Société d Investissement à Capital Variable (SICAV) Semi-Annual … · 2019-06-05 · Société d Investissement à Capital Variable (SICAV) Semi-Annual Review and Unaudited Financial

The Jupiter Global FundSociété d’Investissement à Capital Variable (SICAV)

Semi-Annual Review and Unaudited Financial Statements

For the six month period ended 31 March 2019

R.C.S. B 110.737R.C.S. B 110.737

3

THE JUPITER GLOBAL FUND

Contents

Contents Investment Objectives 4

Management, Administration and Independent Auditor 6

Board of Directors’ Report 8

Statement of Net Assets 10

Statement of Operations and Changes in Net Assets 15

Statement of Changes in Shares Issued 20

Statistical Information 26

Schedule of Investments■ Jupiter Asia Pacific Income 33■ Jupiter China Select 36■ Jupiter Dynamic Bond 39■ Jupiter Europa (1) 56■ Jupiter European Feeder (1) 68■ Jupiter European Growth 69■ Jupiter European Opportunities 72■ Jupiter Eurozone Equity (1) 76■ Jupiter Financial Innovation (2) 79■ Jupiter Flexible Income (1) 84■ Jupiter Global Absolute Return (1) 100■ Jupiter Global Convertibles 112■ Jupiter Global Ecology Diversified (1) 119■ Jupiter Global Ecology Growth 128■ Jupiter Global Emerging Markets Corporate Bond (1) 132■ Jupiter Global Emerging Markets Equity Unconstrained 141■ Jupiter Global Emerging Markets Short Duration Bond 145■ Jupiter Global Levered Absolute Return (1) 154■ Jupiter Global Value 165■ Jupiter India Select 168■ Jupiter Japan Select 172■ Jupiter New Europe 174■ Jupiter Strategic Total Return (1) 178■ Jupiter US Equity Long Short (1), (3) 188

Notes to the Financial Statements 192

Additional Information 209

Information for investors in Hong Kong 210

Subscriptions cannot be received on the basis of this report. Subscriptions can only be accepted on the basis of the current prospectus accompanied by the key investor information document or (for Hong Kong investors) key fact statements of the respective funds, supplemented by the latest annual report and semi-annual report if published thereafter.

(1) This Fund is not authorised in Hong Kong and not available to Hong Kong residents.(2) Jupiter Global Financials was renamed ‘Jupiter Financial Innovation’ on 3 December 2018.(3) Jupiter US Equity Long Short was launched on 10 October 2018.

4


Investment Objectives

The Jupiter Global Fund – Jupiter Asia Pacific Income (‘Jupiter Asia Pacific Income’)

The investment objective of Jupiter Asia Pacific Income is to achieve long-term capital growth and income by investing primarily in quoted companies in any economic sector involved directly or indirectly in the Asian and Pacific Region (excluding Japan).

The Jupiter Global Fund – Jupiter China Select (‘Jupiter China Select’)

The investment objective of Jupiter China Select is to achieve long-term capital growth by investing in companies in any economic sector involved directly or indirectly in Greater China.

The Jupiter Global Fund – Jupiter Dynamic Bond(‘Jupiter Dynamic Bond’)

The investment objective of Jupiter Dynamic Bond is to achieve a high income with the prospect of capital growth from a portfolio of investments in global fixed interest securities.

The Jupiter Global Fund – Jupiter Europa (‘Jupiter Europa’)

The investment objective of Jupiter Europa is to generate positive long-term returns across varying market conditions principally from a portfolio of investments in European equities and equity related securities.

The Jupiter Global Fund – Jupiter European Feeder (‘Jupiter European Feeder’)

The investment objective of Jupiter European Feeder is to achieve long-term capital growth principally through investment in the Jupiter European Master Fund.

The Jupiter Global Fund – Jupiter European Growth (‘Jupiter European Growth’)

The investment objective of Jupiter European Growth is to achieve long-term capital growth by exploiting special investment opportunities in Europe.

The Jupiter Global Fund – Jupiter European Opportunities (‘Jupiter European Opportunities’)

The investment objective of Jupiter European Opportunities is to achieve long-term capital growth from investments in companies quoted on a European Stock Exchange.

The Jupiter Global Fund –Jupiter Eurozone Equity(‘Jupiter Eurozone Equity)

The investment objective of Jupiter Eurozone Equity is to achieve capital growth over the long term (that is, three to five years).

The Jupiter Global Fund –Jupiter Financial Innovation(‘Jupiter Financial Innovation’)

The investment objective of Jupiter Financial Innovation is to achieve capital growth in the long term by investing in equity and equity related securities linked to financial innovation.

The Jupiter Global Fund –Jupiter Flexible Income(‘Jupiter Flexible Income)

The investment objective of Jupiter Flexible Income is to provide regular income together with the prospect of capital growth over the long term (three to five years).

The Jupiter Global Fund – Jupiter Global Absolute Return(‘Jupiter Global Absolute Return’)

The investment objective of Jupiter Global Absolute Return is to generate absolute return over a three year rolling period, independent of market conditions, by investing on a global basis.

The Jupiter Global Fund – Jupiter Global Convertibles(‘Jupiter Global Convertibles’)

The investment objective of Jupiter Global Convertibles is to achieve long-term capital growth through investment on a global basis in a diversified portfolio of convertible securities.

The Jupiter Global Fund – Jupiter Global Ecology Diversified (‘Jupiter Global Ecology Diversified’)

The investment objective of Jupiter Global Ecology Diversified is to generate long-term capital appreciation and income investing primarily in global equity and fixed income securities.

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The Jupiter Global Fund – Jupiter Global Ecology Growth(‘Jupiter Global Ecology Growth’)

The investment objective of Jupiter Global Ecology Growth is to generate long-term capital growth from investment worldwide in companies that are responding positively to the challenge of environmental sustainability and climate change.

The Jupiter Global Fund – Jupiter Global Emerging Markets Corporate Bond(‘Jupiter Global Emerging Markets Corporate Bond’)

The investment objective of Jupiter Emerging Markets Corporate Bond is to achieve long term income and capital growth through investment in fixed interest securities of issuers exposed directly or indirectly to emerging market economies worldwide.

The Jupiter Global Fund – Jupiter Global Emerging Markets Equity Unconstrained (‘Jupiter Global Emerging Markets Equity Unconstrained’)

The investment objective of Jupiter Global Emerging Markets Equity Unconstrained is to achieve long-term capital growth through investment in equity and equity-related securities of companies exposed directly or indirectly to emerging market economies worldwide.

The Jupiter Global Fund – Jupiter Global Emerging Markets Short Duration Bond (‘Jupiter Global Emerging Markets Short Duration Bond’)

The investment objective of Jupiter Global Emerging Markets Short Duration Bond is to achieve long term income and capital growth by investing in a portfolio of debt securities from emerging market countries that have, on average, short durations.

The Jupiter Global Fund – Jupiter Global Levered Absolute Return (‘Jupiter Global Levered Absolute Return’)

The investment objective of Jupiter Global Levered Absolute Return is to generate absolute return over a three year rolling period, independent of market conditions, by investing on a global basis.

The Jupiter Global Fund – Jupiter Global Value (‘Jupiter Global Value’)

The investment objective of Jupiter Global Value is to achieve long-term total return principally through investment in equities on an international basis.

The Jupiter Global Fund – Jupiter India Select(‘Jupiter India Select’)

The investment objective of Jupiter India Select is to achieve long-term capital growth through investment primarily in India and selected opportunities in Pakistan, Bangladesh, Sri Lanka, Bhutan, Nepal and the Maldives.

The Jupiter Global Fund – Jupiter Japan Select (‘Jupiter Japan Select’)

The investment objective of Jupiter Japan Select is to achieve long-term capital growth through investing primarily in Japan and in selected opportunities in Asia.

The Jupiter Global Fund – Jupiter New Europe (‘Jupiter New Europe’)

The investment objective of Jupiter New Europe is to achieve long-term capital growth through investment primarily in Central and Eastern Europe, Russia and Turkey and, in addition, investment in non-European former member states of the Union of Soviet Socialist Republics (‘USSR’).

The Jupiter Global Fund – Jupiter Strategic Total Return(‘Jupiter Strategic Total Return’)

The investment objective of the Jupiter Strategic Total Return is to generate positive long-term returns across varying market conditions from an actively managed portfolio of different asset classes, including equities, bonds, convertible bonds, currencies and money market securities on an international basis.

The Jupiter Global Fund – Jupiter US Equity Long Short (‘Jupiter US Equity Long Short’)

The investment objective of the Jupiter US Equity Long Short to generate an absolute return over a 3 year rolling period, independent of market conditions.

6


Management, Administration and Independent Auditor

■ Management, Administration and Independent Auditor

Directors Garth Lorimer Turner (Chairman)*Jacques Elvinger*Patrick Zurstrassen*Paula Moore Simon Rowson

Registered Office The Jupiter Global Fund6, route de TrèvesSenningerbergL-2633 Luxembourg Grand Duchy of Luxembourg

Depositary, Paying Agent and Administrator J.P. Morgan Bank Luxembourg S.A.6, route de TrèvesSenningerbergL-2633 Luxembourg Grand Duchy of Luxembourg

Management Company Jupiter Unit Trust Managers Limited (prior to 1 March 2019)The Zig Zag Building 70 Victoria StreetLondon SW1E 6SQ United KingdomAuthorised and regulated by the Financial Conduct Authority

Jupiter Asset Management International S.A. (from 1 March 2019)5, rue HeienhaffL-1736 SenningerbergGrand Duchy of LuxembourgAuthorised and regulated by the CSSF

Independent Auditors PricewaterhouseCoopers société coopérative 2, rue Gerhard MercatorL-2182 Luxembourg Grand Duchy of Luxembourg

Legal Advisers Elvinger Hoss Prussen, société anonyme2, Place Winston ChurchillL-1340 Luxembourg Grand Duchy of Luxembourg

Investment Manager Jupiter Asset Management LimitedThe Zig Zag Building70 Victoria StreetLondon SW1E 6SQUnited KingdomAuthorised and regulated by the Financial Conduct Authority

Distributor Jupiter Asset Management LimitedThe Zig Zag Building70 Victoria StreetLondon SW1E 6SQUnited Kingdom

*Independent

7



■ Management, Administration and Independent Auditor (continued)

UK Representative Jupiter Asset Management LimitedThe Zig Zag Building70 Victoria StreetLondon SW1E 6SQUnited Kingdom

Swiss Representative BNP Paribas Securities Services, Parissuccursale de ZurichSelnaustrasse 168002 Zurich Switzerland

Hong Kong Representative JPMorgan Chase Bank, N.A. Hong Kong Branch21/F, JPMorgan Tower138 Shatin Rural Committee Road Shatin, New TerritoriesHong Kong

8


Board of Directors’ Report

■ Board of Directors’ Report

The Board presents the Semi-Annual Review and Unaudited Financial Statements of the Company for the period ended 31 March 2019.

Structure of the CompanyFollowing the United Kingdom’s vote to leave the European Union (‘EU’) (‘Brexit’), and to mitigate any regulatory impact on the Company upon Brexit, the board of directors of the Company (the ‘Board’) decided to terminate the appointment of Jupiter Unit Trust Managers Limited, a UK incorporated company, and appoint Jupiter Asset Management International S.A. (‘JAMI’), a Luxembourg incorporated company, as the new management company of the Company, to perform investment management, administration and marketing functions for the Company as of 1 March 2019. JAMI is authorised as a management company managing UCITS governed by the UCITS Directive and is authorised and regulated by the Luxembourg regulator, the CSSF.

As at 31 March 2019, the Company comprised 24 funds with multiple share classes. During the current accounting period, one new fund was created, namely Jupiter US Equity Long Short.

Corporate Governance and the ALFI Code of ConductThe Board undertakes an annual review of ongoing compliance with the principles of the Code and considers that the Company has been in compliance with its principles in all material aspects throughout the financial year ended 30 September 2018.

Board CompositionThe Board is composed of five Board members, two of them being independent from JAMI and Jupiter Asset Management Limited (‘JAML’).

GARTH LORIMER TURNERDirector and ChairmanGarth Lorimer Turner (British) is a Solicitor of the Supreme Court of England & Wales, a Solicitor of the Supreme Court of Hong Kong and a Bermuda Barrister & Attorney. He is a director of several companies, including investment funds.

JACQUES ELVINGERDirectorJacques Elvinger (Luxembourgish) is a partner of the Luxembourg law firm of Elvinger Hoss Prussen, société anonyme.

PATRICK ZURSTRASSENDirectorPatrick Zurstrassen (Belgian) is the honorary chairman of the European Confederation of Directors’ Associations. He is a Director of JAMI, the Management Company.

PAULA MOOREDirectorPaula Moore (British) is a Chartered Accountant and a member of the Institute of Chartered Accountants in England and Wales. She is the Chief Operating Officer of JAML and a Director of JAMI, the Management Company.

SIMON ROWSONDirectorSimon Rowson (British) is a Solicitor of the Supreme Court of England & Wales. He is Head of Legal of JAML.

Chairman’s ReviewInvestment markets experienced a rollercoaster ride over the six months to the end of March 2019, with steep stock market declines in the final quarter of 2018 followed by sharp rebounds at the start of 2019. Overall, US stocks closed the six-month period with flat returns, whereas other developed markets retreated modestly. Emerging market stocks performed far better, with many delivering solid gains.

Many stock markets started the six-month period at, or near, record highs. In the US, tax cuts were continuing to fuel both the economy and corporate profits. While economic growth elsewhere was weaker, in general there was more concern over rising inflation than slowing growth, with many central banks indicating that the emergency measures put in place as a result of the global financial crisis might finally be coming to an end.

Sentiment changed sharply in the final three months of 2018 and markets plunged as the heightened trade tensions between the US and its major trading partners started to weigh on the outlook for global growth and company profits. Politics also unsettled investment markets, especially in Europe where France’s ‘yellow vest’ protests and Italy’s controversial budget plans added to the ongoing uncertainty caused by Brexit.

January ushered in a change in mood. With global growth weakening and inflationary pressures easing, central banks adopted a more supportive tone. The US Federal Reserve indicated it would likely keep interest rates on hold in 2019 – a significant U-turn from its earlier forecasts of three further increases during the year – while the European Central Bank reinstated its policy of providing cheap long-term loans to banks. Hopes of improved trade relations between the US and China also contributed to the more optimistic mood and global stock markets surged, with the US leading the way. The trade issue remains a potential source of volatility for stock markets, however, and the situation is liable to change quickly depending on the progress of negotiations between the US and China. Market confidence on this topic is therefore fragile.

Fixed income markets reacted positively to the policy U-turn from major central banks. The yield on the 10-year US government bond touched its lowest level since December 2017, closing the period around 2.4% compared to over 3% at the end of September 2018. Elsewhere, the 10-year benchmark bond yields in both Japan and Germany fell back below zero for the first time since late 2016.

Closer to home, UK stocks reflected the volatility elsewhere as Brexit-related uncertainty continued. Prime Minister Theresa May succeeded in negotiating a withdrawal agreement with the EU, only to find it rejected by parliament on three separate occasions. The EU agreed initially to delay Brexit by two weeks, and then later offered a flexible extension until 31st October to allow the UK more time to find an approach to Brexit on which a majority of MPs can agree.

Continuing uncertainty in the world makes life challenging for investors, but it is at times like this that active funds have the best opportunity to lay the foundations upon which long-term outperformance can be built. At Jupiter our active philosophy empowers fund managers to invest according to their convictions and avoid becoming closet trackers that simply follow the market. I believe this approach means our portfolios are well-placed to adapt and thrive in a changing environment.

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■ Board of Directors’ Report (continued)

Annual General MeetingThe next annual general meeting of the Company will be held on 10 January 2020 at the registered office of the Company to consider matters relating to the year ended on 30 September 2019.

For and on behalf of the Board

Garth Lorimer Turner Chairman

Luxembourg, 23 May 2019

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Statement of Net Assets

■ Statement of Net Assets as at 31 March 2019

NotesCombined

€

Jupiter Asia Pacific

IncomeUS$

Jupiter China Select

US$

Jupiter Dynamic

Bond €

Jupiter Europa

€

Assets

Investments in securities at cost 18 11,055,013,166 10,279,808 8,236,749 6,226,619,772 140,239,566

Unrealised gain/(loss) 502,935,873 204,942 (324,619) (24,298,791) (4,733,541)

Investments in securities at fair value 11,557,949,039 10,484,750 7,912,130 6,202,320,981 135,506,025

Net unrealised gain on contracts for difference 2 400,075 – – – 79,630

Net unrealised gain on forward currency exchange contracts 2 1,047,293 879 – – –

Net unrealised gain on financial futures contracts 2 100,468 – – – –

Net unrealised gain on swaps contracts 2 – – – – –

Options purchased contracts 2 4,098,101 – – – 3,698,552

Other Assets

Cash and short-term deposits 14 459,137,414 195,955 12,716 290,517,684 6,225,534

Dividends receivable 6,517,613 41,507 – 706,269 405,538

Interest receivable 80,661,489 – 4 74,517,070 75,277

Receivable on investments sold 39,752,548 – 7,991 8,433,615 49,973

Management fee rebates 3 158,523 – – 117,719 –

Subscriptions receivable 102,102,216 – – 92,127,072 12,198

Accounts receivable and accrued income 11,806,317 5,008 272 2,678,309 173,564

Other Assets 700,136,120 242,470 20,983 469,097,738 6,942,084

Total Assets 12,263,731,096 10,728,099 7,933,113 6,671,418,719 146,226,291

Liabilities

Net unrealised loss on contracts for difference 2 1,405,110 – – – –

Net unrealised loss on forward currency exchange contracts 2 11,411,262 – – 4,266,098 155,185

Net unrealised loss on financial futures contracts 2 680,183 – – – 657,040

Net unrealised loss on swaps contracts 2 58,201,653 – – 58,201,653 –

Options written contracts 2 669,514 – – – 643,579

Bank overdraft^ 16 514,234 5,558 – 6 21,467

Payable on investments purchased 45,064,247 – – 16,627,951 425,409

Redemptions payables 38,759,072 – 2,868 30,227,976 549,567

Investment Management and performance fees payable 3 7,589,805 7,921 9,615 3,691,645 97,717

Dividends payable on contracts for differences 654,738 – – – 64,393

Dividend distribution payable 19 17,891,485 59,236 – 17,087,214 –

Accounts payable and accrued expenses 1,751,703 1,833 1,410 862,347 47,282

Total Liabilities 184,593,006 74,548 13,893 130,964,890 2,661,639

Net Assets 12,079,138,090 10,653,551 7,919,220 6,540,453,829 143,564,652

^ Includes negative cash at brokers.

The accompanying notes form an integral part of these financial statements.

