,532,000 2,536,864 1.6

92,131,218 58.0

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

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


contracts contracts contracts contracts (-0.0%) (57,114) (0.0)

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








- 250 -


For the For the For the For the period from 24 June 2011 (Date of Trust Deed) to 31 period from 24 June 2011 (Date of Trust Deed) to 31 period from 24 June 2011 (Date of Trust Deed) to 31 period from 24 June 2011 (Date of Trust Deed) to 31




31.3.201231.3.201231.3.201231.3.2012



United States 6.9

Taiwan 2.6

Japan 2.6

Brazil 2.6

United Kingdom 2.5

China 2.1

France 1.9

Australia 1.7

South Africa 1.4

Germany 1.3

Thailand 1.1

Hong Kong 1.1

Netherlands 1.1

Korea 1.0

Singapore 0.9

Switzerland 0.9

Turkey 0.9

Russia 0.8

Poland 0.7

Mexico 0.6

Indonesia 0.5

Sweden 0.4

Malaysia 0.3

Philippines 0.3

Canada 0.3

Kazakhstan 0.3

Italy 0.3

New Zealand 0.3

Finland 0.2

India 0.2

Czech Republic 0.2

Chile 0.2

Spain 0.1


United States 37.4

Venezuela 1.6

Luxembourg 1.6

Argentina 1.4

Kazakhstan 1.2

Russia 1.1

Iraq 1.1

Romania 1.0

Serbia 0.9

Dominican Republic 0.9

Peru 0.9

Colombia 0.9

Philippines 0.8

Mexico 0.8

El Salvador 0.8

Supranational 0.7

Canada 0.7

(Continued)



31.3.201231.3.201231.3.201231.3.2012

Australia 0.6

Ireland 0.6

United Arab Emirates 0.6

Brazil 0.6

Uruguay 0.3

Cayman Islands 0.3

United Kingdom 0.3

Netherlands 0.3

Germany 0.2

France 0.1

Austria 0.1

Bermuda 0.1

Marshall Island 0.1


Forward foreign exchange contracts (0.0)

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 96.3

Other net assetsOther net assetsOther net assetsOther net assets 3.7


unitsunitsunitsunits 100.0




- 251 -



31.3.201231.3.201231.3.201231.3.2012

US$US$US$US$



Short term deposits 4,796,045

Amounts due from brokers 1,654,229

Amounts receivable on allotment 9,487,394

Margin deposits 86,278

Investments [Note 3] 152,916,186

Dividend and other accounts receivable 153,280

Total assetsTotal assetsTotal assetsTotal assets 172,576,847

----------


Amounts due to brokers 12,379,676

Amounts payable on redemption 728,590

Distribution payable [Note 5] 672,625

Derivatives [Note 3] 57,114

Other accounts payable 206,067

Liabilities (excluding net assets attributable to Liabilities (excluding net assets attributable to Liabilities (excluding net assets attributable to Liabilities (excluding net assets attributable to

holders of redeemable units)holders of redeemable units)holders of redeemable units)holders of redeemable units) 14,044,072

----------


units units units units

(before fair value adjustment) (before fair value adjustment) (before fair value adjustment) (before fair value adjustment) [Note 3] 158,532,775

Fair value adjustment of units of the Fund [Note 3] 229,970


unitsunitsunitsunits

(after fair value adjustment) (after fair value adjustment) (after fair value adjustment) (after fair value adjustment) [Note 3] 158,762,745

StStStStatement of Comprehensive Incomeatement of Comprehensive Incomeatement of Comprehensive Incomeatement of Comprehensive Income

For the period from 24 June 2011 (Date of Trust Deed) to 31 For the period from 24 June 2011 (Date of Trust Deed) to 31 For the period from 24 June 2011 (Date of Trust Deed) to 31 For the period from 24 June 2011 (Date of Trust Deed) to 31


24.6.201124.6.201124.6.201124.6.2011



totototo

31.3.201231.3.201231.3.201231.3.2012

US$US$US$US$


Net gains on investments [Note 4] 5,415,816

Dividend income 425,114

Interest on deposits 309

Net foreign currency exchange losses (37,172)

