Private Bank Funds I. (formerly JPMorgan Private Bank Funds I) Société d Investissement à Capital Variable, Luxembourg. (R.C.S. No.

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1 Société d Investissement à Capital Variable, Luxembourg (R.C.S. No. B ) UNAUDITED SEMI-ANNUAL REPORT 30 SEPTEMBER 2015

2 Unaudited Semi-Annual Report Contents Board Directors 1 Management and Administration 2 Unaudited Financial Statements and Statistical Information Combined Statement Assets 3 Combined Statement Operations and Changes in Assets 6 Statement Changes in the Number Shares 9 Statistical Information 10 Notes to the Unaudited Financial Statements 11 Schedule Investments Private Bank Funds I - Access Balanced Fund (EUR) 16 Private Bank Funds I - Access Balanced Fund (GBP) 18 Private Bank Funds I - Access Balanced Fund (USD) 20 Private Bank Funds I - Access Conservative Fund (EUR) 22 Private Bank Funds I - Access Conservative Fund (GBP) 24 Private Bank Funds I - Access Conservative Fund (USD) 26 Private Bank Funds I - Access Growth Fund (GBP) 28 Private Bank Funds I - Access Growth Fund (USD) 30 Private Bank Funds I - Discretionary Fixed Income Government Fund 32 Private Bank Funds I - Islamic Global Dynamic Equity Fund 35 Private Bank Funds I - Montes Excelsis Fund 38 Appendix - Unaudited Additional Disclosures 1. Fund Expense Ratios and Capped Expense Ratios Summary Investment Objectives the Sub-Funds Performance and Volatility Interest Rate Received/(Charged) on Bank Accounts Sub-Fund Share Classes Subject to Taxe d Abonnement Rate Portfolio Turnover Ratio Calculation Method the Risk Exposure Collateral received in respect Financial Derivative Instruments Historical Statement Changes in the Number Shares Management fees Undertakings managed by investment managers which are not members JPMorgan Chase & Co. group 50 For additional information please consult No subscriptions can be received solely on the basis this report. Subscriptions are only valid if made on the basis the current prospectus, the current Key Investor Information Documents, supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report. The current prospectus, the current Key Investor Information Documents, the unaudited semi-annual reports, as well as the audited annual reports can be obtained free charge from the registered fice the SICAV and from the principal local paying agents.

3 Board Directors Chairman Jacques Elvinger Elvinger, Hoss & Prussen 2, place Winston Churchill B.P. 425 L-2014 Luxembourg Grand Duchy Luxembourg Directors Alain Feis Interinvest S.A. 6 B, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg Benoit Dumont J.P. Morgan (Suisse) S.A. 8, rue de la Confédération CH-1204 Geneva Switzerland Jean Fuchs Fuchs & Associés Finance 47, Boulevard Prince Henri L-1724 Luxembourg Grand Duchy Luxembourg Registered Office 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg 1

4 Management and Administration Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg Investment Managers J.P. Morgan International Bank Limited 25 Bank Street Canary Wharf London E14 5JP United Kingdom JPMorgan Asset Management (UK) Limited 60 Victoria Embankment London EC4Y 0JP United Kingdom Acting as Sub-Investment Manager J.P. Morgan Private Investments Inc. 270 Park Avenue New York NY United States America Custodian, Corporate and Administrative Agent J.P. Morgan Bank Luxembourg S.A. 6, route de Trèves L-2633 Senningerberg Grand Duchy Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P L-1014 Luxembourg Grand Duchy Luxembourg Legal Adviser Elvinger, Hoss & Prussen 2, place Winston Churchill B.P. 425 L-2014 Luxembourg Grand Duchy Luxembourg 2

5 Combined Statement Assets Private Bank Funds I (1) Combined USD Access Balanced Fund (EUR) EUR Assets Investments in Securities at Market Value 4,512,850, ,549,402 Acquisition Cost: 4,453,404, ,954,773 Cash at Bank and at Brokers 302,042,422 70,565,700 Amounts Receivable on Sale Investments 15,222,049 4,797,910 Amounts Receivable on Subscriptions 17 - Interest and Dividends Receivable, 3,683,210 - Fee Waiver* 34,879 - Other Receivables 150,843 43,218 Unrealised Gain on Forward Currency Exchange Contracts 254,656 - Total Assets 4,834,238, ,956,230 Liabilities Bank and Broker Overdraft 15,930 - Amounts Payable on Purchase Investments 5,598,915 4,889,103 Amounts Payable on Redemptions 384,543 - Income Cleansing Payable** 12,145 - Management and Advisory Fees Payable 2,483, ,610 Other Payables*** 416,668 69,674 Unrealised Loss on Forward Currency Exchange Contracts 4,988, ,483 Unrealised Loss on Financial Futures Contracts 36,377 - Total Liabilities 13,937,006 5,902,870 Total Assets 4,820,301, ,053,360 Historical Total Assets 31 March ,221,375,109 1,066,863, March ,287,887, ,820,679 (1) This Fund was renamed from JPMorgan Private Bank Funds I on 1 August * Please refer to Note 3 a). ** Please refer to Note 12. *** Other Payables are principally comprised Directors fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses. The accompanying notes form an integral part these Financial Statements. 3

6 Combined Statement Assets (continued) Access Balanced Fund (GBP) GBP Access Balanced Fund (USD) USD Access Conservative Fund (EUR) EUR Access Conservative Fund (GBP) GBP Access Conservative Fund (USD) USD 200,049,598 1,081,816, ,514,661 6,899, ,549, ,559,802 1,095,383, ,118,728 7,139, ,497,474 17,767, ,692,290 41,015, ,083 20,094,443 1,720,649-4,307,704-2,344, ,915 5,140-2, , ,736 12, , , ,578,453 1,190,757, ,850,220 7,505, ,020, , , , ,680 1, ,271 21,686 77,947 56,566 6,193 37,628 2,321, ,701 50, ,434, , , , , ,144,256 1,189,762, ,380,273 7,362, ,717, ,181,024 1,284,867, ,537,022 11,572, ,780, ,551,084 1,188,016, ,104, ,468,164 4

7 Combined Statement Assets (continued) Access Growth Fund (GBP) GBP Access Growth Fund (USD) USD Discretionary Fixed Income Government Fund EUR Islamic Global Dynamic Equity Fund USD Montes Excelsis Fund USD 8,187,356 69,799, ,920,582 47,269, ,233,731 8,726,037 73,645, ,255,918 46,152, ,263, ,882 5,716,588 1,149,813 1,006,263 11,444,695 53, ,191,085 40, , , ,281-27, , ,971 8,985,080 75,537, ,262,426 48,343, ,716, , , ,145-3,990 18,917 73,559 45,281 11,102 6,186 12,907 52,796 17,081 19, , , , ,364 31,824 1,122,728 74,507 30,250 8,848,716 75,505, ,139,698 48,268, ,686,283 5,081,247 80,711, ,319,796 94,304, ,113,887-61,938, ,649,077 93,949, ,166,023 5