11



■ Statement of Net Assets as at 31 March 2019 (continued)

Notes

Jupiter European

Feeder £

Jupiter European

Growth €

Jupiter European

Opportunities €

Jupiter Eurozone

Equity €

Jupiter Financial

Innovation€

Assets

Investments in securities at cost 18 24,477,223 2,316,694,596 147,649,040 4,990,588 75,647,744

Unrealised gain/(loss) 1,048,872 490,352,529 16,520,957 (112,092) 7,731,454

Investments in securities at fair value 25,526,095 2,807,047,125 164,169,997 4,878,496 83,379,198

Net unrealised gain on contracts for difference 2 – – – – 320,445

Net unrealised gain on forward currency exchange contracts 2 – 941,207 – – 11,204

Net unrealised gain on financial futures contracts 2 – – – – –


Options purchased contracts 2 – – – – –

Other Assets

Cash and short-term deposits 14 226,336 44,853,880 5,724,644 274,020 3,355,103

Dividends receivable – 58,831 316,769 2,216 53,868

Interest receivable 2 372 423 – 268

Receivable on investments sold – 7,470,386 1,714,133 34,941 –

Management fee rebates 3 – – – – –

Subscriptions receivable – 5,880,499 23,029 – 105,964

Accounts receivable and accrued income – 7,552,291 884,377 847 115,177

Other Assets 226,338 65,816,259 8,663,375 312,024 3,630,380

Total Assets 25,752,433 2,873,804,591 172,833,372 5,190,520 87,341,227

Liabilities

Net unrealised loss on contracts for difference 2 – – – – –

Net unrealised loss on forward currency exchange contracts 2 – – – – –

Net unrealised loss on financial futures contracts 2 – – – – –

Net unrealised loss on swaps contracts 2 – – – – –

Options written contracts 2 – – – – –

Bank overdraft^ 16 38,477 1 – – 5,939

Payable on investments purchased 7,453 11,307,122 1,992,124 – 95,910

Redemptions payables – 3,785,401 92,007 – 480,381

Investment Management and performance fees payable 3 13,355 2,066,492 161,864 3,073 98,120

Dividends payable on contracts for differences – – – – 626

Dividend distribution payable 19 – – – – –

Accounts payable and accrued expenses 4,199 410,386 30,940 768 28,561

Total Liabilities 63,484 17,569,402 2,276,935 3,841 709,537

Net Assets 25,688,949 2,856,235,189 170,556,437 5,186,679 86,631,690



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Notes

Jupiter Flexible Income

€

Jupiter Global

Absolute Return

€

Jupiter Global

Convertibles €

Jupiter Global

Ecology Diversified

€

Jupiter Global

Ecology Growth

€

Assets

Investments in securities at cost 18 73,020,243 210,967,223 783,248,478 11,210,016 6,738,810

Unrealised gain/(loss) 1,844,384 899,146 35,891,489 809,025 2,132,431

Investments in securities at fair value 74,864,627 211,866,369 819,139,967 12,019,041 8,871,241

Net unrealised gain on contracts for difference 2 – – – – –

Net unrealised gain on forward currency exchange contracts 2 – – – 46,210 –



Options purchased contracts 2 135,042 11,975 – – –

Other Assets

Cash and short-term deposits 14 3,995,816 43,392,619 17,250,766 1,449,493 533,303

Dividends receivable 113,984 731,549 – 10,085 21,764

Interest receivable 662,404 707,112 1,434,636 65,004 82

Receivable on investments sold 928,341 42,937 10,362,875 – –

Management fee rebates 3 36,764 2,781 – – –

Subscriptions receivable 186,869 643,611 2,906,695 501 101

Accounts receivable and accrued income 5,400 45,655 69,180 6,133 17,370

Other Assets 5,929,578 45,566,264 32,024,152 1,531,216 572,620

Total Assets 81,029,715 257,444,608 851,164,119 13,596,467 9,443,861

Liabilities

Net unrealised loss on contracts for difference 2 – 1,027,603 – – –

Net unrealised loss on forward currency exchange contracts 2 552,404 1,266,963 4,978,509 – –

Net unrealised loss on financial futures contracts 2 – – – 12,451 –



Bank overdraft^ 16 431 1,361 201,510 2,058 –

Payable on investments purchased 1,690,969 209,802 955,048 – –

Redemptions payables – 254,853 2,490,357 – 29,629

Investment Management and performance fees payable 3 35,463 134,835 530,186 7,728 11,056

Dividends payable on contracts for differences – 360,980 – – –

Dividend distribution payable 19 59,469 – 567,017 49,427 –

Accounts payable and accrued expenses 10,510 72,038 119,873 2,349 1,901

Total Liabilities 2,349,246 3,328,435 9,842,500 74,013 42,586

Net Assets 78,680,469 254,116,173 841,321,619 13,522,454 9,401,275


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Notes

Jupiter Global

Emerging Markets

Corporate Bond US$

Jupiter Global

Emerging Markets

Equity Unconstrained

US$

Jupiter Global

Emerging Markets

Short Duration

Bond US$

Jupiter Global

Levered Absolute

Return Fund

£

Jupiter Global Value

US$

Assets


Unrealised gain/(loss) 2,690,985 (8,577,506) 699,786 (3,041,807) (30,879,365)



Net unrealised gain on forward currency exchange contracts 2 2,725 51,054 – – –



Options purchased contracts 2 – – – 7,982 –

Other Assets

Cash and short-term deposits 14 10,613,756 285,825 2,730,708 3,254,053 14,317,644

Dividends receivable – 223,360 – 327,861 2,407,252

Interest receivable 2,510,191 – 840,024 65,376 5,575

Receivable on investments sold 6,060,077 188,470 1,531,606 14,710 –

Management fee rebates 3 – – – 1,079 –

Subscriptions receivable – – 31,445 – 77,158

Accounts receivable and accrued income – 778 – 16,766 210,759

Other Assets 19,184,024 698,433 5,133,783 3,679,845 17,018,388

Total Assets 187,354,421 73,861,853 60,039,454 45,473,037 371,831,988

Liabilities

Net unrealised loss on contracts for difference 2 – – – 293,241 –

Net unrealised loss on forward currency exchange contracts 2 – – 7,476 47,498 –

Net unrealised loss on financial futures contracts 2 – – – – –



Bank overdraft^ 16 – – – 735 –

Payable on investments purchased 7,700,756 174,848 2,081,573 – –

Redemptions payables – 69,464 2,690 – 28,792


Dividends payable on contracts for differences – – – 139,483 –

Dividend distribution payable 19 83,971 – 937 – –

Accounts payable and accrued expenses 19,474 10,293 6,415 17,969 48,978

Total Liabilities 7,896,792 299,990 2,121,996 537,052 309,546

Net Assets 179,457,629 73,561,863 57,917,458 44,935,985 371,522,442


14




Notes

Jupiter India

Select US$

Jupiter Japan Select

US$

Jupiter New

Europe €

Jupiter Strategic

Total Return

€

Jupiter US Equity

Long Short

US$

Assets


Unrealised gain/(loss) 13,821,175 (3,075,585) 209,700 129,268 606,201



Net unrealised gain on forward currency exchange contracts 2 – – – – –



Options purchased contracts 2 – – – 22,253 248,138

Other Assets

Cash and short-term deposits 14 4,802,144 927,163 30,897 1,475,919 6,537,075

Dividends receivable 150,685 1,314,286 3,236 19,621 8,137

Interest receivable 1,632 – 2 117,776 16,868

Receivable on investments sold 105,095 1,117,606 44,511 131,171 2,805,710


Subscriptions receivable 60,640 72,816 126 – –

Accounts receivable and accrued income 39 – 11,917 33,424 –

Other Assets 5,120,235 3,431,871 90,689 1,777,911 9,367,790

Total Assets 256,869,825 116,214,314 1,749,279 21,278,055 24,773,639

Liabilities

Net unrealised loss on contracts for difference 2 – – – – 39,640

Net unrealised loss on forward currency exchange contracts 2 – – – 130,016 –

Net unrealised loss on financial futures contracts 2 – – – 3,846 7,688


Options written contracts 2 – – – – 29,125

Bank overdraft^ 16 45,114 – – 37,107 172,345

Payable on investments purchased – – 31,524 – 3,203,801

Redemptions payables 849,213 – 26 216 –


Dividends payable on contracts for differences – – – – 74,077

Dividend distribution payable 19 – – – – –

Accounts payable and accrued expenses 40,463 19,796 532 2,727 3,636

Total Liabilities 1,142,606 148,475 35,572 185,351 3,543,454

Net Assets 255,727,219 116,065,839 1,713,707 21,092,704 21,230,185



15

■ Statement of Operations and Changes in Net Assets for the six month period ended 31 March 2019

NotesCombined

€


IncomeUS$


US$

Jupiter Dynamic

Bond €

Jupiter Europa

€Income

Income from investments, net 10 176,026,543 214,956 17,462 138,325,940 1,011,685


Deposit interest 1,725,237 1,080 56 19,385 47,208

Total Income 178,028,094 216,036 17,518 138,577,474 1,058,893

Expenses

Bank charges and interest 963,671 – – 300,878 141,614

Investment management fees 5 48,408,193 64,255 56,549 23,603,473 649,429

Other expenses 80,591 – – – –

Aggregate Operating Fee 4,6,9 10,283,679 14,855 8,294 5,224,919 177,129

Total Expenses 59,736,134 79,110 64,843 29,129,270 968,172

Net Operating Income/(Loss) for the Period 118,291,960 136,926 (47,325) 109,448,204 90,721

Net realised gains/(losses) on:

Investments in securities 2,18 (134,975,463) (790,443) (197,560) (105,366,608) (7,370,526)

Contracts for difference 2 (19,276,241) – – (15,620,197) 2,399,200

Options 2 7,484,105 – – – 7,532,587

Forward foreign exchange contracts 2 (262,962,590) 5,015 (1,478) (218,529,641) (1,609,890)

Financial futures contracts 2 (4,144,564) – – – (4,692,770)

Foreign exchange transactions 2 (12,575,575) (18,079) (303) (24,106,058) 117,789

Total Net realised gains/(losses) (426,450,328) (803,507) (199,341) (363,622,504) (3,623,610)

Net change in unrealised appreciation/(depreciation) on:

Investments in securities 2,18 319,189,415 341,402 460,166 476,275,538 (5,321,377)

Contracts for difference 2 (58,688,836) – – (58,201,653) (513,911)

Options 2 2,089,407 – – – 2,171,586

Credit default swap contracts 2 64,902,385 – – 64,902,385 –

Forward foreign exchange contracts 2 83,163,371 (4,182) – 75,498,251 888,727

Financial futures contracts 2 (540,312) – – – (651,620)

Foreign exchange transactions 2 – – – – –

Total change in unrealised appreciation/ (depreciation) on investments and derivatives

410,115,430 337,220 460,166 558,474,521 (3,426,595)

Net Increase/(Decrease) in Net Assets from Operations 101,957,062 (329,361) 213,500 304,300,221 (6,959,484)

Capital transactions

Received on issue of shares 3,067,194,355 726,753 213,556 1,780,859,686 33,122,748

Paid on redemptions of shares (4,284,045,282) (10,296,754) (361,746) (2,729,010,957) (73,702,535)

Dividend distributions 19 (42,365,185) (122,250) – (40,800,739) –

Total Increase/(Decrease) in Net Assets for the Period (1,157,259,051) (10,021,612) 65,310 (684,651,789) (47,539,271)

Currency translation adjustment 31,119,936 – – – –

Beginning of the period 13,205,277,205 20,675,163 7,853,910 7,225,105,618 191,103,923

End of the period 12,079,138,090 10,653,551 7,919,220 6,540,453,829 143,564,652


Statement of Operations and Changes in Net Assets


16

■ Statement of Operations and Changes in Net Assets for the six month period ended 31 March 2019 (continued)




Notes

Jupiter European

Feeder £

Jupiter European

Growth €

Jupiter European

Opportunities €

Jupiter Eurozone

Equity €

Jupiter Financial

Innovation€

Income

Income from investments, net 10 – 13,938,429 820,346 14,784 324,194


Deposit interest 17 1,090 3,115 – 5,048

Total Income 17 13,939,519 823,461 14,784 329,242

Expenses

Bank charges and interest 704 91,979 19 576 95,503

Investment management fees 5 88,421 12,710,778 1,150,870 18,515 633,636

Other expenses – – – – –

Aggregate Operating Fee 4,6,9 27,207 2,466,285 197,637 3,950 96,863

Total Expenses 116,332 15,269,042 1,348,526 23,041 826,002

Net Operating Income/(Loss) for the Period (116,315) (1,329,523) (525,065) (8,257) (496,760)


Investments in securities 2,18 1,639,149 (1,388,623) (8,262,308) (223,632) (4,847,451)

Contracts for difference 2 – – – – (3,584,551)

Options 2 – – – – –

Forward foreign exchange contracts 2 3,653 7,884,389 96,948 – (2,919)

Financial futures contracts 2 – – – – 6,250

Foreign exchange transactions 2 (13,382) (266,340) 20,182 57 248,911

Total Net realised gains/(losses) 1,629,420 6,229,426 (8,145,178) (223,575) (8,179,760)


Investments in securities 2,18 (4,178,747) (146,332,120) (6,512,418) 19,925 247,719

Contracts for difference 2 – – – – 114,172

Options 2 – – – – –

Credit default swap contracts 2 – – – – –

Forward foreign exchange contracts 2 – 602,698 – – 5,064

Financial futures contracts 2 – – – – –



(4,178,747) (145,729,422) (6,512,418) 19,925 366,955

Net Increase/(Decrease) in Net Assets from Operations (2,665,642) (140,829,519) (15,182,661) (211,907) (8,309,565)


Received on issue of shares 4,267,762 757,325,048 51,701,802 – 26,170,251

Paid on redemptions of shares (7,038,180) (726,757,103) (129,797,090) – (38,138,623)

Dividend distributions 19 – – – – –

Total Increase/(Decrease) in Net Assets for the Period (5,436,060) (110,261,574) (93,277,949) (211,907) (20,277,937)

Currency translation adjustment – – – – –

Beginning of the period 31,125,009 2,966,496,763 263,834,386 5,398,586 106,909,627

End of the period 25,688,949 2,856,235,189 170,556,437 5,186,679 86,631,690

17





Notes


€

Jupiter Global

Absolute Return

€

Jupiter Global

Convertibles €

Jupiter Global

Ecology Diversified

€

Jupiter Global

Ecology Growth

€

Income

Income from investments, net 10 1,525,043 2,295,107 3,365,959 154,840 56,256

Management fee rebates 3 36,227 5,464 – – –

Deposit interest 4,881 1,007,220 82 14 697

Total Income 1,566,151 3,307,791 3,366,041 154,854 56,953

Expenses

Bank charges and interest 13,092 177,676 71,768 3,137 258

Investment management fees 5 203,099 849,231 3,650,907 45,844 68,741


Aggregate Operating Fee 4,6,9 56,268 285,858 781,676 11,106 10,442

Total Expenses 272,459 1,312,765 4,504,351 60,087 79,441

Net Operating Income/(Loss) for the Period 1,293,692 1,995,026 (1,138,310) 94,767 (22,488)


Investments in securities 2,18 330,651 1,330,880 1,782,967 (4,199) 110,142

Contracts for difference 2 – 137,020 – – –

Options 2 384,618 (204,321) – (23,030) –

Forward foreign exchange contracts 2 (1,863,888) (1,015,203) (45,498,279) 7,201 (2,195)

Financial futures contracts 2 225,480 (3,227) (50,953) (12,125) –

Foreign exchange transactions 2 526,381 (199,140) 11,175,927 (87,775) 9,554

Total Net realised gains/(losses) (396,758) 46,009 (32,590,338) (119,928) 117,501


Investments in securities 2,18 1,611,216 (3,335,702) 6,388,462 500,560 (411,197)

Contracts for difference 2 – (244,881) – – –

Options 2 (211,626) 55,235 – 19,471 –


Forward foreign exchange contracts 2 (380,746) (1,134,017) 7,401,123 123,252 –

Financial futures contracts 2 109,527 – – (18,742) –



1,128,371 (4,659,365) 13,789,585 624,541 (411,197)

Net Increase/(Decrease) in Net Assets from Operations 2,025,305 (2,618,330) (19,939,063) 599,380 (316,184)


Received on issue of shares 20,579,145 58,852,952 115,345,645 359,097 645,928

Paid on redemptions of shares (45,108) (44,067,316) (364,755,122) (32,303) (1,911,939)

Dividend distributions 19 (117,989) – (1,137,724) (84,427) –

Total Increase/(Decrease) in Net Assets for the Period 22,441,353 12,167,306 (270,486,264) 841,747 (1,582,195)


Beginning of the period 56,239,116 241,948,867 1,111,807,883 12,680,707 10,983,470

End of the period 78,680,469 254,116,173 841,321,619 13,522,454 9,401,275

18





Notes

Jupiter Global

Emerging Markets

Corporate Bond US$

Jupiter Global

Emerging Markets

Equity Unconstrained

US$

Jupiter Global

Emerging Markets

Short Duration

Bond US$

Jupiter Global

Levered Absolute

Return Fund

£


US$

Income

Income from investments, net 10 4,102,213 525,461 1,537,855 568,832 5,402,600

Management fee rebates 3 – – – 2,120 –

Deposit interest 16,756 4 3,571 404,508 40,399

Total Income 4,118,969 525,465 1,541,426 975,460 5,442,999

Expenses

Bank charges and interest – 469 – 49,574 214

Investment management fees 5 470,810 276,027 141,606 271,203 1,603,671


Aggregate Operating Fee 4,6,9 99,247 60,662 39,717 53,449 334,310

Total Expenses 570,057 337,158 181,323 374,226 1,938,195

Net Operating Income/(Loss) for the Period 3,548,912 188,307 1,360,103 601,234 3,504,804


Investments in securities 2,18 223,196 (6,230,645) 10,381 491,307 (7,151,167)

Contracts for difference 2 (108,364) – (22,175) 423,590 –

Options 2 – – – (117,322) –

Forward foreign exchange contracts 2 41,112 (209,845) (450,675) (924,979) (163,033)

Financial futures contracts 2 – – – (8,506) –

Foreign exchange transactions 2 11,174 (96,742) 4,257 (82,406) 21,573

Total Net realised gains/(losses) 167,118 (6,537,232) (458,212) (218,316) (7,292,627)


Investments in securities 2,18 4,085,864 9,860,502 971,704 (4,362,014) (34,015,772)

Contracts for difference 2 – – – 165,157 –

Options 2 – – – 42,126 –


Forward foreign exchange contracts 2 (11,363) 288,203 (6,664) (138,673) –

Financial futures contracts 2 – – – – –



4,074,501 10,148,705 965,040 (4,293,404) (34,015,772)

Net Increase/(Decrease) in Net Assets from Operations 7,790,531 3,799,780 1,866,931 (3,910,486) (37,803,595)


Received on issue of shares 63,593,595 6,322,124 1,979,039 3,327,579 17,154,133

Paid on redemptions of shares (3,799,263) (14,975,165) (3,451,838) (5,723,419) (56,677,052)

Dividend distributions 19 (127,831) – (1,810) – –

Total Increase/(Decrease) in Net Assets for the Period 67,457,032 (4,853,261) 392,322 (6,306,326) (77,326,514)


Beginning of the period 112,000,597 78,415,124 57,525,136 51,242,311 448,848,956

End of the period 179,457,629 73,561,863 57,917,458 44,935,985 371,522,442

19





Notes

Jupiter India

Select US$


US$

Jupiter New

Europe €

Jupiter Strategic

Total Return

€

Jupiter UK

Dynamic Growth (1)

£

Jupiter US Equity

Long Short

US$

Income

Income from investments, net 10 1,599,507 1,466,259 40,215 187,856 27,348 35,807

Management fee rebates 3 – – – – – –

Deposit interest 17,370 16 20 52 152 105,111

Total Income 1,616,877 1,466,275 40,235 187,908 27,500 140,918

Expenses

Bank charges and interest 52 1,099 160 6,282 – 474

Investment management fees 5 1,333,600 778,482 28,547 80,921 14,074 79,223

Other expenses 90,502 – – – – –

Aggregate Operating Fee 4,6,9 260,153 115,063 4,187 20,010 3,010 21,909

Total Expenses 1,684,307 894,644 32,894 107,213 17,084 101,606

Net Operating Income/(Loss) for the Period (67,430) 571,631 7,341 80,695 10,416 39,312


Investments in securities 2,18 (621,362) 1,064,119 545,022 (229,325) (408,137) (1,345,885)

Contracts for difference 2 – – – – – (3,352,985)

Options 2 – – – (77,334) – 9,543

Forward foreign exchange contracts 2 (37,323) 45,678 (679) (667,097) – –

Financial futures contracts 2 – – – 210,699 – 204,392

Foreign exchange transactions 2 79,470 (109,807) (8,327) 204,145 (3,323) 1,527

Total Net realised gains/(losses) (579,215) 999,990 536,016 (558,912) (411,460) (4,483,408)


Investments in securities 2,18 30,207,003 (6,133,173) (298,784) 606,434 28,544 606,201

Contracts for difference 2 – – – – – (39,640)

Options 2 – – – (20,046) – 28,778

Credit default swap contracts 2 – – – – – –

Forward foreign exchange contracts 2 – – – 83,984 – –

Financial futures contracts 2 – – – 27,369 – (7,688)

Foreign exchange transactions 2 – – – – – –

Total change in unrealised appreciation/ (depreciation) on investments and derivatives 30,207,003 (6,133,173) (298,784) 697,741 28,544 587,651

Net Increase/(Decrease) in Net Assets from Operations 29,560,358 (4,561,552) 244,573 219,524 (372,500) (3,856,445)


Received on issue of shares 18,497,647 105,100,898 191,558 640,224 – 25,086,631

Paid on redemptions of shares (67,018,778) (6,664,054) (2,940,167) (8,447,374) (3,581,612) (1)

Dividend distributions 19 – – – – – –

Total Increase/(Decrease) in Net Assets for the Period (18,960,773) 93,875,292 (2,504,036) (7,587,626) (3,954,112) 21,230,185

Currency translation adjustment – – – – – –

Beginning of the period 274,687,992 22,190,547 4,217,743 28,680,330 3,954,112 –

End of the period 255,727,219 116,065,839 1,713,707 21,092,704 – 21,230,185 (1) Jupiter UK Dynamic Growth closed on 26 February 2019.