Other income 15,170

5,819,237

----------


Management fee 369,143


Formation expenses [Note 2(e)] 34,898

Legal and professional expenses 17,206

Trustee's fee 14,786

Safe custody and bank charges 10,738

Auditor's fee 10,521

Printing and publication expenses 5,209

Other operating expenses 290

633,742

----------

Net operating profitNet operating profitNet operating profitNet operating profit 5,185,495

----------


Distribution [Note 5] (1,528,935)

Interest paid (1,138)

(1,530,073)

----------

Profit before taxationProfit before taxationProfit before taxationProfit before taxation 3,655,422

Taxation (131,360)

3,524,062

Change in cumulative difference arising from the

fair value adjustment of units of the Fund 229,970

Increase in net assets attributable to holders of Increase in net assets attributable to holders of Increase in net assets attributable to holders of Increase in net assets attributable to holders of


incomeincomeincomeincome 3,754,032




- 252 -



For the period from 24 For the period from 24 For the period from 24 For the period from 24 June 2011 (Date of Trust Deed) to 31 June 2011 (Date of Trust Deed) to 31 June 2011 (Date of Trust Deed) to 31 June 2011 (Date of Trust Deed) to 31


24.6.201124.6.201124.6.201124.6.2011



totototo

31.3.201231.3.201231.3.201231.3.2012

US$US$US$US$

Allotment of redeemable units 181,147,663

Redemption of redeemable units (26,138,950)

Net allotmentNet allotmentNet allotmentNet allotment 155,008,713

IncrIncrIncrIncrease in net assets attributable to holders of ease in net assets attributable to holders of ease in net assets attributable to holders of ease in net assets attributable to holders of


incomeincomeincomeincome 3,754,032


units at the end of the periodunits at the end of the periodunits at the end of the periodunits at the end of the period 158,762,745


ForForForFor the period from 24 June 2011 (Date of Trust Deed) to 31 the period from 24 June 2011 (Date of Trust Deed) to 31 the period from 24 June 2011 (Date of Trust Deed) to 31 the period from 24 June 2011 (Date of Trust Deed) to 31


24.6.201124.6.201124.6.201124.6.2011



totototo

31.3.201231.3.201231.3.201231.3.2012

US$US$US$US$


Purchase of investments (147,419,038)

Proceeds from disposal of investments 10,696,163

Dividend received 275,001

Interest received 302

Trustee's fee paid (10,632)

Tax paid (76,501)

Increase in margin deposits (86,278)

Transaction costs paid (165,885)

Management fee paid (237,543)

Others (88,570)

Net cash outflow from operating activitiesNet cash outflow from operating activitiesNet cash outflow from operating activitiesNet cash outflow from operating activities (137,112,981)

----------


Interest paid (1,138)

Receipts on allotment of redeemable units 171,660,269

Payments on redemption of redeemable units (25,410,360)

Distribution paid (856,310)

Net cash inflow from financing activitiesNet cash inflow from financing activitiesNet cash inflow from financing activitiesNet cash inflow from financing activities 145,392,461

----------

Increase in cash and cash equivalentsIncrease in cash and cash equivalentsIncrease in cash and cash equivalentsIncrease in cash and cash equivalents 8,279,480

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

periodperiodperiodperiod 8,279,480

Analysis of bAnalysis of bAnalysis of bAnalysis of balances of cash and cash equivalents:alances of cash and cash equivalents:alances of cash and cash equivalents:alances of cash and cash equivalents:


Short term deposits 4,796,045

8,279,480



- 253 -



JPM Multi Income Fund (the "Fund") was established under a Trust Deed dated 24 June 2011, and is governed by the laws of Hong Kong. The

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

The investment objective of the Fund is to maximize the income return primarily through investing in a diversified portfolio of income

producing equities, bonds and other securities. In addition, the Fund aims to provide medium to long term moderate capital growth.

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

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

result that the net asset value attributable to each Class may differ. The HKD Class which is offered in Hong Kong dollar, and the USD Class and

the USD Class (acc) which are offered in United States dollar were issued. Classes with the suffix "(acc)" are accumulation Classes and will not

normally pay distributions. All income will be accumulated and reinvested within the corresponding "(acc)" Classes of the Fund.



(a)(a)(a)(a) Accounting poliAccounting poliAccounting poliAccounting policies of interim financial statementscies of interim financial statementscies of interim financial statementscies of interim financial statements


are set out below.


Classification












ownership.








on an exchange.





Income.



- 254 -






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

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






transactions.