8 Combined Statement Operations and Changes in Assets For the Period from 1 April 2015 to 30 September 2015 Private Bank Funds I (1) Combined USD Access Balanced Fund (EUR) EUR Assets at the Beginning the Period * 5,342,781,247 1,066,863,829 Income Dividend Income, 5,050, ,549 Interest Income, 2,750,066 - Bank Interest 54,739 3,427 Total Income 7,855, ,976 Expenses Management and Advisory Fees 25,635,625 6,510,792 Custodian, Corporate, Administration and Domiciliary Agency Fees 1,068, ,361 Registrar and Transfer Agency Fees 93,317 14,285 Taxe d abonnement 583, ,547 Overdraft Interest 47,616 23,797 Income Cleansing ** 12,145 - Sundry Fees*** 649,330 84,739 28,089,758 6,923,521 Less: Fee Waiver **** 181,338 3,566 Total Expenses 27,908,420 6,919,955 Investment Income/(Loss) (20,052,624) (6,314,979) Realised Gain/(Loss) on Sale Investments 80,163,190 20,306,813 Realised Gain/(Loss) on Forward Currency Exchange Contracts (8,758,138) (3,359,009) Realised Gain/(Loss) on Financial Futures Contracts 147,809 - Realised Gain/(Loss) on Foreign Exchange (10,064,042) (8,236,053) Realised Gain/(Loss) for the Period 61,488,819 8,711,751 Change in Unrealised Gain/(Loss) on Investments (383,798,950) (99,170,437) Change in Unrealised Gain/(Loss) on Forward Currency Exchange Contracts 29,566,605 16,336,714 Change in Unrealised Gain/(Loss) on Financial Futures Contracts (22,910) - Change in Unrealised Gain/(Loss) on Foreign Exchange (338,728) (356,085) Change in Unrealised Gain/(Loss) for the Period (354,593,983) (83,189,808) Increase/(Decrease) in Assets as a Result Operations (313,157,788) (80,793,036) Movements in Share Capital Subscriptions 704,121, ,588,822 Redemptions (908,499,899) (166,606,255) Increase/(Decrease) in Assets as a Result Movements in Share Capital (204,378,624) (29,017,433) Dividend Distribution (4,942,950) - Assets at the End the Period 4,820,301, ,053,360 (1) This Fund was renamed from JPMorgan Private Bank Funds I on 1 August * The opening balance was combined using the foreign exchange rates as at 30 September The same net assets when combined using the foreign exchange rate ruling as at 31 March 2015 reflected a figure USD 5,221,375,109 ** Please refer to Note 12. *** Sundry Fees are principally comprised Directors fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses. **** Please refer to Note 3 a). The accompanying notes form an integral part these Financial Statements. 6

9 Combined Statement Operations and Changes in Assets (continued) For the Period from 1 April 2015 to 30 September 2015 Access Balanced Fund (GBP) GBP Access Balanced Fund (USD) USD Access Conservative Fund (EUR) EUR Access Conservative Fund (GBP) GBP Access Conservative Fund (USD) USD 249,181,024 1,284,867, ,537,022 11,572, ,780,444 1,687, ,270 26,701 64,585 16, ,294 27,379 3, ,758 1,688, ,649 29,854 64,977 25,669 1,000,943 8,413,922 3,742,240 27,326 2,152,313 54, , ,670 12,303 99,381 5,948 11,857 10,967 2,087 7,889 28, ,157 64, , , ,635 99,446 77,788 16,290 54,445 1,120,748 8,861,410 4,081,810 58,256 2,348, ,891 23,831 3,056 1,120,000 8,861,410 4,079,919 34,425 2,345, ,311 (8,221,761) (4,050,065) 30,552 (2,319,456) 878,271 6,652,523 13,923, ,175 2,387,478 2,270,281 (19,067) (1,355,106) 74, , ,130 2,516,245 (4,172,802) 39, ,347 4,104,682 9,149,701 8,395, ,500 3,042,231 (21,247,085) (92,260,175) (56,499,413) (593,800) (22,334,464) (1,665,179) (3,454,069) 7,139,944 (16,261) (903,950) (10,627) 9,718 32, (19,635) (22,922,891) (95,704,526) (49,326,562) (609,731) (23,258,049) (18,249,898) (94,776,586) (44,981,208) (342,679) (22,535,274) 28,484, ,899, ,212,944 2,465,595 87,254,112 (39,287,734) (142,227,850) (178,305,089) (6,276,509) (86,780,504) (10,803,161) (328,772) (3,092,145) (3,810,914) 473,608 (2,983,709) - (83,396) (55,902) (1,016) 217,144,256 1,189,762, ,380,273 7,362, ,717,762 7

10 Combined Statement Operations and Changes in Assets (continued) For the Period from 1 April 2015 to 30 September 2015 Access Growth Fund (GBP) GBP Access Growth Fund (USD) USD Discretionary Fixed Income Government Fund EUR Islamic Global Dynamic Equity Fund USD Montes Excelsis Fund USD 5,081,247 80,711, ,319,796 94,304, ,113,887 31, , ,029 8, ,458, , ,464 32, ,982 2,458, ,029 15,309 31, , , , ,911 12,300 24, ,684 40,752 39,984 1,436 5,215 19,799 2, ,461 11, ,226 16,459 15, ,145-16,297 27, ,035 29,463 36,075 62, , , , ,298 25,518 10,548 27,994 22,067 32,247 37, , , , ,051 (4,897) (272,529) 1,557, ,820 (512,742) (95,548) (263,371) 23,546,951 4,991, ,004 1,220 (39,203) (6,770,467) 4, , , , ,704 (819,348) (35,852) 188,310 (4,913) (118,870) 16,089,268 4,959, ,600 (809,603) (7,399,357) (30,535,591) (8,843,557) (10,300,767) (102,362) (167,253) 9,782,830 - (407,731) - - (20,480) - - 3,309 (12,041) (1,745) 6,270 51,036 (908,656) (7,578,651) (20,774,986) (8,837,287) (10,657,462) (918,466) (7,970,050) (3,127,746) (3,652,841) (10,427,604) 4,737,031 20,377,868 44,283, ,533 - (10,000) (17,525,398) (146,258,650) (43,380,452) - 4,727,031 2,852,470 (101,975,147) (42,382,919) - (41,096) (88,691) (77,205) - - 8,848,716 75,505, ,139,698 48,268, ,686,283 8

