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					                                              Morningstar Overall RatingsTM                                                                       Risk
           Asset Management Company
           in Asia - 2009, 2010 & 2011 3)                                                                                                           1 2 3 4 5




JPM Evergreen
                                                                                                                                                                                                                                      May 2012

Fund objective                                                                 •	 The Fund invests in collective investment schemes, which have underlying exposures primarily to
To seek to produce a competitive total return in different                        equities and fixed income instruments. As a result the Fund is exposed to interest rate and credit
market conditions by means of an actively managed                                 risk as well as equity and currency market risks.
portfolio of collective investment schemes managed by                          •	 Investors may be subject to substantial losses.
the Manager, its connected parties or external parties.                        •	 Investors should not solely rely on this document to make any investment decision.

                                                                              Performance from 02.02.04 to 30.04.12
                                                                                         220                                                                                                                120               JPM Evergreen


                                                                                         180                                                                                                                80
Fund Manager's report




                                                                                                                                                                                                                   % CHANGE
Portfolio Review: It was another month of sideways
                                                                               REBASED


                                                                                         140                                                                                                                40
movement as investors sought clarity over the big macro
issues of the day. In Europe, the news flow turned more
cautious as recessions were confirmed in the UK and the                                  100                                                                                                                0
European periphery, and as Spanish and Italian bond
yields moved higher. In the US, data releases were
mixed, although Q1 earnings releases were generally                                       60                                                                                                                -40
ahead of expectations. Only in China did economic data                                          04          05           06          07          08          09           10          11          12
surprise positively, thanks to signs of official relaxation in
the provision of new credit.
Outlook: Our best guess is that we are in the midst of a                      Cumulative performance %
trading range for most equity markets, which points to                                                                                              1 month              1 year            3 years               5 years              Since launch
limited downside (unless we get a repeat of last year's
systemic risks), but also limited upside. If deleveraging                      Fund                                                                    -0.6                -3.4             +31.7                 +12.7                  +62.8
pressure intensifies then of course asset prices can fall
since valuations will contract, earnings growth will slow
and risk premia will rise. Conversely, if growth in the
developed world becomes self sustaining and risk premia                       Calendar Year performance %
fall back to more "normal" levels, the combination of                                                                                                  2007            2008             2009              2010                 2011       2012YTD
continued profits growth, and rising valuations (sustained
by abundant liquidity) could take equities substantially                       Fund                                                                   +8.5             -19.4            +21.1            +10.7                 -6.0          +6.8
higher. But outside of these two tail scenarios, the most
likely outcome is that markets will churn and rotate, as
we wait for direction from policy or macro developments.

                                                                              Portfolio analysis
                                                                                                                                                                                     4.2%           Equity Global
                                                                                                                                                                                     6.2%           Others
                                                                                                                                                                                     6.3%           Equity Europe
Portfolio information                                                                                                                                                                7.1%           Net Liquidity
                                                                                                                                                                                     8.0%           Commodity Sector
Fund manager                  Jonathan Lowe, Hong Kong                                                                                                                               12.3%          Equity US
Launch date                                           02.02.04                                                                                                                       13.1%          Equity Sector
                                                                                                                                                                                     18.7%          Equity Asia
Fund size (m)                                         USD 36.3
                                                                                                                                                                                     24.1%          Fixed Income Broad Market
Base currency and NAV per unit                    USD 16.28
12 month High                        USD 16.84 (03.05.11)
NAV:     Low                         USD 14.51 (04.10.11)
Charges:       Initial                        3.0% of NAV                     Top five holdings (as at end March 2012)
               Redemption                     0.5% of NAV                      Holding                                                                                                                                                          %
               Management fee                    0.5% p.a.                     JPMIF - Global High Yield Bond Fund                                                                                                                             8.2
Last distribution (xd date)                                N/A                 JPMF - US Select 130/30 Fund2)                                                                                                                                  8.1
SEDOL/ISIN codes               B42GQ83/HK0000055829                            JPMF - US Technology Fund2)                                                                                                                                     7.5
Bloomberg code                                 JFEVRGU HK                      iShares Barclays 7-10 Year Treasury Bond Fund                                                                                                                   7.1
                                                                               JPMF - Japan Strategic Value Fund                                                                                                                               6.7
Statistical analysis
                                                          Since                          For more information, please contact your bank, financial adviser or visit
                                 3 years    5 years     launch1)
                                                                                                               www.jpmorganam.com.hk
Correlation                           -           -             -
Alpha %                               -           -             -             Unless stated otherwise, all information as at the last valuation date of the previous month. Source: JPMAM (NAV to NAV in USD with income reinvested). Source of
                                                                              star rating: Morningstar, Inc. Risk ratings (if any) are based on JPMAM's assessment of relative risk by asset class and is subject to change. This is for reference only.
Beta                                  -           -             -             The Fund also has the flexibility to invest in third party funds when opportunities arise. Any overweight in any investment holding exceeding the limit set out in the
                                                                                                                                                                                                                                                           211




                                                                              Investment Restrictions was due to market movements and will be rectified shortly. Top ten holdings is available upon request. It should be noted that due to the
Annual volatility %               10.17      11.26         9.58               difference of the fund domiciles the valuation points used by the JF funds and JPMorgan series of funds for fair valuation (where applied) may vary. For details
                                                                              please refer to the respective offering document(s). 1)With the exception of the "Average annual return" figure, all data are calculated from the month end after
Sharpe ratio                       0.91      0.08          0.38               inception. 2)This Fund/share class is not authorised in Hong Kong and is not available to Hong Kong residents. 3)The Asset Triple A Investment Awards. For 2011,
                                                                              the award is 'Asset Management Company of the Year, Asia – Retail'.
Annual tracking error %               -           -             -             Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering
                                                                              document(s) for details, including the risk factors.
Average annual return %            9.62       2.41         6.09
                                                                              This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.

				
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