20


Statement of Changes in Shares Issued

■ Statement of Changes in Shares Issued for the six month period ended 31 March 2019

Sharesoustanding

at beginning of period

Shares issued

Shares redeemed

Shares outstanding

at end of period

Jupiter Asia Pacific IncomeClass A USD Acc* 5,000 – – 5,000 Class C USD Acc* 6,700 – – 6,700 Class D EUR Q Inc Dist* 357,708 – (157,708) 200,000 Class D GBP Acc 181,903 10,580 (20,574) 171,909 Class D USD Acc 903,562 1,424 (897,610) 7,376 Class D USD Q Inc Dist* 232,988 10,873 (6,602) 237,259 Class L EUR Q Inc Dist* 28,904 50 – 28,954 Class L GBP Q Inc 22,146 2,147 (1,129) 23,164 Class L SGD Q Inc Dist HSC* 106,138 – – 106,138 Class L USD Acc 16,260 990 (4,503) 12,747 Class L USD Q Inc Dist* 13,677 37,634 – 51,311 Class N USD Acc* 5,000 – – 5,000 Jupiter China SelectClass L EUR Acc 8,849 697 (274) 9,272 Class L GBP A Inc 416,471 7,324 (14,836) 408,959 Class L USD Acc 7,641 6,758 (7,834) 6,565


* This Fund/Class is not authorised in Hong Kong and not available to Hong Kong residents.

21



Sharesoustanding


Shares issued

Shares redeemed

Shares outstanding

at end of period

Jupiter Dynamic BondClass A USD Acc HSC* 5,000 – – 5,000 Class A USD Q Inc Dist HSC* 5,000 – – 5,000 Class C USD Acc HSC* 6,700 – – 6,700 Class C USD Q Inc HSC* 6,704 – – 6,704 Class D CHF Acc HSC 5,298,176 91,329 (1,542,814) 3,846,691 Class D CHF Q Inc HSC 1,201,938 102,509 (940,319) 364,128 Class D EUR Acc 43,940,382 7,134,271 (16,518,923) 34,555,730 Class D EUR Q Inc 8,947,328 989,505 (2,884,833) 7,052,000 Class D EUR Q Inc Dist 9,445,025 340,827 (1,462,693) 8,323,159 Class D GBP Acc HSC 5,483,167 319,795 (1,213,845) 4,589,117 Class D GBP Q Inc HSC 17,172,816 670,160 (7,038,059) 10,804,917 Class D USD Acc HSC 17,219,469 2,230,604 (3,897,803) 15,552,270 Class D USD M Inc HSC (1) – 1,251,200 (5,013) 1,246,187 Class D USD Q Inc HSC 8,488,382 659,707 (1,937,564) 7,210,525 Class I CHF Acc HSC 1,508,825 950,112 (994,778) 1,464,159 Class I CHF Q Inc HSC 3,616,612 233,144 (995,686) 2,854,070 Class I EUR Acc 202,203,602 86,841,264 (105,224,077) 183,820,789 Class I EUR Q Inc 35,102,602 2,871,551 (7,300,904) 30,673,249 Class I GBP Q Inc HSC 24,245,599 2,423,491 (6,605,762) 20,063,328 Class I SEK Acc HSC 100,000 – – 100,000 Class I SGD M Inc HSC 191,143 113,532 – 304,675 Class I USD Acc HSC 11,302,649 7,708,638 (4,247,415) 14,763,872 Class I USD Q Inc HSC 17,717,685 4,088,217 (4,483,515) 17,322,387 Class L AUD Acc HSC 1,590,966 56,501 (183,184) 1,464,283 Class L AUD M Inc HSC 1,476,956 24,956 (203,792) 1,298,120 Class L CHF Acc HSC 4,402,295 58,770 (711,122) 3,749,943 Class L CHF Q Inc HSC 1,069,603 1,930 (243,671) 827,862 Class L CNH Acc HSC* 84,661 16,856 (22,419) 79,098 Class L EUR Acc 54,732,821 19,553,137 (24,596,910) 49,689,048 Class L EUR Q Inc 31,561,576 2,891,218 (6,615,029) 27,837,765 Class L EUR Q Inc Dist 13,532,750 683,736 (2,116,590) 12,099,896 Class L GBP Acc HSC 504,031 46,554 (270,249) 280,336 Class L GBP Q Inc HSC 6,406,688 400,043 (1,497,932) 5,308,799 Class L HKD Acc HSC 5,530 – – 5,530 Class L HKD M Inc Dist HSC 45,432 – – 45,432 Class L SEK Acc HSC 8,309,498 1,780,988 (2,611,929) 7,478,557 Class L SGD Acc HSC 2,961,940 220,830 (257,186) 2,925,584 Class L SGD M Inc HSC 12,721,783 397,598 (3,317,325) 9,802,056 Class L USD Acc HSC 45,964,766 2,573,585 (13,452,606) 35,085,745 Class L USD M Inc HSC 35,180,018 924,519 (10,525,296) 25,579,241 Class L USD Q Inc HSC 21,368,034 442,023 (5,038,947) 16,771,110 Class N USD Acc HSC* 5,000 – – 5,000 Class N USD Q Inc Dist HSC* 5,000 – – 5,000

■ Statement of Changes in Shares Issued for the six month period ended 31 March 2019 (continued)


* This Fund/Class is not authorised in Hong Kong and not available to Hong Kong residents.(1) Launch date 26 October 2018.

22




Sharesoustanding


Shares issued

Shares redeemed

Shares outstanding

at end of period

Jupiter Europa*Class D EUR B Acc 2,291,837 881,968 (1,399,781) 1,774,024 Class D USD B Acc HSC 32,505 9,005 – 41,510 Class F EUR Acc 12,985,830 912,706 (5,059,068) 8,839,468 Class L EUR A Acc 956,577 76,972 (395,807) 637,742 Class L EUR B Acc 596,112 85,800 (224,845) 457,067 Class L GBP B Acc HSC 106,497 720,980 (10,895) 816,582 Class L USD A Acc HSC 400,000 – – 400,000 Class L USD B Acc HSC 292,198 – (44,726) 247,472 Jupiter European Feeder*Class Z EUR Acc 2,352,694 224,828 (583,782) 1,993,740 Class Z GBP Acc 218,993 128,913 (58,996) 288,910 Jupiter European GrowthClass A USD Acc HSC* 5,000 – – 5,000 Class C USD Acc HSC* 5,000 – – 5,000 Class D EUR Acc 9,866,556 5,053,252 (4,966,506) 9,953,302 Class D EUR A Inc Dist 5,074,922 1,417,876 (382,386) 6,110,412 Class D GBP Acc 2,874,598 336,944 (1,469,609) 1,741,933 Class D USD Acc HSC 3,602,654 797,408 (883,785) 3,516,277 Class I EUR Acc 39,658,166 9,157,883 (9,692,894) 39,123,155 Class I JPY Acc* 737 875,396 (737) 875,396 Class I JPY Acc HSC* 737 554,825 (16,500) 539,062 Class L EUR Acc 13,713,019 3,313,016 (3,914,062) 13,111,973 Class L EUR A Inc Dist 2,547,065 724,675 (363,581) 2,908,159 Class L GBP A Inc 996,228 32,647 (97,201) 931,674 Class L HKD Acc HSC 5,530 – – 5,530 Class L USD Acc HSC 7,018,768 637,052 (2,192,074) 5,463,746 Class N USD Acc HSC* 5,000 – – 5,000 Jupiter European OpportunitiesClass D EUR Acc 370,254 7,000 (235,922) 141,332 Class D EUR A Inc* 1,192,583 3,877 (939,779) 256,681 Class E USD Acc* 314,206 35,276 (41,138) 308,344 Class I EUR Acc 4,529,394 7,555 (1,717,630) 2,819,319 Class L EUR Acc 4,521,778 2,495,217 (3,387,861) 3,629,134 Class L GBP A Inc 83,767 11,683 (4,701) 90,749 Class L USD Acc* 24,966 6,370 (16,209) 15,127 Jupiter Eurozone Equity*Class I EUR Acc 27,548 – – 27,548 Class I GBP Acc 25,000 – – 25,000 Jupiter Financial InnovationClass D EUR Acc 163,521 407,312 (452,187) 118,646 Class D GBP Acc 46,805 365 (4,495) 42,675 Class D USD Acc 539,044 20,973 (86,201) 473,816 Class L EUR Acc 1,430,380 911,200 (952,353) 1,389,227 Class L GBP A Inc 533,984 40,981 (64,213) 510,752 Class L USD Acc 4,915,794 665,064 (1,603,786) 3,977,072 Class L USD Acc HSC 322,668 – (48,109) 274,559

The accompanying notes form an integral part of these financial statements.* This Fund/Class is not authorised in Hong Kong and not available to Hong Kong residents.

23

Sharesoustanding


Shares issued

Shares redeemed

Shares outstanding

at end of period

Jupiter Flexible Income*Class D EUR Q Inc (2) – 1,654 – 1,654 Class F EUR Acc (3) – 199,100 – 199,100 Class I EUR Acc 500,000 1,758 – 501,758 Class I EUR Q Inc 50,000 – – 50,000 Class L EUR Acc 11,987 3,481 (444) 15,024 Class L USD M Inc HSC (4) – 500 – 500 Jupiter Global Absolute Return*Class A USD Acc HSC 5,000 – – 5,000 Class C USD Acc HSC 6,700 – – 6,700 Class D CHF Acc HSC 196,559 – (3,271) 193,288 Class D EUR Acc 1,201,592 226,623 (42,720) 1,385,495 Class D EUR A Inc Dist 292,356 21,369 (25,259) 288,466 Class D GBP Acc HSC 2,363,282 1,293,551 (126,277) 3,530,556 Class D SEK Acc HSC 206,701 15,957 (107,666) 114,992 Class D USD Acc HSC 700,676 416,332 (80,318) 1,036,690 Class I EUR Acc 18,784,752 3,368,332 (3,686,733) 18,466,351 Class L EUR Acc 1,507,262 284,584 (477,218) 1,314,628 Class L EUR A Inc Dist 61,385 265 (12,455) 49,195 Class L SEK Acc HSC 84,257 415,348 (99,506) 400,099 Class L USD Acc HSC 46,823 – – 46,823 Class N USD Acc HSC 5,000 – – 5,000 Jupiter Global ConvertiblesClass A USD Acc HSC* 5,000 – – 5,000 Class C USD Acc HSC* 6,700 – – 6,700 Class D EUR Acc 9,413,579 370,175 (4,056,537) 5,727,217 Class D EUR A Inc 472,927 38,247 (153,359) 357,815 Class D GBP A Inc HSC 1,247,082 83,697 (151,963) 1,178,816 Class D USD A Inc HSC 684,107 17,049 (253,559) 447,597 Class I CHF Acc HSC 19,968,201 1,233,883 (676,256) 20,525,828 Class I EUR Acc 34,181,434 6,631,721 (20,262,316) 20,550,839 Class I EUR Q Inc Dist* 11,870,027 – (226,976) 11,643,051 Class I GBP A Inc HSC 3,882,165 90,633 (194,170) 3,778,628 Class I USD Acc HSC 4,894,899 18,544 (1,148,348) 3,765,095 Class L CHF Acc HSC 522,116 77,314 (33,772) 565,658 Class L EUR Acc 2,591,794 340,163 (1,250,556) 1,681,401 Class L GBP A Inc HSC 46,812 2,546 (5,869) 43,489 Class L USD Acc HSC 155,088 23,769 (55,155) 123,702 Class N USD Acc HSC* 5,000 – – 5,000





* This Fund/Class is not authorised in Hong Kong and not available to Hong Kong residents.(2) Launch date 6 February 2019. (3) Launch date 14 November 2018. (4) Launch date 5 March 2019.

24




Sharesoustanding


Shares issued

Shares redeemed

Shares outstanding

at end of period

Jupiter Global Ecology Diversified*Class D GBP Acc HSC 138,754 10,447 – 149,201 Class D GBP Q Inc Dist HSC 87,500 – – 87,500 Class I EUR Acc 98,386 476 – 98,862 Class I GBP Acc HSC 89,943 – – 89,943 Class I GBP Q Inc Dist HSC 536,650 – – 536,650 Class L EUR Acc 149,486 21,318 (3,127) 167,677 Jupiter Global Ecology GrowthClass D EUR Acc (5) 83,548 4,772 (88,320) – Class D EUR A Inc Dist 2,723 2,572 – 5,295 Class L EUR Acc 426,119 29,820 (36,764) 419,175 Class L EUR A Inc Dist 77,169 7,393 (33,416) 51,146 Class L GBP A Inc 92,242 4,683 (4,504) 92,421 Class L USD Acc 131,492 449 (11,630) 120,311 Jupiter Global Emerging Markets Corporate Bond*Class I USD Acc 1,061,720 541,772 (35,992) 1,567,500 Class L USD Q Inc Dist (6) – 56,037 – 56,037 Jupiter Global Emerging Markets Equity UnconstrainedClass D USD Acc 1,071,875 – (906,019) 165,856 Class F JPY Acc* 505,028 59,383 (10,900) 553,511 Class F JPY Acc HSC* 180,733 30,044 (12,280) 198,497 Class L USD Acc 1,742,979 30,594 (422,624) 1,350,949 Jupiter Global Emerging Markets Short Duration BondClass F EUR Acc HSC* 72,820 841 (11,824) 61,837 Class F GBP Acc HSC* 62,948 1,501 (6,111) 58,338 Class F USD A Inc* (7) – 3,666 – 3,666 Class F USD Acc* 133,449 7,211 (11,979) 128,681 Class I EUR Acc HSC 11,170 – – 11,170 Class I GBP A Inc HSC 500 3,797 – 4,297 Class I USD Acc 258,897 – (771) 258,126 Class L EUR Q Inc Dist HSC (8) – 604 (4) 600 Class L USD M Inc Dist (9) – 10 – 10 Jupiter Global Levered Absolute Return*Class F EUR Acc HSC 120,000 15,000 – 135,000 Class F GBP Acc 131,853 14,261 – 146,114 Class F SEK Acc HSC 550,000 – – 550,000 Class F USD Acc HSC 134,889 10,000 (26,753) 118,136 Class I EUR Acc HSC 166,200 – (42,238) 123,962 Class I GBP Acc 626 – – 626


* This Fund/Class is not authorised in Hong Kong and not available to Hong Kong residents.(5) Closed as at 28 January 2019. (6) Launch date 8 November 2018. (7) Launch date 18 January 2019. (8) Launch date 3 October 2018. (9) Launch date 3 December 2018.

25





Sharesoustanding


Shares issued

Shares redeemed

Shares outstanding

at end of period

Jupiter Global ValueClass D EUR Acc 1,933,297 206,571 (1,501,039) 638,829 Class D GBP Acc 130,270 17,996 (16,619) 131,647 Class D USD Acc 119,709 395,758 (2,639) 512,828 Class I GBP Acc 22,164,317 600,967 (783,357) 21,981,927 Class L EUR Acc 1,002,050 23,417 (958,318) 67,149 Class L GBP A Inc 262,845 3,486 (7,071) 259,260 Class L USD Acc 235,119 14,310 (52,824) 196,605 Jupiter India SelectClass D EUR Acc 380,948 211,184 (211,497) 380,635 Class D GBP Acc 3,128,799 358,877 (486,599) 3,001,077 Class D USD Acc 14,590,687 281,153 (3,593,654) 11,278,186 Class L EUR Acc 457,029 177,043 (159,575) 474,497 Class L GBP A Inc 156,335 10,292 (18,250) 148,377 Class L USD A Inc 416,175 34,817 (102,614) 348,378 Jupiter Japan SelectClass D EUR Acc 23,427 – – 23,427 Class D USD Acc 22,604 501,613 – 524,217 Class I JPY Acc* 20,775 – – 20,775 Class L EUR Acc 1,867 3,856,563 (228,776) 3,629,654 Class L GBP A Inc 627,965 969 (33,919) 595,015 Class L USD Acc 29,000 4,665 (1,369) 32,296 Jupiter New EuropeClass L EUR Acc 404,379 20,915 (338,127) 87,167 Class L GBP A Inc 94,848 1,994 (7,846) 88,996 Class L USD Acc 4,695 – (1,822) 2,873 Jupiter Strategic Total Return*Class A USD Acc HSC 5,000 – – 5,000 Class D EUR A Inc Dist 488,360 60,765 (352,703) 196,422 Class I EUR Acc 1,838,851 – (327,960) 1,510,891 Class I GBP Acc HSC 81,356 – (5,331) 76,025 Class I USD Acc HSC 203,413 – (141,392) 62,021 Class L CHF Acc HSC 1,332 – (150) 1,182 Class L EUR Acc 48,838 668 (16,777) 32,729 Class L EUR A Inc Dist 19,363 233 (1,806) 17,790 Class L GBP Acc HSC 3,361 – – 3,361 Class L USD Acc HSC 64,620 6,431 (991) 70,060 Jupiter UK Dynamic Growth**Class D GBP Acc 250,000 – (250,000) – Class L GBP Acc 100,000 – (100,000) – Jupiter US Equity Long Short* (10)

Class D USD Acc – 10,562 – 10,562 Class F USD Acc – 10,000 – 10,000 Class I USD Acc – 220,381 – 220,381 Class L USD Acc – 10,034 – 10,034

* This Fund/Class is not authorised in Hong Kong and not available to Hong Kong residents. ** Jupiter UK Dynamic Growth closed on 26 February 2019. This Fund is not authorised in Hong Kong and not available to Hong Kong residents.(10) Jupiter US Equity Long Short was launched on 10 October 2018.

26


Statistical Information

■ Statistical Information as at 31 March 2019

* Jupiter UK Dynamic Growth was liquidated on 26 February 2019.