11 Statement Changes in the Number Shares (continued) For the Period from 1 April 2015 to 30 September 2015 Shares Outstanding at the Beginning the Period Shares Subscribed Shares Redeemed Shares Outstanding at the End the Period Private Bank Funds I - Access Balanced Fund (EUR)# Access Balanced Fund (EUR) A (acc) 3,182, , , ,144, Access Balanced Fund (EUR) A (inc) - 21, , Access Balanced Fund (EUR) B (acc) 1,043, , , ,029, Access Balanced Fund (EUR) C (acc) 2,122, , , ,951, Access Balanced Fund (EUR) D (acc) 16, , , Access Balanced Fund (EUR) Inst (acc) 1,455, , , ,458, Private Bank Funds I - Access Balanced Fund (GBP)# Access Balanced Fund (GBP) A (acc) 65, , , , Access Balanced Fund (GBP) A (inc) 36, , , , Access Balanced Fund (GBP) B (acc) 37, , , , Access Balanced Fund (GBP) B (inc) 50, , , Access Balanced Fund (GBP) C (acc) 109, , Access Balanced Fund (GBP) C (inc) 22, , , , Access Balanced Fund (GBP) D (acc) 36, , , Access Balanced Fund (GBP) D (inc) 44, , , Access Balanced Fund (GBP) Inst (acc) 258, , , , Access Balanced Fund (GBP) Inst (inc) 1,569, , , ,426, Private Bank Funds I - Access Balanced Fund (USD)# Access Balanced Fund (USD) A (acc) 5,798, , , ,828, Access Balanced Fund (USD) B (acc) 1,005, , , ,138, Access Balanced Fund (USD) C (acc) 1,348, , , ,282, Access Balanced Fund (USD) D (acc) 396, , Access Balanced Fund (USD) Inst (acc) 1,965, , , ,862, Private Bank Funds I - Access Conservative Fund (EUR)# Access Conservative Fund (EUR) A (acc) 2,633, , , ,680, Access Conservative Fund (EUR) B (acc) 1,080, , , , Access Conservative Fund (EUR) C (acc) 2,428, , , ,435, Access Conservative Fund (EUR) C (inc) 137, , , Access Conservative Fund (EUR) D (acc) 10, , , Access Conservative Fund (EUR) Inst (acc) 788, , , ,152, Access Conservative Fund (EUR) Inst (inc) 667, , , Private Bank Funds I - Access Conservative Fund (GBP)# Access Conservative Fund (GBP) B (inc) 10, , , Access Conservative Fund (GBP) D (acc) - 4, , Access Conservative Fund (GBP) Inst (inc) 100, , , , Private Bank Funds I - Access Conservative Fund (USD)# Access Conservative Fund (USD) A (acc) 2,030, , , ,265, Access Conservative Fund (USD) A (inc) - 29, , Access Conservative Fund (USD) B (acc) 573, , , , Access Conservative Fund (USD) C (acc) 1,528, , , ,400, Access Conservative Fund (USD) Inst (acc) 169, , , , Access Conservative Fund (USD) Inst (inc) * 101, , Private Bank Funds I - Access Growth Fund (GBP)# Access Growth Fund (GBP) Inst (inc) 47, , , Private Bank Funds I - Access Growth Fund (USD)# Access Growth Fund (USD) A (acc) 495, , , , Access Growth Fund (USD) D (inc) 36, , , , Access Growth Fund (USD) Inst (acc) 30, , , Access Growth Fund (USD) Inst (inc) 188, , , , Private Bank Funds I - Discretionary Fixed Income Government Fund# Discretionary Fixed Income Government Fund A (acc) 18, , , , Discretionary Fixed Income Government Fund A (acc) - USD (hedged) 35, , , Discretionary Fixed Income Government Fund A (inc) Discretionary Fixed Income Government Fund B (acc) 26, , , Discretionary Fixed Income Government Fund C (acc) 2,335, , , ,338, Discretionary Fixed Income Government Fund C (acc) - USD (hedged) 1,990, , ,073, ,071, Discretionary Fixed Income Government Fund C (inc) 15, , , , Discretionary Fixed Income Government Fund C (inc) - GBP (hedged) 114, , , Discretionary Fixed Income Government Fund C (inc) - USD (hedged) 104, , , , Private Bank Funds I - Islamic Global Dynamic Equity Fund# Islamic Global Dynamic Equity Fund (USD) A (acc) 129, , , Islamic Global Dynamic Equity Fund (USD) B (acc) 74, , , Islamic Global Dynamic Equity Fund (USD) C (acc) 444, , , Islamic Global Dynamic Equity Fund (USD) Inst (acc) 68, , , , Private Bank Funds I - Montes Excelsis Fund# Montes Excelsis Fund C (acc) - USD 1,738, ,738, # JPMorgan Private Bank Funds I was renamed Private Bank Funds I on 1 August As a result this change, Sub-Fund and Share Class names were also changed. See Note 1. * Share Class inactive as at the end the period. The accompanying notes form an integral part these Financial Statements. 9

12 Statistical Information (continued) Asset Value per Share in Share Class Currency 30 September March March 2014 Private Bank Funds I - Access Balanced Fund (EUR)# Access Balanced Fund (EUR) A (acc) Access Balanced Fund (EUR) A (inc) Access Balanced Fund (EUR) B (acc) Access Balanced Fund (EUR) C (acc) Access Balanced Fund (EUR) D (acc) Access Balanced Fund (EUR) Inst (acc) Private Bank Funds I - Access Balanced Fund (GBP)# Access Balanced Fund (GBP) A (acc) Access Balanced Fund (GBP) A (inc) Access Balanced Fund (GBP) B (acc) Access Balanced Fund (GBP) B (inc) Access Balanced Fund (GBP) C (acc) Access Balanced Fund (GBP) C (inc) Access Balanced Fund (GBP) D (acc) Access Balanced Fund (GBP) D (inc) Access Balanced Fund (GBP) Inst (acc) Access Balanced Fund (GBP) Inst (inc) Private Bank Funds I - Access Balanced Fund (USD)# Access Balanced Fund (USD) A (acc) Access Balanced Fund (USD) B (acc) Access Balanced Fund (USD) C (acc) Access Balanced Fund (USD) D (acc) Access Balanced Fund (USD) Inst (acc) Private Bank Funds I - Access Conservative Fund (EUR)# Access Conservative Fund (EUR) A (acc) Access Conservative Fund (EUR) B (acc) Access Conservative Fund (EUR) C (acc) Access Conservative Fund (EUR) C (inc) Access Conservative Fund (EUR) D (acc) Access Conservative Fund (EUR) Inst (acc) Access Conservative Fund (EUR) Inst (inc) Private Bank Funds I - Access Conservative Fund (GBP)# Access Conservative Fund (GBP) B (inc) Access Conservative Fund (GBP) D (acc) Access Conservative Fund (GBP) Inst (inc) Private Bank Funds I - Access Conservative Fund (USD)# Access Conservative Fund (USD) A (acc) Access Conservative Fund (USD) A (inc) Access Conservative Fund (USD) B (acc) Access Conservative Fund (USD) C (acc) Access Conservative Fund (USD) Inst (acc) Access Conservative Fund (USD) Inst (inc)* Private Bank Funds I - Access Growth Fund (GBP)# Access Growth Fund (GBP) Inst (inc) Private Bank Funds I - Access Growth Fund (USD)# Access Growth Fund (USD) A (acc) Access Growth Fund (USD) D (inc) Access Growth Fund (USD) Inst (acc) Access Growth Fund (USD) Inst (inc) Private Bank Funds I - Discretionary Fixed Income Government Fund# Discretionary Fixed Income Government Fund A (acc) Discretionary Fixed Income Government Fund A (acc) - USD (hedged) Discretionary Fixed Income Government Fund A (inc) Discretionary Fixed Income Government Fund B (acc) Discretionary Fixed Income Government Fund C (acc) Discretionary Fixed Income Government Fund C (acc) - USD (hedged) Discretionary Fixed Income Government Fund C (inc) Discretionary Fixed Income Government Fund C (inc) - GBP (hedged) Discretionary Fixed Income Government Fund C (inc) - USD (hedged) Private Bank Funds I - Islamic Global Dynamic Equity Fund# Islamic Global Dynamic Equity Fund (USD) A (acc) Islamic Global Dynamic Equity Fund (USD) B (acc) Islamic Global Dynamic Equity Fund (USD) C (acc) Islamic Global Dynamic Equity Fund (USD) Inst (acc) Private Bank Funds I - Montes Excelsis Fund# Montes Excelsis Fund C (acc) - USD # JPMorgan Private Bank Funds I was renamed Private Bank Funds I on 1 August As a result this change, Sub-Fund and Share Class names were also changed. See Note 1. * Share Class inactive as at the end the period. The accompanying notes form an integral part these Financial Statements. 10