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





(e)(e)(e)(e) Formation expenses Formation expenses Formation expenses Formation expenses





Fund's Trust Deed dated 24 June 2011, which may be different from the accounting policies stated in the financial statements.







- 255 -



As stated in Note 2(f), units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial




calculated in accordance with the provisions of the Fund's Trust Deed dated 24 June 2011 ("Trust Deed NAV").

31.3.2012

US$

Net assets attributable to holders of redeemable units (before fair value adjustment) 158,532,775

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


Difference between bid/ask prices and last traded prices basis in valuing investments as at the end of the period [Note

3(a)] 201,499

Unamortized formation expenses as at the end of the period [Note3(b)] 28,471

229,970

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

Net assets attributable to holders of redeemable units (after fair value adjustment) 158,762,745

Note:



compliance with Hong Kong Accounting Standards ("HKAS") 39, "Financial Instruments: Recognition and Measurement" and for reporting

purposes is to value its investments and derivatives at fair value based on the relevant bid/ask market prices on the Statement of

Financial Position date.

(b) In accordance with the provisions of the Fund's Trust Deed, the formation expenses (including legal, accounting, and other professional

fees and expenses) or costs incidental to the establishment of the Fund will be paid out of the assets of the Fund and amortized over the

first three financial years. However, as stated in Note 2(e), the accounting policy of the Fund for the purpose of compliance with HKAS 38,

"Intangible Assets" and for reporting purposes is to expense the expenditure incurred in the formation of the Fund in the period in which

they arose.


31 March 2012

HKD Class USD Class (acc) USD Class

Units Units Units

Number of units in issue 44,101,420.400 200.000 9,014,815.331

HKD Class USD Class (acc) USD Class

HK$ US$ equivalent US$ US$


redeemable units

(after fair value adjustment) 475,403,330 61,231,753 2,055 97,528,937


redeemable units (per unit) 10.78 1.39 10.28 10.82



- 256 -


24.6.2011

(Date of

Trust Deed)

to

31.3.2012

US$

Change in unrealized gains/losses in value of investments 4,767,949

Realized gains on sale of investments 647,867

5,415,816


In accordance with the Explanatory Memorandum of the Fund, in respect of each accounting period, it is the intention of the Manager to

distribute at least 85% of the net operating profit attributable to the HKD Class and the USD Class respectively after making certain

adjustments to the holders of redeemable units of the HKD Class and the USD Class respectively. The distribution is included under finance

costs in the Statement of Comprehensive Income.

24.6.2011

(Date of

Trust Deed)

to

31.3.2012

US$

Net operating profit 5,185,495

Adjustments:

Net gains on investments and derivatives (5,415,816)

Net foreign currency exchange losses 37,172

Interest income included in net gains on investments and derivatives (at coupon rate) 1,197,867

Taxation (131,360)


Capital gain tax 54,859

Equalization on allotment of units* 606,449

Equalization on redemption of units* (87,799)

Amount available for distribution 1,617,818

Distribution of

HK$0.0470 per unit on 10,290,497.587 units of HKD Class ex on 30 December 2011


US$0.0470 per unit on 2,397,917.035 units of USD Class ex on 30 December 2011


HK$0.0470 per unit on 14,301,938.785 units of HKD Class ex on 31 January 2012

and pay on 8 February 2012 (86,684)

US$0.0470 per unit on 3,450,179.255 units of USD Class ex on 31 January 2012

and pay on 8 February 2012 (162,158)

HK$0.0470 per unit on 25,633,166.224 units of HKD Class ex on 29 February 2012

and pay on 8 March 2012 (155,339)

US$0.0470 per unit on 5,896,881.350 units of USD Class ex on 29 February 2012

and pay on 8 March 2012 (277,153)

HK$0.0470 per unit on 43,335,808.910 units of HKD Class ex on 30 March 2012

and pay on 12 April 2012 (262,336)

US$0.0470 per unit on 8,729,542.674 units of USD Class ex on 30 March 2012

and pay on 12 April 2012 (410,289)

Total distribution to holders of redeemable units (1,528,935)



- 257 -

Note:

* The Fund calculates an equalization amount on allotment and redemption for the purpose of eliminating the dilution impact on the

amount available for distribution, representing a notional amount for income/expenses accruing to units on allotment and redemption.





transactions.




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