Total Net Assets:

Currency As at 31 March 2019 As at 30 September 2018 As at 30 September 2017

Jupiter Asia Pacific Income USD 10,653,551 20,675,163 37,154,374

Jupiter China Select USD 7,919,220 7,853,910 8,844,051

Jupiter Dynamic Bond EUR 6,540,453,829 7,225,105,618 10,855,794,335

Jupiter Europa EUR 143,564,652 191,103,923 85,440,108

Jupiter European Feeder GBP 25,688,949 31,125,009 23,213,910

Jupiter European Growth EUR 2,856,235,189 2,966,496,763 2,328,278,866

Jupiter European Opportunities EUR 170,556,437 263,834,386 401,463,045

Jupiter Eurozone Equity EUR 5,186,679 5,398,586 –

Jupiter Financial Innovation EUR 86,631,690 106,909,627 66,247,430

Jupiter Flexible Income EUR 78,680,469 56,239,116 –

Jupiter Global Absolute Return EUR 254,116,173 241,948,867 152,373,780

Jupiter Global Convertibles EUR 841,321,619 1,111,807,883 696,387,699

Jupiter Global Ecology Diversified EUR 13,522,454 12,680,707 11,164,487

Jupiter Global Ecology Growth EUR 9,401,275 10,983,470 10,807,324

Jupiter Global Emerging Markets Corporate Bond USD 179,457,629 112,000,597 105,819,089

Jupiter Global Emerging Markets Equity Unconstrained USD 73,561,863 78,415,124 53,646,914

Jupiter Global Emerging Markets Short Duration Bond USD 57,917,458 57,525,136 25,909,857

Jupiter Global Levered Absolute Return GBP 44,935,985 51,242,311 –

Jupiter Global Value USD 371,522,442 448,848,956 234,993,390

Jupiter India Select USD 255,727,219 274,687,992 372,666,497

Jupiter Japan Select USD 116,065,839 22,190,547 18,834,036

Jupiter New Europe EUR 1,713,707 4,217,743 4,260,873

Jupiter Strategic Total Return EUR 21,092,704 28,680,330 41,269,936

Jupiter UK Dynamic Growth* GBP – 3,954,112 3,931,260

Jupiter US Equity Long Short USD 21,230,185 – –


27



■ Statistical Information as at 31 March 2019 (continued)

Net Asset Value per Share:

As at 31 March 2019 As at 30 September 2018 As at 30 September 2017

Jupiter Asia Pacific IncomeClass A USD Acc $10.10 $9.77 –Class C USD Acc $10.09 $9.73 –Class D EUR Q Inc Dist €10.21 €9.68 €9.82Class D GBP Acc £12.81 £12.39 £12.00Class D USD Acc $10.13 $9.75 –Class D USD Q Inc Dist $11.24 $10.99 $11.37Class L EUR Q Inc Dist €10.12 €9.63 €9.85Class L GBP Q Inc £17.22 £16.99 £17.27Class L SGD Q Inc Dist HSC SGD 10.22 SGD 10.09 SGD 10.62Class L USD Acc $29.31 $28.31 $28.37Class L USD Q Inc Dist $10.53 $10.34 $10.79Class N USD Acc $10.06 $9.75 –Jupiter China SelectClass L EUR Acc €14.30 €13.51 €14.21Class L GBP A Inc £14.35 £14.04 £14.85Class L USD Acc $12.05 $11.73 $12.59


28






Jupiter Dynamic BondClass A USD Acc HSC $10.28 $9.81 –Class A USD Q Inc Dist HSC $9.74 $9.47 –Class C USD Acc HSC $10.48 $9.98 –Class C USD Q Inc HSC $10.17 $9.87 –Class D CHF Acc HSC CHF 10.92 CHF 10.55 CHF 10.91Class D CHF Q Inc HSC CHF 9.18 CHF 9.04 CHF 9.72Class D EUR Acc €12.48 €12.02 €12.37Class D EUR Q Inc €9.69 €9.52 €10.18Class D EUR Q Inc Dist €9.38 €9.22 €9.86Class D GBP Acc HSC £13.01 £12.46 £12.70Class D GBP Q Inc HSC £10.15 £9.91 £10.50Class D USD Acc HSC $13.28 $12.61 $12.66Class D USD M Inc HSC (1) $10.36 – –Class D USD Q Inc HSC $10.46 $10.12 $10.57Class I CHF Acc HSC CHF 10.01 CHF 9.67 CHF 10.00Class I CHF Q Inc HSC CHF 10.14 CHF 9.98 CHF 10.73Class I EUR Acc €13.04 €12.56 €12.92Class I EUR Q Inc €10.60 €10.41 €11.13Class I GBP Q Inc HSC £11.03 £10.76 £11.41Class I SEK Acc HSC SEK 100.87 SEK 97.21 SEK 100.14Class I SGD M Inc HSC SGD 101.38 SGD 98.50 –Class I USD Acc HSC $11.45 $10.87 $10.91Class I USD Q Inc HSC $11.34 $10.97 $11.45Class L AUD Acc HSC AUD 23.66 AUD 22.60 AUD 22.84Class L AUD M Inc HSC AUD 20.58 AUD 20.04 AUD 21.06Class L CHF Acc HSC CHF 11.31 CHF 10.97 CHF 11.43Class L CHF Q Inc HSC CHF 10.12 CHF 10.01 CHF 10.85Class L CNH Acc HSC ^ CNH 121.43 CNH 115.19 CNH 115.01Class L EUR Acc €11.69 €11.31 €11.72Class L EUR Q Inc €10.44 €10.29 €11.10Class L EUR Q Inc Dist €9.45 €9.32 €10.05Class L GBP Acc HSC £10.29 £9.89 £10.16Class L GBP Q Inc HSC £10.85 £10.63 £11.36Class L HKD Acc HSC HKD 102.96 HKD 98.63 –Class L HKD M Inc Dist HSC HKD 99.07 HKD 96.73 –Class L SEK Acc HSC SEK 106.82 SEK 103.36 SEK 107.33Class L SGD Acc HSC SGD 11.84 SGD 11.33 SGD 11.53Class L SGD M Inc HSC SGD 10.06 SGD 9.81 SGD 10.39Class L USD Acc HSC $12.59 $12.00 $12.14Class L USD M Inc HSC $10.10 $9.81 $10.32Class L USD Q Inc HSC $11.14 $10.82 $11.39Class N USD Acc HSC $10.24 $9.79 –Class N USD Q Inc Dist HSC $9.70 $9.45 –


(1) Launch date 26 October 2018. ^ The CNH classes of the Jupiter Dynamic Bond Fund may only be offered for sale or sold in Hong Kong to ‘professional investors’ within the meaning of the Securities and Futures Ordinance and any rules made thereunder.

29






Jupiter EuropaClass D EUR B Acc €12.20 €12.58 €12.65Class D USD B Acc HSC $12.83 $13.03 $12.78Class F EUR Acc €9.81 €10.10 €10.14Class L EUR A Acc €13.74 €14.24 €14.47Class L EUR B Acc €13.34 €13.80 €13.99Class L GBP B Acc HSC £13.93 £14.35 £14.40Class L USD A Acc HSC $9.70 $9.90 –Class L USD B Acc HSC $14.39 $14.67 $14.50Jupiter European FeederClass Z EUR Acc €12.47# €13.17 €10.97#

Class Z GBP Acc £15.11# £16.52 £13.65#

Jupiter European GrowthClass A USD Acc HSC $9.40 $9.79 –Class C USD Acc HSC $9.44 $9.79 –Class D EUR Acc €16.61 €17.46 €14.95Class D EUR A Inc Dist €15.74 €16.55 €14.27Class D GBP Acc £17.96 £19.58 £16.66Class D USD Acc HSC $17.75 $18.39 $15.38Class I EUR Acc €45.42 €47.75 €40.87Class I JPY Acc JPY 8,971.00 JPY 9,963.00 –Class I JPY Acc HSC JPY 9,580.00 JPY 10,048.00 –Class L EUR Acc €34.52 €36.44 €31.44Class L EUR A Inc Dist €15.65 €16.52 €14.25Class L GBP A Inc £31.08 £34.00 £29.16Class L HKD Acc HSC HKD 109.59 HKD 114.58 –Class L USD Acc HSC $18.33 $19.06 $16.06Class N USD Acc HSC $9.38 $9.79 –Jupiter European OpportunitiesClass D EUR Acc €12.61 €13.21 €13.34Class D EUR A Inc €10.79 €11.31 €11.58Class E USD Acc $10.44 $11.35 $11.84Class I EUR Acc €27.69 €29.01 €29.29Class L EUR Acc €22.93 €24.12 €24.55Class L GBP A Inc £16.34 £17.81 £18.13Class L USD Acc $8.71 $9.45 –Jupiter Eurozone EquityClass I EUR Acc $94.00 $97.84 –Class I GBP Acc £89.02 £96.01 – Jupiter Financial InnovationClass D EUR Acc €11.32 €12.11 €10.56Class D GBP Acc £15.93 £17.67 £15.32Class D USD Acc $12.92 $14.26 $12.69Class L EUR Acc €16.43 €17.65 €15.51Class L GBP A Inc £17.88 £19.90 £17.39Class L USD Acc $12.01 $13.30 $11.92Class L USD Acc HSC $12.45 $13.19 $11.35


#Net Asset Values per share include Swing Pricing Adjustments. For current year, refer to Note 13 for further details.

30






Jupiter Flexible IncomeClass D EUR Q Inc (2) €100.33 – –Class I EUR Acc €102.21 €100.07 –Class I EUR Q Inc €99.80 €100.07 –Class F EUR Acc (3) €103.80 – –Class L EUR Acc €101.83 €100.05 –Class L USD M Inc HSC (4) $100.19 – –Jupiter Global Absolute ReturnClass A USD Acc HSC $9.73 $9.79 –Class C USD Acc HSC $9.84 $9.87 –Class D CHF Acc HSC CHF 9.17 CHF 9.34 CHF 9.77 Class D EUR Acc €9.29 €9.44 €9.83Class D EUR A Inc Dist €9.20 €9.35 €9.75Class D GBP Acc HSC £9.50 £9.60 £9.90Class D SEK Acc HSC SEK 93.02 SEK 94.53 SEK 98.61 Class D USD Acc HSC $9.81 $9.82 $9.97Class I EUR Acc €9.28 €9.42 €9.80Class I USD Acc HSC – – $10.01Class L EUR Acc €9.09 €9.27 €9.71Class L EUR A Inc Dist €9.18 €9.36 €9.80Class L SEK Acc HSC SEK 91.21 SEK 93.00 SEK 97.63 Class L USD Acc HSC $9.62 $9.66 $9.88Class N USD Acc HSC $9.70 $9.77 –Jupiter Global ConvertiblesClass A USD Acc HSC $9.90 $10.03 –Class C USD Acc HSC $9.77 $9.86 –Class D EUR Acc €11.24 €11.49 €11.50Class D EUR A Inc €9.87 €10.09 €10.27Class D GBP A Inc HSC £11.00 £11.19 £11.28Class D USD A Inc HSC $10.40 $10.47 $10.40Class I CHF Acc HSC CHF 12.82 CHF 13.14 CHF 13.22 Class I EUR Acc €13.53 €13.83 €13.84Class I EUR Q Inc Dist €9.34 €9.65 –Class I GBP A Inc HSC £12.36 £12.56 £12.66Class I USD Acc HSC $14.30 $14.40 $14.06Class L CHF Acc HSC CHF 11.95 CHF 12.30 CHF 12.48 Class L EUR Acc €12.63 €12.96 €13.08Class L GBP A Inc HSC £11.98 £12.23 £12.43Class L USD Acc HSC $13.33 $13.48 $13.28Class N USD Acc HSC $9.86 $10.00 –


(2) Launch date 7 February 2019. (3) Launch date 14 November 2018. (4) Launch date 5 March 2019.

31






Jupiter Global Ecology DiversifiedClass D GBP Acc HSC £10.80 £10.59 £10.56Class D GBP Q Inc Dist HSC £10.25 £10.17 £10.35Class I EUR Acc €10.85 €10.70 €10.76Class I GBP Acc HSC £10.81 £10.60 £10.56Class I GBP Q Inc Dist HSC £10.54 £10.46 £10.65Class L EUR Acc €10.66 €10.55 €10.67Jupiter Global Ecology GrowthClass D EUR Acc (5) – €10.54 €10.33Class D EUR A Inc Dist €12.44 €12.64 €12.48Class L EUR Acc €14.56 €14.87 €14.72Class L EUR A Inc Dist €12.19 €12.45 €12.33Class L GBP A Inc £13.63 £14.42 £14.19Class L USD Acc $10.63 $11.20 $11.30Jupiter Global Emerging Markets Corporate BondClass I USD Acc $110.83 $105.49 $105.82Class L USD Q Inc Dist (6) $102.34 – – Jupiter Global Emerging Markets Equity UnconstrainedClass D USD Acc $10.79 $10.29 $12.63Class F JPY Acc JPY 8,640.00 JPY 8,428.00 JPY 10,239.00Class F JPY Acc HSC JPY 8,068.00 JPY 7,796.00 JPY 9,770.00Class L USD Acc $10.46 $10.01 $12.38Jupiter Global Emerging Markets Short Duration BondClass F EUR Acc HSC €102.71 €100.11 – Class F GBP Acc HSC £103.73 £100.49 – Class F USD A INC (7) $102.54 – – Class F USD Acc $105.31 $101.04 – Class I EUR Acc HSC €100.93 €98.42 – Class I GBP A Inc HSC £103.07 £99.88 – Class I USD Acc $104.65 $100.47 $100.15Class L EUR Q Inc Dist HSC (8) €99.60 – – Class L USD M Inc Dist (9) $101.95 – – Jupiter Global Levered Absolute ReturnClass F EUR Acc HSC €86.45 €92.44# – Class F GBP Acc £88.18 £93.49# – Class F SEK Acc HSC SEK 87.61 SEK 93.68# – Class F USD Acc HSC $89.96 $94.70# – Class I EUR Acc HSC €93.35 €99.95# – Class I GBP Acc £87.86 £93.27# –


(5) Closed as at 28 January 2019. (6) Launch date 8 November 2018. (7) Launch date 18 January 2019. (8) Launch date 03 October 2018. (9) Launch date 3 December 2018.#Net Asset values per share include swing pricing adjustments. For current year, refer to Note 13 for further details.

32





* Jupiter UK Dynamic Growth was liquidated on 26 February 2019. #Net Asset Values per share include Swing Pricing Adjustments. For current year, refer to Note 13 for further details.



Jupiter Global ValueClass D EUR Acc €10.09 €10.67 – Class D GBP Acc $12.32 $13.50 £11.87Class D USD Acc £8.92 £9.73 – Class I GBP Acc £11.99 £13.14 £11.54Class L EUR Acc €23.99 €25.47 €22.70Class L GBP A Inc £19.91 £21.90 £19.60Class L USD Acc $18.37 $20.11 $18.29Jupiter India SelectClass D EUR Acc €12.47 €10.68 €13.21Class D GBP Acc £8.64 £7.67 £9.43Class D USD Acc $12.33 $10.89 $13.74Class L EUR Acc €17.23 €14.84 €18.54Class L GBP A Inc £17.57 £15.68 £19.48Class L USD A Inc $186.05 $165.20 $210.55Jupiter Japan SelectClass D EUR Acc €11.80 €12.23 €10.86Class D USD Acc $13.74 $14.68 $13.30Class I JPY Acc JPY 9,734.00 JPY 10,656.00 –Class L EUR Acc €21.93 €22.83 €20.43Class L GBP A Inc £21.48 £23.17 £20.68Class L USD Acc $17.77 $19.07 $17.41Jupiter New EuropeClass L EUR Acc €8.53 €8.01 €8.00Class L GBP A Inc £9.18 £8.93 £9.13Class L USD Acc $6.83 $6.61 $6.75Jupiter Strategic Total ReturnClass A USD Acc HSC $9.96# $9.79 –Class D EUR A Inc Dist €9.55# €9.49 €9.88Class I EUR Acc €10.79# €10.72 €11.09Class I GBP Acc HSC £11.12# £10.99 £11.26Class I USD Acc HSC $11.40# $11.16 $11.25Class L CHF Acc HSC CHF 9.65# CHF 9.65 CHF 10.09Class L EUR Acc €10.19# €10.16 €10.57Class L EUR A Inc Dist €9.52# €9.49 €9.88Class L GBP Acc HSC £10.51# £10.42 £10.75Class L USD Acc HSC $10.79# $10.59 $10.76Jupiter UK Dynamic Growth*Class D GBP Acc – £11.35 £11.26Class L GBP Acc – £11.16 £11.15Jupiter US Equity Long ShortClass D USD Acc $84.59 – – Class F USD Acc $84.66 – – Class I USD Acc $84.60 – – Class L USD Acc $84.28 – –

33


Jupiter Asia Pacific Income

■ Jupiter Asia Pacific Income Schedule of Investments as at 31 March 2019

Investments Currency

Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquities

AustraliaAGL Energy Ltd. AUD 14,000 216,200 2.03

Dexus, REIT AUD 35,000 316,356 2.97

Macquarie Group Ltd. AUD 4,800 440,617 4.14

Scentre Group, REIT AUD 125,000 364,795 3.42

Star Entertainment Grp Ltd. (The) AUD 70,000 207,264 1.94

Suncorp Group Ltd. AUD 28,000 273,836 2.57

Transurban Group AUD 32,000 299,453 2.81

Wesfarmers Ltd. AUD 9,700 238,400 2.24

Westpac Banking Corp. AUD 12,500 229,825 2.16

2,586,746 24.28 BermudaNWS Holdings Ltd. HKD 180,000 393,250 3.69

393,250 3.69 Cayman IslandsHengan International Group Co. Ltd. HKD 28,000 245,224 2.30

Sands China Ltd. HKD 138,800 697,098 6.55

Tencent Holdings Ltd. HKD 8,300 381,591 3.58

1,323,913 12.43 ChinaPing An Insurance Group Co. of China Ltd. 'H' HKD 42,000 470,162 4.41

470,162 4.41 Hong KongAIA Group Ltd. HKD 28,000 278,575 2.62

China Mobile Ltd. HKD 32,000 326,014 3.06

Link REIT HKD 55,000 643,363 6.04

1,247,952 11.72 IndiaEmbassy Office Parks REIT INR 39,600 171,664 1.61

171,664 1.61 SingaporeDBS Group Holdings Ltd. SGD 21,000 390,800 3.67

Genting Singapore Ltd. SGD 280,000 213,883 2.01

Mapletree Commercial Trust, REIT SGD 125,000 174,822 1.64

Mapletree Logistics Trust, REIT SGD 210,000 227,056 2.13

Singapore Technologies Engineering Ltd. SGD 97,000 268,102 2.52

Singapore Telecommunications Ltd. SGD 150,000 333,776 3.13

1,608,439 15.10


34



■ Jupiter Asia Pacific Income Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesSouth KoreaMacquarie Korea Infrastructure Fund KRW 38,000 355,639 3.34

Samsung Electronics Co. Ltd. Preference KRW 19,400 619,024 5.81

974,663 9.15 TaiwanHon Hai Precision Industry Co. Ltd. TWD 180,000 429,002 4.03

MediaTek, Inc. TWD 42,000 383,457 3.60

Taiwan Semiconductor Manufacturing Co. Ltd. TWD 70,000 556,303 5.22

1,368,762 12.85 United KingdomBHP Group plc GBP 14,000 339,199 3.18

339,199 3.18 Total Equities 10,484,750 98.42 Total Transferable securities and money market instruments admitted to an official exchange listing 10,484,750 98.42

Total Investments 10,484,750 98.42 Cash 190,397 1.79Other Assets/(Liabilities) (21,596) (0.21)Total Net Assets 10,653,551 100.00


35



■ Jupiter Asia Pacific Income Schedule of Investments as at 31 March 2019 (continued)

Geographic Allocation of Portfolio% of

Net AssetsAustralia 24.28

Singapore 15.10

Taiwan 12.85

Cayman Islands 12.43

Hong Kong 11.72

South Korea 9.15

China 4.41

Bermuda 3.69

United Kingdom 3.18

India 1.61

Total Investments 98.42

Cash and Other Assets/(Liabilities) 1.58

Total 100.00

Forward Currency Exchange Contracts

Currency PurchasedAmount

PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty

Unrealised Gain/(Loss)

USD% of

Net AssetsSGD 1,075,633 USD 793,171 15/04/2019 J.P. Morgan 890 0.01

USD 8,877 SGD 11,983 15/04/2019 J.P. Morgan 31 –

Total Unrealised Gain on Forward Currency Exchange Contracts 921 0.01 SGD 17,234 USD 12,765 15/04/2019 J.P. Morgan (42) –