13 Notes to the Unaudited Financial Statements 1. Organisation Private Bank Funds I (the SICAV ) is an investment company incorporated on 16 February 2006 for an unlimited period time. It is organised under Part I the amended Luxembourg Law 17 December 2010 on Undertakings for Collective Investment as a Société Anonyme qualifying as a Société d Investissement à Capital Variable (SICAV)., it comprises 11 Sub-Funds each relating to a separate investment portfolio consisting securities, cash and other instruments. On 16 February 2006, JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company. From 1 July 2011, JPMorgan Asset Management (Europe) S.à r.l. is acting as a Chapter 15 Management Company under the amended Luxembourg Law 17 December 2010 and complies with UCITS IV regulations. The SICAV is registered with the Registre de Commerce et des Sociétés Luxembourg, under number B Each Sub-Fund may contain A, B, C, D, Inst and X Classes Shares, which may differ in the minimum subscription amount, minimum holding amount and/or eligibility requirements, reference currency and the fees and expenses applicable to them. Within each Sub-Fund, individual Classes Shares may have a currency denomination that differs from the currency denomination the Sub-Fund. The currency denomination for each Class Share is indicated by a suffix to the Share Class name. With effect from 1 August 2015, JPMorgan Private Bank Funds I was renamed Private Bank Funds I. Its Sub-Funds and all their share classes have been renamed accordingly. 2. Significant Accounting Policies The Financial Statements are presented in accordance with Luxembourg regulations relating to Undertakings for Collective Investment. a) Investment Valuation The value securities and/or financial derivative instruments which are quoted or dealt in on any stock exchange shall be based on the latest available price on the relevant stock exchange. Securities and/or financial derivative instruments dealt in on another regulated market are valued on the basis the latest available price on such market. In the event that any the securities held in the SICAV s portfolio on the Valuation Date are not quoted or dealt in on a stock exchange or another Regulated Market, or for any such securities, no price quotation is available, or if the price as determined pursuant to sub-paragraph is not in the opinion the Directors representative the fair market value the relevant securities, the value such securities shall be determined based on the reasonably foreseeable sales price determined prudently and in good faith. Shares or Units in UCITS or other UCIS are valued at the latest available price or net asset value, as reported or provided by such undertakings or their agents. Liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner. The Financial Statements are presented on the basis the net asset values the Sub-Funds calculated on 30 September b) Swing Pricing A Sub-Fund may suffer dilution the Asset Value per Share due to investors buying or selling Shares in a Sub-Fund at a price that does not reflect the dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows. In order to counter this impact, a Swing Pricing mechanism may be adopted to protect the interests Shareholders the SICAV. If on any Valuation Day, the aggregate net transactions in Shares a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodic basis by the Management Company, the Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively. The net inflows and net outflows will be determined by the Management Company based on the latest available information at the time calculation the Asset Value per Share. The Swing Pricing mechanism may be applied to Private Bank Funds I- Discretionary Fixed Income Government Fund and Private Bank Funds I- Islamic Global Dynamic Equity Fund. The extent the price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 2 the original Asset Value per Share. The price adjustment applicable to a specific Sub-Fund is available on request from the Management Company at its registered fice. Similarly, in order to protect the interests Shareholders in a Sub-Fund that is being merged, the Management Company may adjust the final Asset Value per Share the merging Sub-Fund, or make other appropriate adjustments in order to neutralise for the Sub-Fund being merged, the impact any pricing adjustment made through the swing pricing mechanism in the absorbing Sub-Fund as a result cash inflows or outflows in the absorbing Sub-Fund on the merger date. As at the end the period, no swing adjustment has been applied. c) Realised and Unrealised Gains and Losses on Investments Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investment schemes, transactions are accounted for on receipt the trade confirmation from the underlying transfer agents. Realised gains and losses on sales investments are calculated on the average book cost. The associated foreign exchange movement between the date purchase and date sale investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings investments are calculated on the total book cost and include the associated unrealised gains and losses on foreign exchange. d) Conversion Foreign Currencies The books and records each Sub-Fund are denominated in the base currency the corresponding Sub-Fund. Amounts denominated in other currencies are translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are converted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales foreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates such transactions. realised and unrealised gains or losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding foreign currencies and instruments; (ii) gains and losses between trade date and settlement date on securities transactions and forward currency exchange contracts; and (iii) gains and losses arising from the difference between amounts dividends and interest recorded and the amounts actually received. The resulting gains and losses on translation are included in Realised Gain/(Loss) on Foreign Exchange in the Combined Statement Operations and Changes in Assets. The reference currency the combined statements is USD. 11