Total Unrealised Loss on Forward Currency Exchange Contracts (42) – Net Unrealised Gain on Forward Currency Exchange Contracts 879 0.01


36



■ Jupiter China Select Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

USD% of


Bermuda

Luk Fook Holdings International Ltd. HKD 34,000 114,453 1.45

114,453 1.45

Cayman Islands

3SBio, Inc., Reg. S HKD 156,000 306,437 3.87

Alibaba Group Holding Ltd., ADR USD 1,998 355,015 4.48

Baidu, Inc., ADR USD 2,116 347,246 4.38

Bestway Global Holding, Inc., Reg. S HKD 194,500 82,012 1.04

Bitauto Holdings Ltd., ADR USD 5,173 79,173 1.00

Bizlink Holding, Inc. TWD 37,339 256,206 3.24

China Distance Education Holdings Ltd., ADR USD 9,395 64,074 0.81

China Maple Leaf Educational Systems Ltd. HKD 82,000 39,433 0.50


Consun Pharmaceutical Group Ltd. HKD 247,000 181,711 2.29

Crystal International Group Ltd., Reg. S HKD 325,000 170,160 2.15

Dali Foods Group Co. Ltd., Reg. S HKD 128,000 95,471 1.21

Ginko International Co. Ltd. TWD 37,000 280,258 3.54

Haichang Ocean Park Holdings Ltd., Reg. S HKD 1,174,000 266,208 3.36

JD.com, Inc., ADR USD 13,123 385,882 4.87

Jianpu Technology, Inc., ADR USD 16,641 85,618 1.08

NetEase, Inc., ADR USD 1,516 358,178 4.52

Qudian, Inc., ADR USD 14,245 71,439 0.90

Regina Miracle International Holdings Ltd., Reg. S HKD 225,000 160,510 2.03



Tiangong International Co. Ltd. HKD 840,000 195,823 2.47

Vinda International Holdings Ltd. HKD 101,000 196,082 2.48

4,542,326 57.36

China

Bank of China Ltd. 'H' HKD 670,000 304,275 3.84

China Construction Bank Corp. 'H' HKD 310,285 266,214 3.36

China Life Insurance Co. Ltd. 'H' HKD 59,000 158,399 2.00

China Petroleum & Chemical Corp. 'H' HKD 334,000 263,585 3.33

CRRC Corp. Ltd. 'H' HKD 127,000 119,639 1.51

PetroChina Co. Ltd. HKD 124,000 80,324 1.02

Ping An Insurance Group Co. of China Ltd. 'H' HKD 8,500 95,152 1.20

1,287,588 16.26


37



■ Jupiter China Select Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesHong KongChina Mobile Ltd. HKD 16,500 168,101 2.12 China Overseas Land & Investment Ltd. HKD 66,000 250,339 3.16 China Unicom Hong Kong Ltd. HKD 266,000 336,991 4.26 CPMC Holdings Ltd. HKD 469,000 187,900 2.37

943,331 11.91 TaiwanHon Hai Precision Industry Co. Ltd. TWD 83,200 198,294 2.50 MediaTek, Inc. TWD 21,000 191,729 2.42

390,023 4.92 Virgin Islands, BritishHollysys Automation Technologies Ltd. USD 14,849 301,138 3.80

301,138 3.80 Total Equities 7,578,859 95.70 Participation NotesChinaHangzhou Hikvision Digital Technology Co. Ltd. 16/12/2019 USD 1,490 7,780 0.10 Huayu Automotive plc 23/11/2021 USD 42,149 127,880 1.62 Inner Mongolia Yili Industrial Group Co. Ltd. 25/03/2025 USD 25,593 110,993 1.40

246,653 3.12 Total Participation Notes 246,653 3.12 Total Transferable securities and money market instruments admitted to an official exchange listing 7,825,512 98.82

Other transferable securities and money market instrumentsEquitiesCayman IslandsChina Metal Recycling Holdings Ltd.* HKD 250,000 – –

– – Total Equities – – Participation NotesChinaHangzhou Hikvision Digital Technology Co. Ltd. 0% 25/03/2025* USD 16,581 86,618 1.09

86,618 1.09 Total Participation Notes 86,618 1.09 Total Other transferable securities and money market instruments 86,618 1.09 Total Investments 7,912,130 99.91 Cash 12,716 0.16Other Assets/(Liabilities) (5,626) (0.07)Total Net Assets 7,919,220 100.00

*Security is valued at its fair value under the direction of the Board of Directors.


38



■ Jupiter China Select Schedule of Investments as at 31 March 2019 (continued)


Net AssetsCayman Islands 57.36

China 20.47

Hong Kong 11.91

Taiwan 4.92

Virgin Islands, British 3.80

Bermuda 1.45



Total 100.00


39


Jupiter Dynamic Bond

■ Jupiter Dynamic Bond Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsArgentinaAgua y Saneamientos Argentinos SA, Reg. S 6.625% 01/02/2023 USD 2,917,000 1,985,050 0.03

Argentina Government Bond 6.25% 22/04/2019 USD 10,271,000 9,156,901 0.14

Argentina Government Bond 4.5% 21/06/2019 USD 6,605,406 5,986,646 0.09

Argentina Government Bond 7.82% 31/12/2033 EUR 8,772,661 7,604,055 0.12


Provincia de Neuquen Argentina, Reg. S 8.625% 12/05/2028 USD 7,400,000 6,278,119 0.09

75,320,853 1.15 AustraliaAustralia Government Bond, Reg. S 4.75% 21/04/2027 AUD 42,975,000 33,410,985 0.51

Australia Government Bond, Reg. S 2.25% 21/05/2028 AUD 82,000,000 53,953,612 0.83





Australia Government Bond, Reg. S 3% 21/03/2047 AUD 194,000,000 137,448,222 2.10

1,089,962,393 16.66 BermudaLatina Offshore Ltd., Reg. S, FRN, 144A 8.875% 03/10/2019 USD 17,435,428 13,003,056 0.20

13,003,056 0.20 BulgariaBulgarian Energy Holding EAD, Reg. S 3.5% 28/06/2025 EUR 6,057,000 6,206,487 0.09

6,206,487 0.09 Cayman IslandsDar Al-Arkan Sukuk Co. Ltd., Reg. S 6.5% 28/05/2019 USD 1,429,000 1,279,455 0.02

Mizzen Bondco Ltd., Reg. S 7% 01/05/2021 GBP 15,046,883 17,176,679 0.26

18,456,134 0.28 ChileNova Austral SA, Reg. S, 144A 8.25% 26/05/2021 USD 14,700,000 12,188,127 0.19

12,188,127 0.19 CyprusCyprus Government Bond, Reg. S 2.375% 25/09/2028 EUR 9,800,000 10,491,787 0.16

Cyprus Government Bond, Reg. S 2.75% 26/02/2034 EUR 7,500,000 7,959,900 0.12

18,451,687 0.28 Czech RepublicCzech Republic Government Bond, Reg. S 0.95% 15/05/2030 CZK 170,900,000 5,974,294 0.09

Energo-Pro A/S, Reg. S 4% 07/12/2022 EUR 9,550,000 9,392,998 0.15

Energo-Pro A/S, Reg. S 4.5% 04/05/2024 EUR 2,281,000 2,132,895 0.03

17,500,187 0.27


40



■ Jupiter Dynamic Bond Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBonds Denmark

Welltec A/S, 144A 9.5% 01/12/2022 USD 16,800,000 14,436,589 0.22

14,436,589 0.22

France

3AB Optique Developpement SAS, Reg. S 4% 01/10/2023 EUR 3,500,000 3,487,155 0.05

3AB Optique Developpement SAS, Reg. S, FRN 4.125% 01/10/2023 EUR 5,600,000 5,546,604 0.09

Altice France SA, Reg. S 5.625% 15/05/2024 EUR 19,956,000 20,631,012 0.32

Altice France SA, Reg. S 5.875% 01/02/2027 EUR 11,429,000 11,794,614 0.18 Caisse Nationale de Reassurance Mutuelle Agricole Groupama, Reg. S, FRN 6.375% Perpetual EUR 7,500,000 8,436,150 0.13

Newco GB SAS, Reg. S 8% 15/12/2022 EUR 8,225,000 8,516,946 0.13

Orange SA, Reg. S, FRN 5% Perpetual EUR 8,475,000 9,554,914 0.15

Paprec Holding SA, Reg. S 4% 31/03/2025 EUR 7,225,000 6,135,831 0.09

Parts Europe SA, Reg. S 4.375% 01/05/2022 EUR 4,875,000 4,864,519 0.07

Parts Europe SA, Reg. S, FRN 4.375% 01/05/2022 EUR 4,193,447 4,186,171 0.06

SCOR SE, Reg. S, FRN 5.25% Perpetual USD 6,000,000 4,575,148 0.07

Societe Generale SA, Reg. S, FRN 7.375% Perpetual USD 1,350,000 1,245,154 0.02

Vallourec SA, Reg. S 3.25% 02/08/2019 EUR 9,600,000 9,641,376 0.15

98,615,594 1.51

Germany

Douglas GmbH, Reg. S 6.25% 15/07/2022 EUR 15,400,000 14,302,904 0.22

HT1 Funding GmbH, FRN 1.819% Perpetual EUR 9,375,000 8,373,235 0.13

Kirk Beauty One GmbH, Reg. S 8.75% 15/07/2023 EUR 22,315,000 15,424,686 0.24

Norddeutsche Landesbank Girozentrale, FRN 0.292% 10/02/2020 EUR 268,500 264,949 –

Otto GmbH & Co. KG, Reg. S, FRN 4% Perpetual EUR 3,760,000 3,916,980 0.06

PrestigeBidCo GmbH, Reg. S 6.25% 15/12/2023 EUR 6,935,000 7,371,350 0.11

Safari Verwaltungs GmbH, Reg. S 5.375% 30/11/2022 EUR 15,200,000 14,231,000 0.22

63,885,104 0.98

Greece

Greece Government Bond 0% 07/06/2019 EUR 5,200,000 5,192,460 0.08



11,302,937 0.17

Guernsey

Burford Capital Ltd. 5% 01/12/2026 GBP 6,658,500 7,793,287 0.12

7,793,287 0.12


41





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBonds Hong KongHongkong & Shanghai Banking Corp. Ltd. (The), FRN 2.937% Perpetual USD 14,990,000 9,450,342 0.14

9,450,342 0.14

India

Dewan Housing Finance Corp. Ltd. 9.25% 09/09/2023 INR 815,000,000 9,348,454 0.14


Dewan Housing Finance Corp. Ltd., Reg. S 8.5% 18/04/2023 INR 700,000,000 8,427,248 0.13

ECL Finance Ltd., Reg. S 9.05% 28/12/2019 INR 250,000,000 3,219,502 0.05

Housing Development Finance Corp. Ltd. 9.45% 21/08/2019 INR 240,000,000 3,105,986 0.05





Housing Development Finance Corp. Ltd., Reg. S 7.875% 21/08/2019 INR 1,730,000,000 22,287,984 0.34

Housing Development Finance Corp. Ltd., Reg. S 7% 09/01/2020 INR 50,000,000 636,341 0.01


HPCL-Mittal Energy Ltd., Reg. S 5.25% 28/04/2027 USD 2,757,000 2,385,359 0.04

IDFC First Bank Ltd. 8.64% 15/04/2020 INR 350,000,000 4,482,364 0.07

Indiabulls Housing Finance Ltd. 8.75% 26/09/2021 INR 1,500,000,000 19,091,893 0.29

Indiabulls Housing Finance Ltd. 8.9% 26/09/2021 INR 225,000,000 2,873,008 0.04

Indiabulls Housing Finance Ltd., Reg. S 8.567% 15/10/2019 INR 1,318,300,000 16,750,366 0.26 Indian Renewable Energy Development Agency Ltd., Reg. S 7.125% 10/10/2022 INR 900,000,000 11,054,242 0.17

LIC Housing Finance Ltd. 8.61% 11/12/2019 INR 325,000,000 4,209,449 0.06


Muthoot Finance Ltd. 8.75% 24/06/2020 INR 560,000,000 7,103,115 0.11

National Bank for Agriculture and Rural Development 6.98% 30/09/2020 INR 947,000,000 12,085,667 0.19

National Bank for Agriculture and Rural Development 8.39% 19/07/2021 INR 511,000,000 6,676,980 0.10

National Highways Authority of India, Reg. S 7.3% 18/05/2022 INR 1,990,000,000 25,012,817 0.38

National Housing Bank 8.02% 31/01/2022 INR 587,000,000 7,578,681 0.12

National Housing Bank 8% 22/02/2022 INR 318,000,000 4,120,048 0.06

NTPC Ltd., Reg. S 7.375% 10/08/2021 INR 1,300,000,000 16,428,062 0.25

NTPC Ltd., Reg. S 7.25% 03/05/2022 INR 520,000,000 6,512,326 0.10

Power Finance Corp. Ltd., Reg. S 3.75% 06/12/2027 USD 3,000,000 2,496,736 0.04

REC Ltd., Reg. S 3.875% 07/07/2027 USD 4,200,000 3,544,509 0.05

REC Ltd., Reg. S 4.625% 22/03/2028 USD 1,200,000 1,072,209 0.02


42





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBonds

India (continued)

Reliance Capital Ltd. 9% 09/09/2026 INR 300,000,000 3,839,158 0.06

State Bank of India, Reg. S, FRN 5.5% Perpetual USD 9,000,000 8,123,026 0.12

Vodafone Idea Ltd. 8.04% 27/01/2022 INR 500,000,000 5,877,593 0.09

282,290,377 4.32

Ireland

ABH Financial Ltd., Reg. S 2.875% 09/11/2022 CHF 15,400,000 13,737,471 0.21

Alfa Bank AO, Reg. S, FRN 8% Perpetual USD 7,000,000 6,063,554 0.09

Allied Irish Banks plc, Reg. S, FRN 7.375% Perpetual EUR 6,765,000 7,225,663 0.11

Bank of Ireland, Reg. S 10% 19/12/2022 EUR 6,050,000 7,720,829 0.12

Bank of Ireland Group plc, Reg. S, FRN 3.125% 19/09/2027 GBP 4,721,000 5,288,216 0.08

Bank of Ireland Group plc, Reg. S, FRN 4.125% 19/09/2027 USD 5,600,000 4,710,392 0.07

Credit Bank of Moscow, Reg. S 5.55% 14/02/2023 USD 13,238,000 11,458,147 0.17

Credit Bank of Moscow, Reg. S 5.15% 20/02/2024 EUR 4,350,000 4,409,051 0.07

GTLK Europe DAC, Reg. S 5.95% 19/07/2021 USD 7,000,000 6,291,666 0.10


Koks OAO, Reg. S 7.5% 04/05/2022 USD 7,000,000 6,417,737 0.10

Virgin Media Receivables Financing Notes I DAC, Reg. S 5.5% 15/09/2024 GBP 52,810,000 62,098,665 0.95

Virgin Media Receivables Financing Notes II DAC, Reg. S 5.75% 15/04/2023 GBP 3,750,000 4,465,116 0.07

VTB Bank PJSC, Reg. S, FRN 9.5% Perpetual USD 15,000,000 13,570,834 0.21

161,261,451 2.47

Italy

Almaviva-The Italian Innovation Co. SpA, Reg. S 7.25% 15/10/2022 EUR 7,154,000 6,592,196 0.10

Bormioli Pharma Bidco SpA, Reg. S, FRN 3.5% 15/11/2024 EUR 5,914,000 5,491,386 0.09

Italy Buoni Poliennali Del Tesoro, Reg. S 2.5% 15/11/2025 EUR 17,706,000 18,217,660 0.28

Pro-Gest SpA, Reg. S 3.25% 15/12/2024 EUR 9,450,000 8,725,232 0.13

39,026,474 0.60

Jersey

CPUK Finance Ltd., Reg. S 4.875% 28/02/2047 GBP 4,313,000 4,969,105 0.07

Galaxy Bidco Ltd., Reg. S 6.375% 15/11/2020 GBP 7,295,000 8,475,097 0.13

Galaxy Bidco Ltd., Reg. S, FRN 5.367% 15/11/2020 GBP 1,333,000 1,544,763 0.02

Galaxy Finco Ltd., Reg. S 7.875% 15/11/2021 GBP 1,000,000 1,146,656 0.02

HBOS Sterling Finance Jersey LP, FRN 7.881% Perpetual GBP 13,357,000 22,683,343 0.35

HSBC Bank Capital Funding Sterling 1 LP, Reg. S, FRN 5.844% Perpetual GBP 9,475,000 14,144,547 0.22

HSBC Capital Funding Dollar 1 LP, Reg. S, FRN 10.176% Perpetual USD 1,050,000 1,380,003 0.02

54,343,514 0.83


43





Quantity/ Nominal

Value

Market Value

EUR% of


Luxembourg

Altice Financing SA, 144A 6.625% 15/02/2023 USD 15,687,000 14,256,882 0.22

Altice Financing SA, Reg. S 5.25% 15/02/2023 EUR 8,500,000 8,751,345 0.13

Altice Finco SA, 144A 8.125% 15/01/2024 USD 7,834,000 7,074,549 0.11

Altice Finco SA, Reg. S 9% 15/06/2023 EUR 3,441,000 3,601,953 0.05

ARD Finance SA 6.625% 15/09/2023 EUR 25,080,000 25,478,898 0.39

Aroundtown SA, Reg. S 3.25% 18/07/2027 GBP 5,000,000 5,833,069 0.09

Cabot Financial Luxembourg SA, Reg. S 7.5% 01/10/2023 GBP 15,750,000 18,065,980 0.28

Codere Finance 2 Luxembourg SA, 144A 7.625% 01/11/2021 USD 5,350,000 4,535,385 0.07

Codere Finance 2 Luxembourg SA, Reg. S 6.75% 01/11/2021 EUR 33,733,000 33,148,407 0.51

Galapagos SA, Reg. S, FRN 4.44% 15/06/2021 EUR 5,832,000 4,427,713 0.07

Gazprom OAO, Reg. S 2.949% 24/01/2024 EUR 18,192,000 18,861,693 0.29

Gazprom OAO, Reg. S 4.25% 06/04/2024 GBP 2,308,000 2,759,619 0.04

Horizon Parent Holdings Sarl, Reg. S 8.25% 15/02/2022 EUR 780,000 802,994 0.01

Intralot Capital Luxembourg SA, Reg. S 5.25% 15/09/2024 EUR 22,133,000 12,788,337 0.20

Kleopatra Holdings 1 SCA, Reg. S 8.5% 30/06/2023 EUR 7,846,875 3,941,485 0.06

LSF9 Balta Issuer SARL, Reg. S 7.75% 15/09/2022 EUR 3,487,860 3,415,818 0.05

Matterhorn Telecom SA, Reg. S 3.625% 01/05/2022 CHF 13,000,000 11,715,590 0.18

Offshore Drilling Holding SA, 144A 8.375% 20/09/2020 USD 6,050,000 2,707,245 0.04

Puma International Financing SA, Reg. S 5.125% 06/10/2024 USD 18,257,000 14,752,911 0.23

Puma International Financing SA, Reg. S 5% 24/01/2026 USD 3,404,000 2,646,301 0.04

Russian Agricultural Bank OJSC, Reg. S 8.5% 16/10/2023 USD 1,875,000 1,741,026 0.03 SCHMOLZ + BICKENBACH Luxembourg Finance SA, Reg. S 5.625% 15/07/2022 EUR 3,150,000 2,763,668 0.04

SES SA, Reg. S, FRN 5.625% Perpetual EUR 6,752,000 7,218,057 0.11

Topaz Marine SA, Reg. S 9.125% 26/07/2022 USD 11,810,000 10,686,558 0.16

Trafigura Funding SA, Reg. S 5.25% 19/03/2023 USD 16,704,000 13,895,507 0.21

235,870,990 3.61

Marshall IslandsNavigator Holdings Ltd., Reg. S, 144A 7.75% 10/02/2021 USD 1,000,000 871,527 0.01