14 Notes to the Unaudited Financial Statements (continued) The principal exchange rates applied as at 30 September 2015 are as follows: 1 USD = EUR 1 USD = GBP e) Income Recognition Interest income is accrued daily and includes the amortisation premiums and accretion discounts, where applicable. Bank interest income is recognised on an accrual basis, except for Private Bank Funds I- Islamic Global Dynamic Equity Fund, which is not allowed to be charged with debit interest nor allowed to receive credit interest. Dividend income is accrued on the ex-dividend date. This income is shown net any withholding taxes and adjusted accordingly when tax reclaims apply. Dividends concerning Private Bank Funds I- Islamic Global Dynamic Equity Fund are subject to a cleansing process explained in Note 12. f) Forward Currency Exchange Contracts Unrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement Operations and Changes in Assets under Change in Unrealised Gain/(Loss) on Forward Currency Exchange Contracts. When a contract is closed, the Realised Gain/(Loss) is recorded under Realised Gain/(Loss) on Forward Currency Exchange Contracts in the Combined Statement Operations and Changes in Assets. Unrealised Gains or Losses are recorded under Unrealised Gain/(Loss) on Forward Currency Exchange Contracts in the Combined Statement Assets. g) Financial Futures Contracts on Securities and Indices Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value the contracts are recognised as unrealised gains and losses by marking-to-market on a daily basis to reflect the market value the contracts at the end each business day s trading. Variation margin payments are made or received on a daily basis, depending upon whether losses or gains are incurred. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost, the closing transaction and the initial cost the contract in Realised Gain/(Loss) on Financial Futures Contracts in the Combined Statement Operations and Changes in Assets. Unrealised gains or losses are recorded under Unrealised Gain/(Loss) on Financial Futures Contracts in the Combined Statement Assets. Daily margin calls are recorded under Realised Gain/(Loss) on Financial Futures Contracts in the Combined Statement Operations and Changes in Assets. 3. Fees and Expenses a) Annual Management and Advisory Fees The SICAV pays to the Management Company an annual management fee calculated as a percentage the average daily net assets each Sub-Fund or Share Class under its management (Annual Management and Advisory Fee). The Annual Management and Advisory Fee is accrued daily and payable monthly in arrears at the rate specified in Appendix III the Prospectus. Subject to the investment restrictions described in the Prospectus, Sub-Funds may invest in UCITS, other UCIs and closed ended investment undertakings qualifying as transferable securities within the meaning UCITS rules including investment trusts (the Undertakings ) managed by the Management Company, the Investment Managers or any other member JPMorgan Chase & Co. In accordance with section 5 d) Appendix II - Investment Restrictions and Powers the Prospectus, no double-charging fees will occur with the exception performance fees. The avoidance a double-charge the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net assets on which the Annual Management and Advisory Fee are calculated or b) investing in Undertakings via Classes that do not accrue an Annual Management and Advisory Fee or other equivalent fees payable to the relevant Investment Manager s group; or c) the Annual Management and Advisory Fee being netted f by a rebate to the SICAV or Sub-Fund the annual management and advisory fee (or equivalent) charged to the underlying Undertakings; or d) charging only the difference between the Annual Management and Advisory Fee the SICAV or Sub-Fund as per Appendix III the Prospectus and the Annual Management and Advisory Fee (or equivalent) charged to the Undertakings. Where a Sub-Fund invests in Undertakings managed by investment managers which are not members JPMorgan Chase & Co. group, the Annual Management and Advisory Fee, as specified in Appendix III the Prospectus, may be charged regardless any fees reflected in the price the shares or units the Undertakings., the Sub-Funds (except Private Bank Funds I- Islamic Global Dynamic Equity Fund) invested in institutional share classes (bearing no management fees) UCITS managed by members JPMorgan Chase & Co. The Management Company absorbs any difference that may arise between the actual fees and expenses related to the operations the SICAV and the fixed percentage as set out in the Appendix. Such differences are presented in the Financial Statements as Fee Waiver. To the extent that these fees and expenses are less than the fixed percentage, the excess is paid to the Investment Manager and included within Management and Advisory Fees. The fixed annual rates fees for each class shares are shown in the Appendix. b) Performance Fees For certain Sub-Funds within the Fund, the Management Company is entitled to receive a performance fee ( Performance Fee as defined in Appendix V - Calculation Performance Fees the Prospectus) in addition to other fees and expenses. The Management Company is entitled to a Performance Fee if, in any accounting year, the performance each relevant Sub-Fund exceeds the return from the performance fee benchmark during the same period, subject to the operation a High Water Mark. The Performance Fee mechanism, Performance Fee Rate (as defined in Appendix V - Calculation Performance Fees the Prospectus) and the performance fee benchmarks are specified in Appendix III - Sub-Fund Details the Prospectus for each relevant Sub-Fund. Full details on how the Performance Fee is accrued and charged appear under Appendix V - Calculation Performance Fees the Prospectus. Where any the underlying UCITS or UCIs into which a Sub-Fund invests charges a performance fee, such fee will be reflected in the Asset Value per Share the relevant Sub-Fund. Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Managers or any other member JPMorgan Chase & Co. which may charge performance fees. As a result, there may be double-charging performance fees where a Sub-Fund which charges a Performance Fee invests in a UCITS or UCI that also charges a performance fee. For the period, no performance fee was applied. c) Operating and Administrative Expenses The SICAV bears all its ordinary operating and administrative expenses at the rates set out in Appendix III - Sub-Fund Details the Prospectus ( Operating and Administrative Expenses ) to meet all fixed and variable costs, charges, fees and other expenses incurred in the operation and administration the SICAV from time to time. The Operating and Administrative Expenses are calculated as a percentage the average daily net assets each Sub-Fund or Share Class. They are accrued daily and payable monthly in arrears at a maximum rate as specified in the relevant section Appendix III Sub-Fund Details the Prospectus. 12

15 Notes to the Unaudited Financial Statements (continued) The Operating and Administrative Expenses cover: a) Expenses directly contracted by the SICAV, including but not limited to the Custodian fees, auditing fees and expenses, the Luxembourg taxe d abonnement, Directors fees (no fees will be paid to Directors who are also directors or employees JPMorgan Chase & Co.) and reasonable out--pocket expenses incurred by the Directors. b) A fund servicing fee paid to the Management Company for administrative and related services which will be the remaining amount the Operating and Administrative Expenses after deduction the expenses detailed under section a) above. The Management Company then bears all expenses incurred in the day to day operation and administration the SICAV, including but not limited to formation expenses such as organisation and registration costs; accounting expenses covering fund accounting and administration services; transfer agency expenses covering registrar and transfer agency services; the Administrative Agent and Domiciliary Agent services; the fees and reasonable out--pocket expenses the paying agents and representatives; legal fees and expenses; ongoing registration, listing and quotation fees, including translation expenses; the cost postage, telephone, facsimile transmission and other electronic means communication; and the costs and expenses preparing, printing, and distributing the SICAV s Prospectus, Key Investor Information Documents or any fering document, financial reports and other documents made available to Shareholders. Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses. The SICAV s formation expenses and the expenses relating to the creation new Sub-Funds may be capitalised and amortised over a period not exceeding five years, as permitted by Luxembourg law. The Operating and Administrative Expenses borne by the A, B and D Share Classes are set at a fixed rate specified in Appendix III Sub-Fund Details the Prospectus. Unless otherwise stated in Appendix III -Sub-Fund Details the Prospectus, the Operating and Administrative Expenses borne by the C, Inst and X Share Classes will be the lower the actual expenses incurred by the SICAV and the maximum rate detailed in Appendix III Sub-Fund Details the Prospectus. The Management Company will bear any Operating and Administrative Expenses which exceed the rate specified in Appendix III Sub-Fund Details the Prospectus. 4. Transactions with Connected Parties All transactions with connected parties were carried out on an arm s length basis. J.P. Morgan Chase & Co. and its affiliates are counterparties for certain forward currency exchange contracts and financial futures contracts. The Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent, Investment Managers, Custodian, Corporate and Administrative Agent and other related Agents the SICAV are considered as connected parties as they are affiliated entities JPMorgan Chase & Co.. In addition Elvinger, Hoss & Prussen ( which Mr Jacques Elvinger who is Chairman the Board the Directors the SICAV, is a partner) is compensated for legal services to the SICAV. 5. Dividend Policy Classes Shares with the suffix (inc) may pay dividends. Those Classes Shares with the suffix (acc) will not normally pay dividends. During the period from 1 April 2015 to 30 September 2015, the SICAV paid dividends as follows: Class Currency Dividend Amount per Share Payment Date Access Balanced Fund (GBP) A (inc) GBP /06/2015 Access Balanced Fund (GBP) B (inc) GBP /06/2015 Access Balanced Fund (GBP) C (inc) GBP /06/2015 Access Balanced Fund (GBP) D (inc) GBP /06/2015 Access Balanced Fund (GBP) Inst (inc) GBP /06/2015 Access Conservative Fund (EUR) C (inc) EUR /06/2015 Access Conservative Fund (EUR) Inst (inc) EUR /06/2015 Access Conservative Fund (GBP) B (inc) GBP /06/2015 Access Conservative Fund (GBP) Inst (inc) GBP /06/2015 Access Conservative Fund (USD) Inst (inc) USD /06/2015 Access Growth Fund (GBP) Inst (inc) GBP /06/2015 Access Growth Fund (USD) D (inc) USD /06/2015 Access Growth Fund (USD) Inst (inc) USD /06/2015 Discretionary Fixed Income Government Fund A (inc) EUR /06/2015 Discretionary Fixed Income Government Fund C (inc) EUR /06/2015 Discretionary Fixed Income Government Fund C (inc) - GBP (hedged) GBP /06/2015 Discretionary Fixed Income Government Fund C (inc) - USD (hedged) USD /06/ Taxation Under current law and practice, the SICAV is not subject to any taxes in Luxembourg on income or capital gains, nor are dividends distributed by the SICAV liable to any withholding tax. The only tax to which the SICAV in Luxembourg is subject is the subscription tax, ( taxe d abonnement ) up to a rate 0.05 per annum based on the net asset value attributed to each Share Class at the end the relevant quarter, calculated and paid quarterly. A reduced tax rate 0.01 per annum the net assets will be applicable to Share Classes as identified in the Appendix the Prospectus. The 0.01 and 0.05 rates described above, as appropriate, are not applicable for the portion the assets the SICAV invested in other Luxembourg collective investment undertakings which are themselves already subject to the taxe d abonnement. No stamp duty or other tax is payable on the issue shares in the SICAV in the Grand Duchy Luxembourg. No tax is payable on realised or unrealised capital appreciation the assets the SICAV in the Grand Duchy Luxembourg. Although the SICAV s realised capital gains, whether short or long-term, are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. The regular income the SICAV from some its securities, as well as interest earned on cash deposits in certain countries, may be subject to withholding taxes at varying rates, which normally cannot be recovered. 13

16 Notes to the Unaudited Financial Statements (continued) 7. Statement Changes in Investments A list, specifying for each investment within the existing Sub-Funds the total purchases and sales which occurred during the financial period, may be obtained free charge upon request at the registered fice the SICAV. Additional information on investments within that Sub-Fund s portfolio is available to Shareholders at the registered fice the SICAV. 8. Value Financial Instruments and Associated Risks The SICAV entered into forward currency exchange contracts and financial futures contracts which, to varying degrees, represent a market risk in excess the amount reflected on the Combined Statement Assets. The amount the contracts represents the extent the SICAV s participation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, and security values underlying these instruments. Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value the contracts may not directly correlate with changes in the value the underlying currencies, indices, or securities, or that the counterparty to a contract defaults on its obligation to perform under the terms the contract. 9. Commission Sharing Arrangements The Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients the Investment Managers, including the SICAV, and where the Investment Managers are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests the SICAV and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certain Investment Managers may make use st commission to pay for research or execution services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations. 10. Information for German Registered Shareholders A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial period, may be obtained free charge upon request at the registered fice the SICAV and at the fice the German paying and information agent, J.P. Morgan AG, Junghstraße 14, D Frankfurt am Main. Additional information on investments within each Sub-Fund s portfolio is available to shareholders at the registered fice the SICAV and at the fice the German paying and information agent. 11. Information for Swiss Registered Shareholders J.P. Morgan (Suisse) S.A. was authorised by the Swiss Financial Market Supervisory Authority (FINMA) as Swiss representative the SICAV and acts also as paying agent. The prospectus, the Key Investor Information Documents, the articles, the annual and semi-annual reports the SICAV, as well as a list the purchases and sales which the SICAV has undertaken during the financial period may be obtained, on simple request and free charge, at the head fice the Swiss representative the SICAV, J.P. Morgan (Suisse) S.A., 8, rue de la Confédération, CH-1204 Geneva, Switzerland. Trailer fee payments/compensations can be paid out from the management fee for the distribution/marketing the investment fund to distributors. Reimbursements/rebates can be granted out the management fee to institutional investors who hold the Sub-Fund shares for the economic benefit third parties. 12. Income Cleansing The Private Bank Funds I - Islamic Global Dynamic Equity Fund invests in a diversified portfolio equity securities within the Dow Jones Islamic Market World Index (the Islamic Index ). The Islamic Index was established in accordance with the Dow Jones Indexes s methodology and the Islamic investment guidelines set by the Islamic Index s Shari ah Supervisory Board. The Islamic Index is constructed from the universe the pool stocks contained in the Dow Jones Global Indexes. The components for the Islamic Index are selected by filtering this index universe through screens for business activities and financial ratios to remove stocks that are not suitable for Islamic investment purposes. The impure income cleansing is done quarterly upon receipt the impure income information provided by the Islamic Index. The Asset Value the Sub-Fund is adjusted to take into account the portion impure income received on the investments the Sub-Fund. 13. Directors Fees The only remuneration paid to Directors is an annual fee. This was waived by Mr Benoit Dumont. The total Directors fees for the period amounted to EUR 23,435 which EUR 8,312 was due to the Chairman. 14. Transaction Costs For the period from 1 April 2015 to 30 September 2015, the SICAV incurred transaction costs which have been defined as brokerage fees relating to purchase or sale transferable securities, derivatives (except OTC derivatives) or other eligible assets. The SICAV also incurred transaction costs charged by the custodian agent and relating to purchase and sale transferable securities as follows: Sub-Fund Base Currency Custodian Transaction Costs and Brokerage Fees (Base Currency) Private Bank Funds I - Access Balanced Fund (EUR) EUR 130,603 Private Bank Funds I - Access Balanced Fund (GBP) GBP 30,720 Private Bank Funds I - Access Balanced Fund (USD) USD 170,913 Private Bank Funds I - Access Conservative Fund (EUR) EUR 61,697 Private Bank Funds I - Access Conservative Fund (GBP) GBP 2,988 Private Bank Funds I - Access Conservative Fund (USD) USD 39,551 Private Bank Funds I - Access Growth Fund (GBP) GBP 3,736 Private Bank Funds I - Access Growth Fund (USD) USD 21,299 Private Bank Funds I - Discretionary Fixed Income Government Fund EUR 13,883 Private Bank Funds I - Islamic Global Dynamic Equity Fund USD 52,190 Private Bank Funds I - Montes Excelsis Fund USD 12,877 14