871,527 0.01 MauritiusAzure Power Energy Ltd., Reg. S 5.5% 03/11/2022 USD 9,678,000 8,491,196 0.13

Neerg Energy Ltd., Reg. S 6% 13/02/2022 USD 5,500,000 4,856,910 0.07

13,348,106 0.20


44





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBonds NetherlandsCEVA Logistics Finance BV, Reg. S 5.25% 01/08/2025 EUR 8,000,000 8,095,360 0.12 Greenko Dutch BV, Reg. S 4.875% 24/07/2022 USD 8,700,000 7,648,079 0.12 Hema Bondco I BV, Reg. S, FRN 6.25% 15/07/2022 EUR 6,400,000 5,956,128 0.09 Hema Bondco II BV, Reg. S 8.5% 15/01/2023 EUR 3,950,000 2,890,867 0.04 ING Groep NV, Reg. S, FRN 6.75% Perpetual USD 6,000,000 5,305,713 0.08 Marfrig Holdings Europe BV, Reg. S 8% 08/06/2023 USD 9,850,000 9,070,363 0.14 NatWest Markets NV 7.125% 15/10/2093 USD 10,000,000 12,088,239 0.19 PPF Arena 1 BV, Reg. S 3.125% 27/03/2026 EUR 5,883,000 5,891,119 0.09 Schaeffler Finance BV, Reg. S 3.5% 15/05/2022 EUR 6,000,000 6,029,430 0.09 Schoeller Allibert Group BV, Reg. S 8% 01/10/2021 EUR 12,000,000 11,659,440 0.18 Selecta Group BV, Reg. S 5.875% 01/02/2024 CHF 1,467,000 1,341,498 0.02 Selecta Group BV, Reg. S 5.875% 01/02/2024 EUR 5,906,000 6,035,637 0.09 Telefonica Europe BV, Reg. S, FRN 2.625% Perpetual EUR 5,200,000 5,006,742 0.08 VIEO BV, Reg. S, FRN, 144A 6.75% 07/09/2020 EUR 27,500,000 18,663,562 0.29

105,682,177 1.62 NorwayDNB Bank ASA, FRN 2.813% Perpetual USD 1,750,000 1,036,087 0.01 DNB Bank ASA, FRN 2.837% Perpetual USD 2,250,000 1,331,471 0.02 DNO ASA, Reg. S, 144A 8.75% 18/06/2020 USD 3,400,000 3,121,667 0.05

5,489,225 0.08 PeruPeru Government Bond 8.2% 12/08/2026 PEN 13,482,000 4,338,720 0.07 Peru Government Bond 6.35% 12/08/2028 PEN 21,655,000 6,280,816 0.09 Peru Government Bond, Reg. S, 144A 5.94% 12/02/2029 PEN 17,816,000 5,028,911 0.08

15,648,447 0.24 PolandPoland Government Bond 2.5% 25/07/2027 PLN 25,614,000 5,876,786 0.09 Poland Government Bond 2.75% 25/04/2028 PLN 37,698,000 8,789,217 0.13

14,666,003 0.22 SingaporeDeep Drilling 1 Pte. Ltd. 15% 21/12/2020 USD 1,408,334 1,274,483 0.02

1,274,483 0.02 SpainBanco Santander SA, Reg. S, FRN 6.25% Perpetual EUR 13,100,000 12,898,195 0.20 Bankia SA, Reg. S, FRN 6% Perpetual EUR 2,800,000 2,742,726 0.04 Obrascon Huarte Lain SA, Reg. S 5.5% 15/03/2023 EUR 4,477,000 3,126,871 0.05

18,767,792 0.29


45





Quantity/ Nominal

Value

Market Value

EUR% of


Sri Lanka

Sri Lanka Government Bond, Reg. S 5.125% 11/04/2019 USD 19,194,000 17,095,356 0.26

Sri Lanka Government Bond, Reg. S 6.25% 04/10/2020 USD 7,700,000 6,959,608 0.11

24,054,964 0.37

Switzerland

Credit Suisse Group AG, Reg. S, FRN 7.5% Perpetual USD 3,000,000 2,832,032 0.04

UBS Group Funding Switzerland AG, Reg. S, FRN 5% Perpetual USD 17,500,000 13,611,206 0.21

UBS Group Funding Switzerland AG, Reg. S, FRN 6.875% Perpetual USD 4,000,000 3,574,365 0.06



32,252,000 0.49

United Kingdom

Air Berlin plc, Reg. S 5.625% 09/05/2019§ CHF 1,350,000 36,332 –

Air Berlin plc, Reg. S 6.75% 09/05/2019§ EUR 866,000 26,067 –

Algeco Global Finance plc, Reg. S, FRN 6.25% 15/02/2023 EUR 6,000,000 6,078,240 0.09

Anglian Water Osprey Financing plc, Reg. S 4% 08/03/2026 GBP 5,419,000 5,707,435 0.09

Anglian Water Services Financing plc, Reg. S 2.625% 15/06/2027 GBP 3,900,000 4,382,137 0.07

Arrow Global Finance plc, Reg. S 5.125% 15/09/2024 GBP 15,387,000 17,245,943 0.26

Barclays Bank plc, FRN, 144A 6.86% Perpetual USD 2,211,000 2,047,239 0.03

Barclays Bank plc, Reg. S, FRN 6.369% Perpetual GBP 4,000,000 4,824,733 0.07

Barclays Bank plc, Reg. S, FRN 6.86% Perpetual USD 411,000 379,609 0.01

Barclays Bank plc, Reg. S, FRN 14% Perpetual GBP 27,000,000 32,297,078 0.49

Barclays plc 3.25% 17/01/2033 GBP 17,500,000 19,554,038 0.30

Barclays plc, FRN 7.75% Perpetual USD 6,800,000 6,037,696 0.09

Barclays plc, Reg. S 3.25% 12/02/2027 GBP 10,500,000 12,373,681 0.19

Barclays plc, Reg. S, FRN 7.875% Perpetual GBP 4,617,000 5,637,214 0.09

Boparan Finance plc, Reg. S 5.25% 15/07/2019 GBP 41,392,401 47,558,705 0.73


Cheltenham & Gloucester plc 11.75% Perpetual GBP 2,000,000 4,700,939 0.07

Co-operative Group Holdings 2011 Ltd., STEP, Reg. S 7.5% 08/07/2026 GBP 13,475,000 17,576,431 0.27

Co-Operative Group Ltd. 11% 18/12/2025 GBP 1,000,000 1,429,498 0.02

Coventry Building Society, Reg. S, FRN 0% Perpetual GBP 9,340,000 10,969,336 0.17

Coventry Building Society, Reg. S, FRN 6.375% Perpetual GBP 2,836,000 3,387,028 0.05

CYBG plc, Reg. S, FRN 3.125% 22/06/2025 GBP 2,800,000 3,158,868 0.05


CYBG plc, Reg. S, FRN 9.25% Perpetual GBP 3,400,000 4,054,085 0.06

EI Group plc, Reg. S 6.375% 15/02/2022 GBP 100,000 120,205 –


46





Quantity/ Nominal

Value

Market Value

EUR% of


United Kingdom (continued)

EnQuest plc, Reg. S, FRN, 144A 7% 15/10/2023 USD 28,182,923 20,488,698 0.31

Ferrexpo Finance plc, Reg. S 10.375% 07/04/2019 USD 15,291,500 13,647,805 0.21


G4S plc, Reg. S 7.75% 13/05/2019 GBP 2,500,000 2,936,789 0.05

HSBC Bank plc, FRN 2.937% Perpetual USD 15,450,000 9,780,588 0.15



HSBC Holdings plc 3.9% 25/05/2026 USD 6,000,000 5,408,191 0.08

HSBC Holdings plc, FRN 6.875% Perpetual USD 3,214,000 2,986,512 0.05

HSBC Holdings plc, Reg. S, FRN 5.25% Perpetual EUR 1,618,000 1,712,111 0.03

Iceland Bondco plc, Reg. S 6.75% 15/07/2024 GBP 5,854,000 6,570,528 0.10


Iceland Bondco plc, Reg. S, FRN 5.172% 15/07/2020 GBP 606,025 707,363 0.01

Investec Bank plc, Reg. S, FRN 4.25% 24/07/2028 GBP 6,300,000 7,333,305 0.11

Lloyds Bank plc, FRN, 144A 12% Perpetual USD 25,292,000 27,123,733 0.41

Lloyds Bank plc, Reg. S, FRN 12% Perpetual USD 898,000 963,004 0.01

Lloyds Banking Group plc, FRN, 144A 6.413% Perpetual USD 27,776,000 25,066,988 0.38


Lloyds Banking Group plc, Reg. S, FRN 6.375% Perpetual EUR 10,570,000 10,895,133 0.17

Lloyds Banking Group plc, Reg. S, FRN 6.413% Perpetual USD 24,353,000 21,893,369 0.33


MARB BondCo plc, 144A 7% 15/03/2024 USD 6,727,000 5,960,809 0.09

Marston's Issuer plc, Reg. S, FRN 5.158% 15/10/2027 GBP 1,698,000 1,808,226 0.03

Marston's Issuer plc, Reg. S, FRN 5.177% 15/07/2032 GBP 2,453,000 3,091,049 0.05

Marston's Issuer plc, Reg. S, FRN 5.641% 15/07/2035 GBP 600,000 569,805 0.01

Matalan Finance plc, Reg. S 6.75% 31/01/2023 GBP 15,556,000 17,482,378 0.27


Miller Homes Group Holdings plc, Reg. S 5.5% 15/10/2024 GBP 3,272,000 3,797,257 0.06

Miller Homes Group Holdings plc, Reg. S, FRN 6.172% 15/10/2023 GBP 3,150,000 3,615,457 0.06

National Westminster Bank plc, FRN 1.841% Perpetual EUR 18,996,000 18,651,792 0.29

National Westminster Bank plc, FRN 2.879% Perpetual USD 1,500,000 1,050,787 0.02



Nationwide Building Society, Reg. S, FRN 10.25% Perpetual GBP 7,000,000 11,891,698 0.18

Pinnacle Bidco plc, Reg. S 6.375% 15/02/2025 GBP 5,527,000 6,645,645 0.10


47





Quantity/ Nominal

Value

Market Value

EUR% of



Places for People Homes Ltd., Reg. S 3.625% 22/11/2028 GBP 5,541,000 6,661,098 0.10

Royal Bank of Scotland Group plc, FRN 7.648% Perpetual USD 25,359,000 28,335,744 0.43

Royal Bank of Scotland Group plc, Reg. S, FRN 3.125% 28/03/2027 GBP 3,965,000 4,673,992 0.07

Shawbrook Group plc, Reg. S, FRN 7.875% Perpetual GBP 7,000,000 7,795,531 0.12

Shop Direct Funding plc, Reg. S 7.75% 15/11/2022 GBP 16,950,000 17,941,500 0.27

Spirit Issuer plc, Reg. S 5.472% 28/12/2034 GBP 8,100,000 9,972,052 0.15

Spirit Issuer plc, Reg. S, FRN 3.611% 28/03/2025 GBP 10,027,800 11,778,350 0.18


Standard Chartered plc, FRN 3.065% Perpetual USD 7,800,000 5,751,995 0.09

Stonegate Pub Co. Financing plc, Reg. S, FRN 7.093% 15/03/2022 GBP 5,928,000 6,963,714 0.11

Synlab Bondco plc, Reg. S 6.25% 01/07/2022 EUR 13,826,000 14,285,715 0.22

Synlab Unsecured Bondco plc, Reg. S 8.25% 01/07/2023 EUR 2,900,000 3,084,281 0.05

Tesco plc 6% 14/12/2029 GBP 4,132,000 5,969,393 0.09

Tesco plc 4.875% 24/03/2042 GBP 1,000,000 1,295,178 0.02

Tesco plc 5.2% 05/03/2057 GBP 750,000 1,079,401 0.02

Tesco plc, Reg. S 6.15% 15/11/2037 USD 8,000,000 7,563,134 0.12

Unique Pub Finance Co. plc (The), Reg. S 7.395% 28/03/2024 GBP 27,644,000 35,607,100 0.54


Virgin Media Finance plc, Reg. S 6.375% 15/10/2024 GBP 3,750,000 4,575,264 0.07

Virgin Media Secured Finance plc, Reg. S 5.125% 15/01/2025 GBP 4,500,000 5,372,475 0.08



Virgin Media Secured Finance plc, Reg. S 5% 15/04/2027 GBP 20,050,000 23,583,464 0.36


Virgin Money Holdings UK plc, Reg. S, FRN 7.875% Perpetual GBP 14,077,000 16,648,590 0.25

Virgin Money Holdings UK plc, Reg. S, FRN 8.75% Perpetual GBP 1,580,000 1,968,478 0.03

Viridian Group FinanceCo plc, Reg. S 4.75% 15/09/2024 GBP 13,270,000 15,153,787 0.23

Vodafone Group plc, Reg. S, FRN 4.875% 03/10/2078 GBP 8,376,000 9,495,268 0.15

Vodafone Group plc, Reg. S, FRN 6.25% 03/10/2078 USD 18,057,000 15,956,691 0.24

Vue International Bidco plc, Reg. S 7.875% 15/07/2020 GBP 23,163,000 27,039,372 0.41

Wagamama Finance plc, Reg. S 4.125% 01/07/2022 GBP 3,388,000 3,903,392 0.06

875,708,228 13.39


48





Quantity/ Nominal

Value

Market Value

EUR% of


United States of America

Burford Capital Finance LLC 6.125% 12/08/2025 USD 11,830,000 10,718,778 0.16

Enviva Partners LP 8.5% 01/11/2021 USD 7,799,000 7,261,915 0.11

Ford Motor Credit Co. LLC 4.535% 06/03/2025 GBP 4,758,000 5,625,574 0.09

Johnson & Johnson 2.45% 01/03/2026 USD 10,000,000 8,695,391 0.13

Kosmos Energy Ltd., 144A 7.875% 01/08/2021 USD 9,626,000 8,760,313 0.13

Kraton Polymers LLC, Reg. S 5.25% 15/05/2026 EUR 2,700,000 2,746,912 0.04

Murphy Oil USA, Inc. 6% 15/08/2023 USD 2,097,000 1,920,610 0.03

Rabobank Capital Funding Trust IV, Reg. S, FRN 5.556% Perpetual GBP 5,975,000 7,160,054 0.11

Unit Corp. 6.625% 15/05/2021 USD 5,250,000 4,494,417 0.07

US Treasury 2.75% 28/02/2025 USD 514,000,000 469,171,391 7.17

US Treasury 2% 15/11/2026 USD 131,500,000 114,244,858 1.75

US Treasury 2.25% 15/02/2027 USD 882,807,300 779,680,445 11.92

US Treasury 4.375% 15/02/2038 USD 6,500,000 7,316,158 0.11

US Treasury 2.875% 15/05/2043 USD 15,600,000 14,077,193 0.22

US Treasury 2.25% 15/08/2046 USD 184,106,800 145,846,890 2.23

US Treasury 3% 15/02/2047 USD 504,000,000 464,689,389 7.11

Vantiv LLC, Reg. S 3.875% 15/11/2025 GBP 17,727,000 21,579,056 0.33

Walmart, Inc. 3.55% 26/06/2025 USD 8,500,000 7,869,831 0.12

2,081,859,175 31.83

Total Bonds 5,418,987,710 82.85

Convertible Bonds

Finland

Outokumpu OYJ, Reg. S 3.25% 26/02/2020 EUR 1,200,000 1,220,526 0.02

1,220,526 0.02

South Africa

Sibanye Gold Ltd., Reg. S 1.875% 26/09/2023 USD 37,600,000 31,410,120 0.48

31,410,120 0.48

United Arab Emirates

Aabar Investments PJSC, Reg. S 0.5% 27/03/2020 EUR 61,200,000 59,186,214 0.91

Aabar Investments PJSC, Reg. S 1% 27/03/2022 EUR 73,300,000 66,343,464 1.01

125,529,678 1.92

Total Convertible Bonds 158,160,324 2.42 Total Transferable securities and money market instruments admitted to an official exchange listing 5,577,148,034 85.27


49





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketBonds CanadaFirst Quantum Minerals Ltd., 144A 7% 15/02/2021 USD 23,111,000 20,915,931 0.32 IAMGOLD Corp., 144A 7% 15/04/2025 USD 2,985,000 2,703,546 0.04

23,619,477 0.36 Cayman IslandsCSN Islands XI Corp., Reg. S 6.875% 21/09/2019 USD 5,000,000 4,494,292 0.07 Nor Offshore SPV Ltd. 8.4% 04/02/2020 USD 9,465,614 2,486,559 0.04 NSA Bondco Ltd. 12% 31/08/2020 USD 6,818,367 1,092,901 0.01

8,073,752 0.12 FranceAltice France SA, 144A 8.125% 01/02/2027 USD 1,143,000 1,026,026 0.01 BNP Paribas SA, FRN, 144A 7.195% Perpetual USD 4,800,000 4,549,866 0.07 BNP Paribas SA, Reg. S, FRN 7.195% Perpetual USD 80,000 75,809 –

5,651,701 0.08 JerseyHBOS Capital Funding LP, Reg. S 6.85% Perpetual USD 15,793,000 14,230,197 0.22

14,230,197 0.22 LuxembourgFAGE International SA, 144A 5.625% 15/08/2026 USD 12,254,000 8,920,591 0.14 Telenet Finance Luxembourg Notes Sarl, 144A 5.5% 01/03/2028 USD 17,400,000 15,267,649 0.23

24,188,240 0.37 NetherlandsGreenko Dutch BV, Reg. S 5.25% 24/07/2024 USD 11,150,000 9,587,285 0.15

9,587,285 0.15 New ZealandNew Zealand Government Bond, Reg. S 2.75% 15/04/2037 NZD 75,500,000 49,720,876 0.76

49,720,876 0.76 SupranationalJBS USA LUX SA, 144A 5.75% 15/06/2025 USD 8,000,000 7,282,481 0.11 Panther BF Aggregator 2 LP, Reg. S 4.375% 15/05/2026 EUR 3,541,000 3,611,873 0.06

10,894,354 0.17 United KingdomBarclays Bank plc, FRN 6.278% Perpetual USD 29,570,000 26,456,932 0.41 HSBC Holdings plc, FRN 6% Perpetual USD 10,500,000 9,188,459 0.14 Petra Diamonds US Treasury plc, Reg. S 7.25% 01/05/2022 USD 10,431,000 8,671,957 0.13 Royal Bank of Scotland Group plc, FRN 4.921% Perpetual USD 31,300,000 26,042,176 0.40 Royal Bank of Scotland Group plc, FRN 7.5% Perpetual USD 13,806,000 12,545,181 0.19 Royal Bank of Scotland Group plc, FRN 8.625% Perpetual USD 7,267,000 6,866,532 0.11 Unique Pub Finance Co. plc (The), Reg. S, Series A4 5.659% 30/06/2027 GBP 7,684,598 10,088,781 0.15

99,860,018 1.53


50





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketBonds United States of America

Aleris International, Inc., 144A 10.75% 15/07/2023 USD 5,230,000 4,890,975 0.07

CommScope Finance LLC, 144A 6% 01/03/2026 USD 5,463,000 5,007,685 0.08

Dresdner Funding Trust I, 144A 8.151% 30/06/2031 USD 1,275,000 1,437,807 0.02

Dresdner Funding Trust I, Reg. S 8.151% 30/06/2031 USD 31,372,000 35,401,684 0.54

Envision Healthcare Corp., 144A 8.75% 15/10/2026 USD 7,867,000 6,199,839 0.09

Exela Intermediate LLC, 144A 10% 15/07/2023 USD 5,500,000 4,996,616 0.07

Gulfport Energy Corp. 6.625% 01/05/2023 USD 2,935,000 2,528,640 0.04

Kinetic Concepts, Inc., 144A 12.5% 01/11/2021 USD 7,000,000 6,747,672 0.10

Lions Gate Capital Holdings LLC, Reg. S 5.875% 01/11/2024 USD 5,600,000 5,155,034 0.08