17 Notes to the Unaudited Financial Statements (continued) 15. Significant Events during the Period a) Change in SICAV, Sub-Fund and Share Class Names With effect from 1 August 2015, JPMorgan Private Bank Funds I was renamed Private Bank Funds I. Its Sub-Funds and all their share classes have been renamed accordingly. b) Other Information Following a decision by the Board on 17 December 2014, with effect from 1 April 2015 the Annual Management and Advisory fees Private Bank Funds I- Access Balanced Fund (GBP) were changed to align with other Access Balanced Sub-Funds. With effect from 1 April 2015, the Management Company stopped the accrual performance fees on the following Sub-Funds: - Private Bank Funds I - Access Balanced Fund (GBP); - Private Bank Funds I - Access Conservative Fund (EUR); - Private Bank Funds I - Access Conservative Fund (USD). The SICAV s prospectus was amended to indicate this change. 16. Events after the Period a) Changes to Sub-Fund Benchmark Indices With effect from 1 October 2015, benchmark indices the following Sub-Funds were changed: Sub-Fund Old Benchmark New Benchmark Private Bank Funds I - Access Balanced Fund (EUR) Private Bank Funds I - Access Balanced Fund (GBP) Private Bank Funds I - Access Balanced Fund (USD) Private Bank Funds I - Access Conservative Fund (EUR) Private Bank Funds I - Access Conservative Fund (GBP) Private Bank Funds I - Access Conservative Fund (USD) Private Bank Funds I - Access Growth Fund (GBP) Private Bank Funds I - Access Growth Fund (USD) MSCIWorld Index Local Currency (Total Return ) (45) / Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to EUR (35) / EONIA (15) / Bloomberg Commodity Index Total Return (5) MSCIWorld Index Local Currency (Total Return ) (50) / Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to GBP (30) / 1 Week GBP LIBID (15) / Bloomberg Commodity Index Total Return (5) MSCIWorld Index (Total Return ) (45) / Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to USD (35) / ICE Overnight USD LIBOR (15) / Bloomberg Commodity Index Total Return (5) Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to EUR (60) / MSCIWorld Index Local Currency (Total Return ) (20) / EONIA (15) / Bloomberg Commodity Index Total Return (5) MSCIWorld Index Local Currency (Total Return ) (30)/ Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to GBP (50)/ 1 Week GBP LIBID (15)/ Bloomberg Commodity Index Total Return (5) Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to USD (60) / MSCI World Index (Total Return ) (20) / ICE Overnight USD LIBOR (15) / Bloomberg Commodity Index Total Return (5) MSCIWorld Index Local Currency (Total Return ) (70)/ Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to GBP (10) / 1 Week GBP LIBID (15)/ Bloomberg Commodity Index Total Return (5) MSCIWorld Index (Total Return ) (70) / Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to USD (10) / ICE Overnight USD LIBOR (15) / Bloomberg Commodity Index Total Return (5) MSCIWorld Index Local Currency (Total Return ) (45) / Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to EUR (35) / EONIA (5) / Bloomberg Commodity Index Total Return (5) / HFRX Global Hedge Fund Index USD Hedged to EUR (10) MSCIWorld Index Local Currency (Total Return ) (50) / Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to GBP (30) / 1 Week GBP LIBID (5) / Bloomberg Commodity Index Total Return (5) / HFRX Global Hedge Fund Index USD Hedged to GBP (10) MSCIWorld Index (Total Return ) (45) / Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to USD (35) / ICE Overnight USD LIBOR (5) / Bloomberg Commodity Index Total Return (5) / HFRX Global Hedge Fund USD Index (10) Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to EUR (60) / MSCIWorld Index Local Currency (Total Return ) (20) / EONIA (5) / Bloomberg Commodity Index Total Return (5) / HFRX Global Hedge Fund Index USD Hedged to EUR (10) MSCIWorld Index Local Currency (Total Return ) (30) / Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to GBP (50) / 1 Week GBP LIBID (5) / Bloomberg Commodity Index Total Return (5) / HFRX Global Hedge Fund Index USD Hedged to GBP (10) Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to USD (60) / MSCI World Index (Total Return ) (20) / ICE Overnight USD LIBOR (5) / Bloomberg Commodity Index Total Return (5) / HFRX Global Hedge Fund USD Index (10) MSCIWorld Index Local Currency (Total Return ) (70) / Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to GBP (10) / 1 Week GBP LIBID (5) / Bloomberg Commodity Index Total Return (5) / HFRX Global Hedge Fund Index USD Hedged to GBP (10) MSCIWorld Index (Total Return ) (70) / Barclays Global Aggregate 1-10 Year ex-japan Index (Total Return Gross) Hedged to USD (10) / ICE Overnight USD LIBOR (5) / Bloomberg Commodity Index Total Return (5) / HFRX Global Hedge Fund USD Index (10) b) Sub-Fund Launches and Merger On 14 October 2015, Private Bank Funds I - Dynamic Multi-Asset Fund (EUR) and Private Bank Funds I - Dynamic Multi-Asset Fund (USD) were launched. On 9 November 2015, Private Bank Funds I- Blue and Green Fund was launched. On the same date, JPMorgan Investment Funds - Blue and Green Fund, a Sub-Fund JPMorgan Investment Funds, merged into Private Bank Funds - Blue and Green Fund. 15

18 - Access Balanced Fund (EUR) (formerly JPMorgan Private Bank Funds I - Access Balanced Fund (EUR)) Schedule Investments Investments Currency Quantity/ Nominal Market Value Value EUR Assets Investments Currency Quantity/ Nominal Market Value Value EUR Assets Transferable securities and money market instruments dealt in on another regulated market Bonds United Kingdom HSBC Bank plc 0 30/10/2015 USD 13,250,000 9,394, Exchange Traded Funds Germany ishares Diversified Commodity Swap Fund DE USD 940,271 18,649, ,649, ,394, Ireland ishares Core S&P 500 Fund USD 586,355 92,942, Total Bonds 9,394, ishares MSCI USA Small Cap Fund USD 87,567 17,308, Vanguard S&P 500 Fund USD 2,319,041 75,559, Total Transferable securities and money market instruments 9,394, dealt in on another regulated market 185,810, Units authorised UCITS or other collective investment undertakings Luxembourg db x-trackers EURO STOXX 50 Fund DR - Collective Investment Schemes - UCITS Ireland FundLogic Alternatives plc - MS PSAM Global Event Fund I EUR GAM Star Fund plc - Global Rates Fund EUR 6,293 7,092, D Total Exchange Traded Funds EUR 1,189,041 38,492,824 38,492, ,952, EUR ACC EUR 1,175,126 14,430, Total Units authorised UCITS or other collective investment GLG Investments plc - GLG Japan undertakings 878,155, CoreAlpha Equity Fund I JPY JPY 128,030 16,235, Fund F EUR Marshall Wace UCITS Fund plc - MW TOPS EUR 184,767 23,851, Total Investments 887,549, Nomura Funds Ireland - Japan Strategic Value Fund I JPY JPY 281,026 36,268, Cash 70,565, TT International Funds plc - TT Europe Ex-UK Equity Fund C EUR EUR 1,787,084 29,738, Other Assets/(Liabilities) (1,061,742) (0.11) Vanguard Investment Series plc - Japan Stock Index Fund Institutional Plus JPY JPY 123,512 10,819, Total Assets 957,053, ,435, Luxembourg Alken Fund - European Opportunities Fund R Accumulation EUR EUR 92,959 18,467, BlackRock Global Funds - US Dollar High Yield Bond Fund I2 EUR HEDGED EUR 4,693,183 44,585, BlackRock Strategic Funds - Emerging Markets Absolute Return Fund I2 EUR H EUR 54,184 5,246, BlueBay Funds - BlueBay Investment Grade Absolute Return Bond Fund S EUR EUR 158,532 15,667, BlueBay Funds - BlueBay Investment Grade Bond Fund B-EUR EUR 84,777 14,268, DB Platinum IV - DB Platinum IV Systematic Alpha Fund I1C-E EUR 90,890 12,123, Edgewood L Select - US Select Growth Fund I USD Z USD 203,715 23,546, Henderson Gartmore Fund - United Kingdom Absolute Return Fund G EUR Acc (hedged) EUR 1,943,742 10,412, HSBC Global Investment Funds - GEM Debt Total Return Fund L1CH EUR EUR 1,260,815 12,851, JPMorgan Funds - Aggregate Bond Fund - JPM Aggregate Bond X (acc) - EUR (hedged) EUR 902,947 71,657, JPMorgan Funds - Global Corporate Bond Fund - JPM Global Corporate Bond X (acc) - EUR (hedged) EUR 319,428 26,985, JPMorgan Funds - Managed Reserves Fund - JPM Managed Reserves Fund X (acc) - EUR (hedged) EUR 732 5,128, JPMorgan Funds - Systematic Alpha Fund - JPM Systematic Alpha X (acc) - EUR EUR 57,420 6,869, JPMorgan Funds - US Select Equity Plus Fund - JPM US Select Equity Plus X (acc) - USD USD 2,765,546 43,976, JPMorgan Investment Funds - Europe Select Equity Fund - JPM Europe Select Equity X (acc) - EUR EUR 319,948 54,746, JPMorgan Liquidity Funds - Euro Liquidity Fund - JPM Euro Liquidity X (acc) EUR 1,107 15,554, Melchior Selected Trust - European Absolute Return Fund I1 EUR EUR 135,474 16,154, Nordea 1 SICAV - European High Yield Bond Fund BI-EUR EUR 1,121,609 34,085, Nordea 1 SICAV - US Total Return Bond Fund HBI-EUR EUR 162,662 13,761, Robeco Capital Growth Funds, SICAV - Robeco US Large Cap Equities Fund I USD USD 227,547 35,852, T Rowe Price Funds SICAV - US Smaller Companies Equity Fund I USD 407,328 14,826, Related Party Fund Geographic Allocation Portfolio as at 30 September 2015 Assets (Unaudited) Luxembourg Ireland Germany 1.95 United Kingdom 0.98 Total Investments Cash and Other Assets/(Liabilities) 7.26 Total Geographic Allocation Portfolio as at 31 March 2015 Assets Luxembourg Ireland United States America 3.49 Germany 2.48 United Kingdom 2.44 Total Investments Cash and Other Assets/(Liabilities) 3.47 Total ,767, Total Collective Investment Schemes - UCITS 635,202,

19 - Access Balanced Fund (EUR) (formerly JPMorgan Private Bank Funds I - Access Balanced Fund (EUR)) Schedule Investments Forward Currency Exchange Contracts Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty Unrealised Gain/(Loss) EUR Assets EUR 64,770,135 JPY 8,680,500,000 03/12/2015 Standard Chartered (149,525) (0.01) EUR 245,079,197 USD 274,033,000 03/12/2015 HSBC (168,958) (0.02) Unrealised Loss on Forward Currency Exchange Contracts (318,483) (0.03) 17

20 - Access Balanced Fund (GBP) (formerly JPMorgan Private Bank Funds I - Access Balanced Fund (GBP)) Schedule Investments Investments Currency Quantity/ Nominal Market Value Value GBP Assets Investments Currency Quantity/ Nominal Market Value Value GBP Assets Transferable securities and money market instruments dealt in on another regulated market Bonds United Kingdom HSBC Bank plc 0 30/10/2015 USD 3,310,000 1,729, ,729, Total Bonds 1,729, Total Transferable securities and money market instruments dealt in on another regulated market 1,729, Units authorised UCITS or other collective investment undertakings Collective Investment Schemes - AIF Ireland Muzinich Short Duration High Yield Fund Hedged GBP Income S GBP 33,226 3,086, Robeco Capital Growth Funds, SICAV - Robeco US Large Cap Equities Fund IE GBP GBP 52,231 8,021, T Rowe Price Funds SICAV - US Smaller Companies Equity Fund I USD 134,925 3,619, ,497, United Kingdom Majedie Asset Management Investment Fund Co. - Majedie UK Equity Fund X Acc GBP 3,356,476 4,640, ,640, Total Collective Investment Schemes - UCITS 133,359, Exchange Traded Funds Germany ishares Diversified Commodity Swap Fund DE USD 278,781 4,074, ,086, ,074, Total Collective Investment Schemes - AIF 3,086, Ireland ishares Core S&P 500 Fund USD 241,937 28,260, Collective Investment Schemes - UCITS Ireland Vanguard S&P 500 Fund ishares MSCI USA Small Cap Fund USD USD 749,570 30,042 4,375,849 17,997, FundLogic Alternatives plc - MS PSAM Global Event Fund IGBP GBP 1,845 2,022, ,633, GAM Star Fund plc - Global Rates Fund Luxembourg GBP INC GBP 2,347,598 2,925, db x-trackers EURO STOXX 50 Fund DR - GLG Investments plc - GLG Japan 1D EUR 300,404 7,166, CoreAlpha Equity Fund I JPY JPY 40,170 3,753, Marshall Wace UCITS Fund plc - MW TOPS Fund F GBP GBP 36,772 4,870, ,166, Japan Strategic Nomura Funds Ireland Value Fund I JPY JPY 82,374 7,834, Total Exchange Traded Funds 61,874, Vanguard Investment Series plc - Japan TT International Funds plc - TT Europe Ex-UK Equity Fund C EUR EUR 600,874 7,368, Total Units authorised UCITS or other collective investment undertakings 198,320, Stock Index Fund Institutional Plus JPY JPY 37,882 2,445, Total Investments 200,049, ,220, Cash 17,767, Luxembourg Alken Fund - European Opportunities Other Assets/(Liabilities) (672,633) (0.31) Fund U Distribution EUR EUR 33,542 3,811, BlackRock Global Funds - US Dollar High Total Assets 217,144, Yield Bond Fund I4RF GBP Hedged GBP 635,713 5,784, Grade Bond Fund D - GBP BlueBay Funds - BlueBay Investment GBP 40,293 4,993, DB Platinum IV - DB Platinum IV Systematic Alpha Fund I1C - G GBP 19,255 2,387, Related Party Fund Edgewood L Select - US Select Growth Fund I USD Z USD 55,205 4,702, Geographic Allocation Portfolio as at 30 September 2015 Assets Henderson Gartmore Fund - United (Unaudited) Kingdom Absolute Return Fund G GBP Dist GBP 435,772 2,345, Luxembourg HSBC Global Investment Funds - GEM Ireland Debt Total Return Fund N1CH GBP GBP 242,675 2,537, United Kingdom 2.94 JPMorgan Funds - Aggregate Bond Fund - Germany 1.87 JPM Aggregate Bond X (dist) - GBP (hedged) GBP 185,403 11,689, Total Investments Cash and Other Assets/(Liabilities) JPMorgan Funds - Global Corporate Bond Fund - JPM Global Corporate Bond X (dist) - GBP (hedged) GBP 97,080 5,986, Total JPMorgan Funds - Managed Reserves Fund - JPM Managed Reserves Fund X (dist) - GBP (hedged) GBP 58,323 3,459, JPMorgan Funds - Systematic Alpha Fund Geographic Allocation Portfolio as at 31 March 2015 Assets - JPM Systematic Alpha X (dist) - GBP Luxembourg (hedged) GBP 28,702 2,650, Ireland JPMorgan Funds - US Select Equity Plus Fund - JPM US Select Equity Plus X (dist) - United Kingdom 4.01 USD USD 108,955 10,208, United States America 2.97 JPMorgan Investment Funds - Europe Jersey 2.48 Select Equity Fund - JPM Europe Select Equity X (dist) - EUR EUR 144,538 11,991, Total Investments Cash and Other Assets/(Liabilities) Melchior Selected Trust - European Absolute Return Fund I7 GBP (Hedged) GBP 35,891 4,290, Total Nordea 1 SICAV - European High Yield Bond Fund HAI-GBP GBP 660,295 5,995, Nordea 1 SICAV - US Total Return Bond Fund HAI-GBP GBP 46,767 3,022,