LTF Merger Sub, Inc., 144A 8.5% 15/06/2023 USD 15,768,000 14,374,691 0.22

Microsoft Corp. 2.4% 08/08/2026 USD 15,750,000 13,625,956 0.21


Northern Oil and Gas, Inc. 9.5% 15/05/2023 USD 7,036,852 6,492,442 0.10

RBS Capital Trust II, FRN 6.425% Perpetual USD 56,637,000 62,113,186 0.95

Rent-A-Center, Inc. 4.75% 01/05/2021 USD 5,000,000 4,367,843 0.07

Simmons Foods, Inc., 144A 7.75% 15/01/2024 USD 1,312,000 1,244,261 0.02


Solera LLC, 144A 10.5% 01/03/2024 USD 8,389,000 8,095,940 0.12

Sunoco LP 4.875% 15/01/2023 USD 2,710,000 2,442,169 0.04

Sunoco LP 5.5% 15/02/2026 USD 1,968,000 1,728,243 0.03

Surgery Center Holdings, Inc., 144A 8.875% 15/04/2021 USD 7,000,000 6,537,668 0.10

Vantiv LLC, 144A 4.375% 15/11/2025 USD 3,500,000 3,200,890 0.05

Vine Oil & Gas LP, 144A 9.75% 15/04/2023 USD 27,000,000 19,535,077 0.30

259,799,721 3.97

Total Bonds 505,625,621 7.73

Equities

United Kingdom

Santander UK plc Preference 10.375% GBP 11,666,667 20,898,744 0.32

20,898,744 0.32


FNMA Preference, FRN 8.25% USD 1,376,211 12,647,151 0.19

12,647,151 0.19

Total Equities 33,545,895 0.51 Total Transferable securities and money market instruments dealt in on another regulated market 539,171,516 8.24


51




Quantity/ Nominal

Value

Market Value

EUR% of

Net Assets

Other transferable securities and money market instruments

BondsBermudaChloe Marine Corp. Ltd. 0% Perpetual* USD 5,900,000 – –

Latina Offshore Ltd. 0% 31/01/2020* USD 8,554,824 6,337,806 0.10

6,337,806 0.10 LuxembourgBaghlan Group FZCO, Reg. S 14.75% 29/12/2049§* USD 140,000 – –

– – PortugalBanco Espirito Santo SA 2.625% 15/10/2018* EUR 11,000,000 2,970,000 0.05

2,970,000 0.05 SingaporeOro Negro Drilling Pte. Ltd. 7.5% 24/01/2020§* USD 1,063,196 – –

– – Total Bonds 9,307,806 0.15 Commercial PapersCroatiaAgrokor dd 0% 16/08/2017* EUR 10,000,000 1,704,675 0.03

Agrokor dd 0% 05/06/2019* EUR 6,000,000 1,022,805 0.01

2,727,480 0.04 Total Commercial Papers 2,727,480 0.04 EquitiesBermudaChloe Marine Corp. Ltd.* USD 1,142,633 – –

Latina Offshore Ltd.* USD 213,870 – –

– – NorwayIsland Drilling Co. ASA* NOK 3,099 – –

– – SingaporeOro Negro Drilling Pte. Ltd.* USD 265,799 – –

– – Total Equities – – Total Other transferable securities and money market instruments 12,035,286 0.19 §Security is currently in default. *Security is valued at its fair value under the direction of the Board of Directors.



52


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsUnits of authorised UCITS or other collective investment undertakingsCollective Investment Schemes – UCITS

LuxembourgThe Jupiter Global Fund Jupiter Global Emerging Markets Corporate Bond Fund - Class I USD Acc† USD 750,000 73,966,145 1.13

73,966,145 1.13

Total Collective Investment Schemes – UCITS 73,966,145 1.13 Total Units of authorised UCITS or other collective investment undertakings 73,966,145 1.13

Total Investments 6,202,320,981 94.83

Cash 290,517,678 4.44

Other Assets/(Liabilities) 47,615,170 0.73

Total Net Assets 6,540,453,829 100.00

†Related Party Fund





53





Net AssetsUnited States of America 35.99 Australia 16.66 United Kingdom 15.24 Luxembourg 5.11 India 4.32 Ireland 2.47 United Arab Emirates 1.92 Netherlands 1.77 France 1.59 Argentina 1.15 Jersey 1.05 Germany 0.98 New Zealand 0.76 Italy 0.60 Switzerland 0.49 South Africa 0.48 Cayman Islands 0.40 Sri Lanka 0.37 Canada 0.36 Bermuda 0.30 Spain 0.29 Cyprus 0.28 Czech Republic 0.27 Peru 0.24 Poland 0.22 Denmark 0.22 Mauritius 0.20 Chile 0.19 Greece 0.17 Supranational 0.17 Hong Kong 0.14 Guernsey 0.12 Bulgaria 0.09 Norway 0.08 Portugal 0.05 Croatia 0.04 Singapore 0.02 Finland 0.02 Marshall Islands 0.01 Total Investments 94.83 Cash and Other Assets/(Liabilities) 5.17Total 100.00


54



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsAED 283,624,287 USD 77,149,386 17/10/2019 J.P. Morgan 36,513 – AUD 62,019,842 EUR 38,865,933 15/04/2019 J.P. Morgan 268,692 – CHF 141,709,830 EUR 124,777,306 15/04/2019 J.P. Morgan 1,943,269 0.03 CNH 9,611,694 EUR 1,268,045 15/04/2019 J.P. Morgan 3,873 – EUR 14,066 CHF 15,725 15/04/2019 J.P. Morgan 4 – EUR 5,954,996 CZK 153,815,874 30/04/2019 J.P. Morgan 7,142 – EUR 7,209,154 GBP 6,165,398 15/04/2019 J.P. Morgan 17,467 – EUR 786,071,584 GBP 671,225,530 30/04/2019 J.P. Morgan 3,516,817 0.05 EUR 114,043 USD 128,165 15/04/2019 J.P. Morgan 41 – GBP 456,647,157 EUR 528,908,983 15/04/2019 J.P. Morgan 3,751,466 0.06 HKD 5,084,596 EUR 574,368 15/04/2019 J.P. Morgan 2,027 – SEK 814,433,503 EUR 76,967,845 15/04/2019 J.P. Morgan 1,327,452 0.02 SGD 167,677,596 EUR 109,515,192 15/04/2019 J.P. Morgan 590,748 0.01 USD 1,593,975,003 EUR 1,412,166,587 15/04/2019 J.P. Morgan 5,676,487 0.09 USD 2,132,133 EUR 1,893,085 30/04/2019 J.P. Morgan 1,050 – USD 76,295,463 EUR 64,695,551 17/10/2019 J.P. Morgan 2,117,228 0.03 USD 139,501,650 EUR 119,266,921 21/02/2020 J.P. Morgan 1,636,292 0.03 Total Unrealised Gain on Forward Currency Exchange Contracts 20,896,568 0.32 EUR 65,417,374 AED 283,624,287 17/10/2019 J.P. Morgan (2,179,707) (0.04) EUR 340,643 AUD 543,809 15/04/2019 J.P. Morgan (2,501) – EUR 1,098,791,431 AUD 1,750,459,685 30/04/2019 J.P. Morgan (4,679,312) (0.07) EUR 1,248,753 CHF 1,412,144 15/04/2019 J.P. Morgan (14,022) – EUR 26,167,663 CHF 29,308,139 30/04/2019 J.P. Morgan (44,440) – EUR 89,000,000 CNH 701,257,700 21/02/2020 J.P. Morgan (1,165,560) (0.02) EUR 3,265,208 GBP 2,817,462 15/04/2019 J.P. Morgan (21,248) – EUR 11,451,793 GBP 9,829,911 30/04/2019 J.P. Morgan (8,503) – EUR 274,016,910 INR 21,521,288,127 25/04/2019 J.P. Morgan (1,229,067) (0.02) EUR 639,629 JPY 79,624,041 26/04/2019 J.P. Morgan (672) – EUR 50,241,034 NZD 83,476,331 30/04/2019 J.P. Morgan (204,977) – EUR 436,677 SEK 4,584,238 15/04/2019 J.P. Morgan (4,027) – EUR 1,174,490 SEK 12,257,110 30/04/2019 J.P. Morgan (3,680) – EUR 2,046,431 SGD 3,138,073 15/04/2019 J.P. Morgan (14,193) – EUR 563,159 TRY 3,760,462 30/04/2019 J.P. Morgan (7,279) – EUR 36,704,185 USD 41,629,262 15/04/2019 J.P. Morgan (325,104) (0.01) EUR 3,255,822,421 USD 3,681,926,366 30/04/2019 J.P. Morgan (15,111,849) (0.23) EUR 1,688,203 USD 1,966,175 21/02/2020 J.P. Morgan (15,841) – GBP 7,328,570 EUR 8,582,183 15/04/2019 J.P. Morgan (33,702) – JPY 79,624,041 EUR 641,614 26/04/2019 J.P. Morgan (1,314) – USD 77,082,290 AED 283,624,287 17/10/2019 J.P. Morgan (95,269) – USD 1,260,635 EUR 1,121,736 15/04/2019 J.P. Morgan (399) – Total Unrealised Loss on Forward Currency Exchange Contracts (25,162,666) (0.39) Net Unrealised Loss on Forward Currency Exchange Contracts (4,266,098) (0.07)





55




Credit Default Swap Contracts

Nominal Amount Currency Counterparty

Reference Entity

Buy/Sell

Interest(Paid)/

Received Rate

Maturity Date

Market Value

EUR


EUR

% of Net

Assets70,000,000 USD Bank of

America Merrill Lynch

CDX.NA.EM.31-V1

Buy (1.00)% 20/06/2024 2,398,495 2,398,495 0.04

Total Unrealised Gain on Credit Default Swap Contracts 2,398,495 2,398,495 0.04 116,000,000 USD Bank of


CDX.NA.HY.32-V1

Buy (5.00)% 20/06/2024 (6,599,515) (6,599,515) (0.10)

485,000,000 EUR Deutshe Bank

iTraxx Europe Crossover Series 31 Version 1

Buy (5.00)% 20/06/2024 (52,283,722) (52,283,722) (0.80)

116,000,000 USD Bank of America

Merrill Lynch

CDX.NA.IG.32-V1

Buy (1.00)% 20/06/2024 (1,716,911) (1,716,911) (0.03)

Total Unrealised Loss on Credit Default Swap Contracts (60,600,148) (60,600,148) (0.93)

Net Unrealised Loss on Credit Default Swap Contracts (58,201,653) (58,201,653) (0.89)


56


Jupiter Europa

■ Jupiter Europa Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsGuernseyBurford Capital Ltd. 5% 01/12/2026 GBP 237,800 278,328 0.20

278,328 0.20 ItalyBanca Farmafactoring SpA, Reg. S, FRN 1.14% 05/06/2020 EUR 500,000 498,067 0.35 Banca Farmafactoring SpA, Reg. S, FRN 5.875% 02/03/2027 EUR 500,000 460,653 0.32

958,720 0.67 United KingdomBurford Capital plc 6.5% 19/08/2022 GBP 400,000 501,693 0.35 Burford Capital plc, Reg. S 6.125% 26/10/2024 GBP 1,000,000 1,235,434 0.86

1,737,127 1.21 United States of AmericaBurford Capital Finance LLC 6.125% 12/08/2025 USD 3,600,000 3,261,843 2.27

3,261,843 2.27 Total Bonds 6,236,018 4.35 EquitiesBelgiumGalapagos NV EUR 50,133 4,931,560 3.44

4,931,560 3.44 DenmarkGenmab A/S DKK 17,266 2,657,490 1.85

2,657,490 1.85 FinlandSampo OYJ 'A' EUR 8,587 350,693 0.24

350,693 0.24 FranceAlstom SA EUR 27,136 1,044,736 0.73 Amundi SA, Reg. S EUR 20,095 1,128,736 0.79 AXA SA EUR 17,176 384,957 0.27 Credit Agricole SA EUR 194,484 2,103,150 1.46 Elis SA EUR 8,487 122,807 0.08 Orange SA EUR 163,908 2,359,865 1.64 Rubis SCA EUR 116,242 5,681,909 3.96 Ubisoft Entertainment SA EUR 4,143 328,540 0.23

13,154,700 9.16


57


Jupiter Europa

■ Jupiter Europa Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesGermanyAumann AG, Reg. S EUR 42,830 1,205,665 0.84

Bayer AG EUR 16,648 949,602 0.66

Dermapharm Holding SE EUR 8,591 241,235 0.17

Deutsche Telekom AG EUR 117,585 1,739,670 1.21

Fresenius Medical Care AG & Co. KGaA EUR 55,504 3,957,990 2.76

Fresenius SE & Co. KGaA EUR 6,870 339,790 0.24

Infineon Technologies AG EUR 188,815 3,316,063 2.31

Knorr-Bremse AG EUR 16,648 1,466,855 1.02

SAP SE EUR 46,489 4,778,139 3.33

Volkswagen AG EUR 9,737 1,412,839 0.99

Wacker Chemie AG EUR 1,000 76,850 0.05

Wirecard AG EUR 13,750 1,568,188 1.09

21,052,886 14.67 GuernseyBurford Capital Ltd. GBP 184,051 3,601,938 2.51

3,601,938 2.51 IrelandCRH plc GBP 86,689 2,382,429 1.66

Glenveagh Properties plc, Reg. S EUR 2,220,759 1,948,792 1.36

4,331,221 3.02 Isle of ManGVC Holdings plc GBP 67,460 433,380 0.30

433,380 0.30 ItalyBanca Farmafactoring SpA, Reg. S EUR 800,000 4,304,000 3.00

Carel Industries SpA, Reg. S EUR 46,126 450,466 0.31

Cerved Group SpA EUR 177,369 1,581,688 1.10

doBank SpA, Reg. S EUR 117,931 1,415,762 0.99

Guala Closures SpA EUR 70,000 448,700 0.31

Illimity Bank SpA EUR 116,813 1,044,659 0.73

Illimity Bank SpA Rights 20/09/2019 EUR 65,228 115,049 0.08

Intesa Sanpaolo SpA EUR 1,000,340 2,177,240 1.52

UniCredit SpA EUR 157,139 1,785,885 1.24

13,323,449 9.28


58


Jupiter Europa



Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesJerseyExperian plc GBP 45,201 1,087,945 0.76

Ferguson plc GBP 18,278 1,036,592 0.72

2,124,537 1.48 LuxembourgAroundtown SA EUR 712,239 5,249,202 3.66

B&M European Value Retail SA GBP 29,007 127,448 0.09

Tenaris SA EUR 155,125 1,939,450 1.35

7,316,100 5.10 NetherlandsAdyen NV, Reg. S EUR 1,363 932,156 0.65

ASML Holding NV EUR 29,544 4,890,714 3.41

Basic-Fit NV, Reg. S EUR 172,241 5,115,558 3.56

Flow Traders, Reg. S EUR 60,769 1,499,779 1.04

ING Groep NV EUR 185,477 1,996,033 1.39

PostNL NV EUR 384,947 868,055 0.60

SBM Offshore NV EUR 98,761 1,674,246 1.17

STMicroelectronics NV EUR 30,769 400,920 0.28

17,377,461 12.10 NorwayFjord1 ASA, Reg. S NOK 397,334 1,785,534 1.24

1,785,534 1.24 SpainAedas Homes SAU, Reg. S EUR 120,231 2,749,683 1.91

Metrovacesa SA, Reg. S EUR 85,000 933,300 0.65

Prosegur Cash SA EUR 393,104 771,270 0.54

4,454,253 3.10 SwedenHemfosa Fastigheter AB Preference SEK 30,916 564,781 0.39

Hemfosa Fastigheter AB SEK 555,587 4,387,027 3.06

Medicover AB 'B' SEK 73,233 562,596 0.39

Nyfosa AB SEK 555,587 2,953,264 2.06

Skandinaviska Enskilda Banken AB 'A' SEK 58,285 457,568 0.32

THQ Nordic AB SEK 8,000 159,607 0.11

9,084,843 6.33 SwitzerlandRoche Holding AG CHF 2,651 642,169 0.45

642,169 0.45


59


Jupiter Europa



Quantity/ Nominal

Value

Market Value

EUR% of


United Kingdom

ASA International Group plc GBP 418,865 2,164,201 1.51

Charter Court Financial Services Group plc, Reg. S GBP 33,054 122,355 0.09

Countryside Properties plc, Reg. S GBP 717,836 2,727,562 1.90

Crest Nicholson Holdings plc GBP 374,951 1,622,480 1.13

Global Ports Holding plc, Reg. S GBP 116,692 524,284 0.36

Prudential plc GBP 206,901 3,737,046 2.60

Sabre Insurance Group plc, Reg. S GBP 500,182 1,672,314 1.16

Spirent Communications plc GBP 467,604 786,334 0.55

13,356,576 9.30


Activision Blizzard, Inc. USD 7,390 300,113 0.21

Tesla, Inc. USD 426 105,667 0.07

Worldpay, Inc. GBP 10,243 1,014,547 0.71

1,420,327 0.99

Virgin Islands, British

J2 Acquisition Ltd., Reg. S USD 83,173 670,284 0.47

Ocean Outdoor Ltd., Reg. S USD 362,854 2,560,703 1.78

3,230,987 2.25

Total Equities 124,630,104 86.81

Warrants

Italy

Guala Closures SpA 21/12/2022 EUR 40,000 7,304 –

7,304 –


J2 Acquisition Ltd. 07/09/2027 USD 50,000 7,792 0.01

7,792 0.01

Total Warrants 15,096 0.01 Total Transferable securities and money market instruments admitted to an official exchange listing 130,881,218 91.17


60


Jupiter Europa



Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketBondsNorwayHavilafjord A/S, FRN 6.37% 19/06/2023 NOK 6,000,000 626,031 0.44

626,031 0.44 Total Bonds 626,031 0.44 Total Transferable securities and money market instruments dealt in on another regulated market 626,031 0.44

Units of authorised UCITS or other collective investment undertakingsCollective Investment Schemes – UCITSIrelandNorthern Trust The Euro Liquidity Fund – Accumulating Shares Class D EUR 4,078,303 3,998,776 2.78

3,998,776 2.78 Total Collective Investment Schemes - UCITS 3,998,776 2.78 Total Units of authorised UCITS or other collective investment undertakings 3,998,776 2.78

Total Investments 135,506,025 94.39 Cash 6,204,067 4.32Other Assets/(Liabilities) 1,854,560 1.29Total Net Assets 143,564,652 100.00

61


Net AssetsGermany 14.67

Netherlands 12.10

United Kingdom 10.51

Italy 9.95

France 9.16

Sweden 6.33

Ireland 5.80

Luxembourg 5.10

Belgium 3.44

United States of America 3.26

Spain 3.10

Guernsey 2.71


Denmark 1.85

Norway 1.68

Jersey 1.48

Switzerland 0.45

Isle of Man 0.30

Finland 0.24



Total 100.00


Jupiter Europa


Financial Futures Contracts

Security DescriptionNumber of Contracts Currency

Global Exposure

EUR


EUR% of

Net Assets

EURO STOXX 50 Index, 21/06/2019 (2,150) EUR (70,294,250) (657,040) (0.46)

Total Unrealised Loss on Financial Futures Contracts (657,040) (0.46)

Net Unrealised Loss on Financial Futures Contracts (657,040) (0.46)


62


Jupiter Europa




PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsCHF 289,637 EUR 256,124 05/06/2019 J.P. Morgan 3,016 –

EUR 45,857 HUF 14,506,299 05/06/2019 J.P. Morgan 727 –

GBP 11,416,027 EUR 13,222,665 15/04/2019 J.P. Morgan 93,669 0.07

GBP 2,124,941 EUR 2,459,648 05/06/2019 J.P. Morgan 14,488 0.01

SEK 3,000,393 EUR 284,333 05/06/2019 J.P. Morgan 3,968 –

USD 8,143,793 EUR 7,215,450 15/04/2019 J.P. Morgan 28,467 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 144,335 0.10 EUR 1,328,606 CHF 1,508,307 05/06/2019 J.P. Morgan (20,882) (0.02)

EUR 181,131 GBP 155,516 15/04/2019 J.P. Morgan (273) –

EUR 24,236,056 GBP 20,891,402 05/06/2019 J.P. Morgan (88,467) (0.06)

EUR 2,261,994 NOK 22,080,725 05/06/2019 J.P. Morgan (12,227) (0.01)

EUR 8,109,339 SEK 85,124,694 05/06/2019 J.P. Morgan (70,121) (0.05)

EUR 181,013 USD 205,123 15/04/2019 J.P. Morgan (1,444) –

EUR 6,619,077 USD 7,593,531 05/06/2019 J.P. Morgan (105,530) (0.07)

GBP 70,080 EUR 82,301 15/04/2019 J.P. Morgan (555) –

GBP 28,576 EUR 33,293 05/06/2019 J.P. Morgan (21) –

Total Unrealised Loss on Forward Currency Exchange Contracts (299,520) (0.21) Net Unrealised Loss on Forward Currency Exchange Contracts (155,185) (0.11)


63


Jupiter Europa


Contracts for Difference

Country Security Description Currency Holdings

Global Exposure

EUR


EUR% of

Net AssetsAustria Zumtobel Group AG EUR (20,000) (120,850) 36,350 0.03

Belgium Solvay SA EUR (1,300) (125,255) 2,691 –

Denmark GN Store Nord A/S DKK (6,500) (270,747) 4,484 –

Denmark ISS A/S DKK (7,250) (196,712) 2,088 –

Denmark William Demant Holding A/S DKK (9,000) (235,152) 2,351 –

France Carrefour SA EUR (20,936) (346,334) 30,514 0.02

France Eutelsat Communications SA EUR (9,500) (148,343) 16,577 0.01

France Societe BIC SA EUR (1,500) (118,838) 5,888 0.01

Germany Axel Springer SE EUR (5,000) (229,700) 21,050 0.02

Germany Bilfinger SE EUR (5,000) (152,650) 17,550 0.01

Germany Carl Zeiss Meditec AG EUR (1,880) (141,940) 3,861 –

Germany K+S AG EUR (8,250) (135,073) 3,156 –

Germany Scout24 AG EUR (7,000) (322,630) 1,470 –

Germany Wacker Chemie AG EUR (1,000) (76,850) 13,210 0.01

Germany Zalando SE EUR (5,000) (174,500) 482 –

Jersey Experian plc GBP 23,698 570,388 27,379 0.02

Luxembourg B&M European Value Retail SA GBP 600,859 2,639,992 161,274 0.11

Luxembourg Eurofins Scientific SE EUR (400) (145,640) 2,440 –

Netherlands Koninklijke Vopak NV EUR (4,000) (170,080) 1,880 –

Sweden Sandvik AB SEK (15,000) (216,803) 2,055 –

Sweden SKF AB SEK (20,000) (297,195) 1,731 –

Switzerland LafargeHolcim Ltd. CHF (4,300) (189,331) 596 –

Switzerland SGS SA CHF (55) (121,489) 3,664 –

United Kingdom ASOS plc GBP (9,707) (357,792) 13,471 0.01

United Kingdom Capital & Counties Properties plc GBP (171,242) (488,001) 16,072 0.01

United Kingdom Charter Court Financial Services Group plc GBP 684,686 2,534,484 55,931 0.04

United Kingdom J D Wetherspoon plc GBP (20,000) (302,599) 3,618 –

United Kingdom Kingfisher plc GBP (110,000) (302,436) 8,826 0.01

United Kingdom Pearson plc GBP (42,500) (417,655) 1,934 –

United Kingdom Sabre Insurance Group plc GBP 157,984 528,205 32,264 0.02

United Kingdom Wm Morrison Supermarkets plc GBP (75,000) (197,651) 3,742 –

United States of America BOK Financial Corp. USD (2,000) (144,945) 16,127 0.01

United States of America Caterpillar, Inc. USD (2,000) (235,721) 8,878 0.01

United States of America CECO Environmental Corp. USD (70,010) (448,247) 26,808 0.02

United States of America Netflix, Inc. USD (600) (189,452) 1,878 –

United States of America salesforce.com, Inc. USD (1,100) (152,009) 8,292 0.01

United States of America Service Corp. International USD (5,070) (181,155) 5,485 0.01

United States of America Tesla Motors, Inc. USD (3,053) (757,283) 112,362 0.08

United States of America Wayfair, Inc. USD (4,192) (558,950) 56,729 0.04

United States of America Worldpay, Inc. GBP 7,584 751,178 111,736 0.08

Total Unrealised Gain on Contracts for Difference 846,894 0.59


64


Jupiter Europa




Global Exposure

EUR


EUR% of

Net AssetsBelgium Anheuser-Busch InBev SA EUR (3,000) (223,860) (18,210) (0.01)

Belgium Colruyt SA EUR (10,000) (663,400) (38,219) (0.03)

Denmark Ambu A/S DKK (17,000) (401,364) (51,124) (0.04)

Denmark Carlsberg A/S DKK (1,650) (184,292) (8,664) (0.01)

Denmark Topdanmark A/S DKK (3,000) (133,339) (3,376) –

Finland Kone OYJ EUR (6,500) (290,908) (11,603) (0.01)

France BioMerieux EUR (6,000) (437,700) (2,700) –

France L'Oreal SA EUR (1,200) (286,140) (19,860) (0.01)

France Orpea EUR (1,457) (155,061) (9,088) (0.01)

France Remy Cointreau SA EUR (2,500) (295,375) (9,125) (0.01)

Germany Beiersdorf AG EUR (1,000) (92,690) (11,130) (0.01)

Germany E.ON SE EUR (27,000) (268,097) (6,602) –

Germany Sartorius AG EUR (1,500) (225,300) (16,200) (0.01)

Guernsey Burford Capital Ltd. GBP 100,949 1,975,605 (109,560) (0.08)

Ireland Linde plc USD (1,000) (154,673) (405) –

Italy OVS SpA EUR (50,000) (81,375) (1,708) –

Japan Nintendo Co. Ltd. JPY 600 152,279 (1,210) –

Jersey Ferguson plc GBP 8,979 509,222 (37,853) (0.03)

Jersey Petrofac Ltd. GBP (20,000) (113,991) (14,144) (0.01)

Netherlands Koninklijke Ahold Delhaize NV EUR (20,100) (472,049) (16,281) (0.01)

Poland LPP SA USD (92) (178,949) (1,972) –

Sweden AAK AB SEK (7,050) (93,577) (224) –

Sweden Nibe Industrier AB SEK (20,000) (226,766) (4,567) –

Sweden Skanska AB SEK (10,000) (161,530) (1,346) –

Sweden Swedish Match AB SEK (4,600) (208,736) (17,227) (0.01)

Sweden Telefonaktiebolaget LM Ericsson SEK (45,000) (365,908) (130) –

Switzerland Geberit AG CHF (1,500) (547,999) (13,680) (0.01)

Switzerland Givaudan SA CHF (200) (455,191) (8,673) (0.01)

Switzerland Straumann Holding AG CHF (200) (145,382) (6,080) –

United Kingdom Burberry Group plc GBP (7,750) (175,954) (5,065) –

United Kingdom Countryside Properties plc GBP 7,586 28,825 (35) –

United Kingdom Halma plc GBP (16,000) (311,351) (21,192) (0.02)

United Kingdom Hargreaves Lansdown plc GBP (4,295) (93,377) (6,065) –

United Kingdom Hargreaves Lansdown plc GBP (8,705) (189,255) (12,292) (0.01)

United Kingdom InterContinental Hotels Group plc GBP (1,615) (86,540) (1,550) –

United Kingdom Marks & Spencer Group plc GBP (35,000) (114,242) (2,737) –

United Kingdom Mitie Group plc GBP (151,599) (259,179) (31,137) (0.02)

United Kingdom Next plc GBP (4,250) (273,378) (21,029) (0.01)

United Kingdom Prudential plc GBP 140,818 2,543,455 (69,430) (0.05)

United Kingdom Spirent Communications plc GBP 371,017 623,911 (24,679) (0.02)


65


Jupiter Europa




Global Exposure

EUR


EUR% of

Net AssetsUnited States of America AMETEK, Inc. USD (1,800) (131,821) (4,264) –

United States of America Ball Corp. USD (9,590) (494,837) (27,028) (0.02)

United States of America CenturyLink, Inc. USD (11,944) (128,323) (3,341) –

United States of America Coca-Cola Co. (The) USD (3,300) (136,910) (3,673) –

United States of America Equinix, Inc. USD (700) (280,438) (16,453) (0.01)

United States of America General Mills, Inc. USD (2,200) (100,882) (8,551) (0.01)

United States of America Kilroy Realty Corp. USD (7,350) (500,634) (18,195) (0.01)

United States of America Post Holdings, Inc. USD (2,500) (243,804) (16,997) (0.01)

United States of America Shake Shack, Inc. USD (4,986) (253,833) (9,013) (0.01)

United States of America TransDigm Group, Inc. USD (1,084) (433,675) (14,653) (0.01)

United States of America Varian Medical Systems, Inc. USD (1,700) (212,322) (8,924) (0.01)

Total Unrealised Loss on Contracts for Difference (767,264) (0.53) Net Unrealised Gain on Contracts for Difference 79,630 0.06

Counterparty Unrealised Gain/(Loss) EUR

Deutsche Bank (12,141)

Bank of America Merrill Lynch 91,771

79,630


66


Jupiter Europa


Option Purchased Contracts

Quantity Security Description Currency Counterparty

Global Exposure

EUR

Market Value

EUR% of

Net Assets

1,100 EURO STOXX 50 Index, Call, 3,250.000, 18/04/2019 EUR Deutsche Bank 28,647,065 1,205,600 0.84

1,150 EURO STOXX 50 Index, Call, 3,275.000, 18/04/2019 EUR Deutsche Bank 27,790,703 1,028,675 0.72

150 EURO STOXX 50 Index, Call, 3,350.000, 18/04/2019 EUR Deutsche Bank 2,423,286 57,450 0.04

850 EURO STOXX 50 Index, Put, 3,325.000, 18/04/2019 EUR Deutsche Bank (12,079,563) 316,200 0.22




19,979,966 Prudential plc, Put, 0.975, 18/04/2019 EUR J.P. Morgan 356,542,493 399,552 0.28

40 Wirecard AG, Put, 90.000, 18/04/2019 EUR Deutsche Bank (57,276) 6,100 –

Total Option Purchased Contracts 3,698,552 2.58


67


Jupiter Europa


Option Written Contracts


Global Exposure

EUR

Market Value

EUR% of

Net Assets

(562,228) Adyen NV, Put, 562.228, 12/04/2019 EUR Bank of America Merrill Lynch (392,435,284) (155) –

(1,518,188) Adyen NV, Put, 607.275, 23/04/2019 EUR Deutsche Bank (1,059,694,875) (7,176) (0.01)

(50) ASML Holding NV, Put, 154.000, 18/04/2019 EUR Deutsche Bank 119,548 (6,100) –

(50) Atos SE, Put, 82.000, 18/04/2019 EUR Deutsche Bank 94,600 (3,675) –

(40) Bayer AG, Put, 57.000, 18/04/2019 EUR Deutsche Bank 102,298 (6,580) (0.01)

(420,665) Burren Energy plc, Put, 16.827, 23/04/2019 GBP J.P. Morgan (8,260,337) (18,649) (0.01)

(100) Cerved Information Solutions SpA, Put, 8.400, 18/04/2019 EUR Deutsche Bank 65,121 (1,737) –

(700) EURO STOXX 50 Index, Put, 3,125.000, 18/04/2019 EUR Deutsche Bank 1,665,800 (40,250) (0.03)

(1,300) EURO STOXX 50 Index, Put, 3,150.000, 18/04/2019 EUR Deutsche Bank 3,877,928 (93,600) (0.07)




(4) Ferguson plc, Put, 4,800.000, 18/04/2019 GBP Deutsche Bank 9,965,643 (5,614) –

(7) Ferguson plc, Put, 5,000.000, 18/04/2019 GBP Deutsche Bank 27,433,958 (19,281) (0.01)

(50) Ferrari NV, Put, 108.000, 18/04/2019 EUR Deutsche Bank 40,033 (746) –

(300) Flow Traders NV, Call, 27.000, 18/04/2019 EUR Deutsche Bank (107,748) (4,950) –

(25) Galapagos NV, Call, 104.000, 17/05/2019 EUR Deutsche Bank (133,771) (9,488) (0.01)

(25) Genmab A/S, Put, 1,060.000, 17/04/2019 DKK Deutsche Bank 59,180 (3,106) –

(100) Genmab A/S, Put, 1,100.000, 17/04/2019 DKK Deutsche Bank 399,173 (22,772) (0.02)

(150) Hennes & Mauritz AB, Call, 140.000, 17/04/2019 SEK Deutsche Bank (200,297) (28,123) (0.02)

(180) Infineon Technologies AG, Put, 18.500, 18/04/2019 EUR Deutsche Bank 241,408 (19,440) (0.01)

(15) Marks & Spencer Group plc, Call, 270.000, 18/04/2019 GBP Deutsche Bank (3,393,045) (2,407) –

(70) Porsche Automobil Holding SE, Put, 55.000, 18/04/2019 EUR Deutsche Bank 147,784 (6,650) (0.01)

(50) Roche Holding AG, Put, 265.000, 18/04/2019 CHF Deutsche Bank 268,602 (8,963) (0.01)

(100) Tenaris SA, Call, 12.500, 18/04/2019 EUR Deutsche Bank (324,764) (15,800) (0.01)

(50) Tenaris SA, Call, 13.000, 18/04/2019 EUR Deutsche Bank (90,734) (3,150) –

(50) Tenaris SA, Put, 11.750, 18/04/2019 EUR Deutsche Bank 54,127 (2,019) –

(25) Tenaris SA, Put, 12.000, 18/04/2019 EUR Deutsche Bank 40,830 (1,641) –

(5) Tesla, Inc., Put, 220.000, 18/04/2019 USD Deutsche Bank 8,349 (786) –

(10) Tesla, Inc., Put, 250.000, 18/04/2019 USD Deutsche Bank 50,590 (4,987) –

(400) Total SA, Put, 47.000, 18/04/2019 EUR Deutsche Bank 287,448 (7,800) (0.01)

(25) Ubisoft Entertainment SA, Put, 75.000, 18/04/2019 EUR Deutsche Bank 49,104 (3,000) –

(75) Volkswagen AG, Put, 135.000, 18/04/2019 EUR Deutsche Bank 267,462 (10,387) (0.01)

(40) Wayfair, Inc., Put, 145.000, 18/04/2019 USD Deutsche Bank 202,520 (16,207) (0.01)

(10) Wirecard AG, Put, 98.000, 18/04/2019 EUR Deutsche Bank 22,866 (2,725) –

(20) Wirecard AG, Put, 100.000, 18/04/2019 EUR Deutsche Bank 52,392 (6,590) (0.01)

Total Option Written Contracts (643,579) (0.45)

68


Jupiter European Feeder

■ Jupiter European Feeder Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value GBP

% of Net Assets

Units of authorised UCITS or other collective investment undertakingsCollective Investment Schemes – UCITS

United Kingdom

Jupiter European Fund – ZM Acc EUR† EUR 1,916,233 21,203,388 82.54

Jupiter European Fund – ZM Acc GBP† GBP 276,383 4,322,707 16.83

25,526,095 99.37

Total Collective Investment Schemes - UCITS 25,526,095 99.37 Total Units of authorised UCITS or other collective investment undertakings 25,526,095 99.37

Total Investments 25,526,095 99.37

Cash 187,859 0.73

Other Assets/(Liabilities) (25,005) (0.10)

Total Net Assets 25,688,949 100.00

† Related Party Fund


Net AssetsUnited Kingdom 99.37



Total 100.00


69


Jupiter European Growth

■ Jupiter European Growth Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesAustriaAT&S Austria Technologie & Systemtechnik AG EUR 30,000 456,900 0.02

456,900 0.02 BelgiumUmicore SA EUR 1,684,546 67,499,758 2.36

67,499,758 2.36 DenmarkALK-Abello A/S DKK 90,193 13,362,503 0.47

Chr Hansen Holding A/S DKK 285,096 26,007,468 0.91

Coloplast A/S 'B' DKK 69,496 6,763,247 0.24

Novo Nordisk A/S 'B' DKK 5,313,000 244,292,540 8.55

290,425,758 10.17 FranceBioMerieux EUR 1,310,039 95,567,345 3.35

Dassault Systemes SE EUR 1,062,742 140,467,924 4.92

Edenred EUR 2,669,169 108,034,615 3.78

EssilorLuxottica SA EUR 273,158 26,649,295 0.93

370,719,179 12.98 Germanyadidas AG EUR 648,951 140,530,339 4.92

Bayer AG EUR 1,572,086 89,671,785 3.14

Carl Zeiss Meditec AG EUR 85,000 6,417,500 0.22

Deutsche Boerse AG EUR 2,111,177 241,782,546 8.47

GRENKE AG EUR 953,484 81,475,208 2.85

Infineon Technologies AG EUR 2,510,000 44,081,875 1.54

K+S AG EUR 50,000 818,625 0.03

Knorr-Bremse AG EUR 55,000 4,846,050 0.17

KWS Saat SE EUR 221,290 13,576,142 0.48

Wirecard AG EUR 1,849,422 210,926,579 7.38

834,126,649 29.20 ItalydoBank SpA, Reg. S EUR 1,386,346 16,643,084 0.58

16,643,084 0.58 JerseyExperian plc GBP 5,821,226 140,111,385 4.91

140,111,385 4.91 NetherlandsWolters Kluwer NV EUR 475,000 28,713,750 1.00

28,713,750 1.00


70



■ Jupiter European Growth Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


Norway

Mowi ASA NOK 3,736,192 75,949,050 2.66

75,949,050 2.66

Spain

Amadeus IT Group SA EUR 1,669,709 117,831,364 4.13

Grifols SA EUR 5,017,000 127,206,035 4.45

245,037,399 8.58

Sweden

Assa Abloy AB 'B' SEK 16,967 326,108 0.01

Hexagon AB 'B' SEK 225,000 10,368,904 0.36

Intrum AB SEK 747,288 19,072,764 0.67

29,767,776 1.04

Switzerland

Barry Callebaut AG CHF 11,683 18,833,913 0.66

Tecan Group AG CHF 44,700 9,376,181 0.33

28,210,094 0.99

United Kingdom

Arrow Global Group plc GBP 13,955,365 35,747,093 1.25

Carnival plc GBP 3,799,330 164,403,762 5.76

Genus plc GBP 692,114 17,607,559 0.62

Inmarsat plc GBP 8,622,405 55,503,157 1.94

Intermediate Capital Group plc GBP 10,422,320 129,654,208 4.54

London Stock Exchange Group plc GBP 1,439,607 79,127,941 2.77

RELX plc EUR 10,355,116 197,342,623 6.91

679,386,343 23.79

Total Equities 2,807,047,125 98.28 Total Transferable securities and money market instruments admitted to an official exchange listing 2,807,047,125 98.28


Cash 44,853,879 1.57


Total Net Assets 2,856,235,189 100.00


71



■ Jupiter European Growth Schedule of Investments as at 31 March 2019 (continued)




France 12.98

Denmark 10.17

Spain 8.58

Jersey 4.91

Norway 2.66

Belgium 2.36

Sweden 1.04

Netherlands 1.00

Switzerland 0.99

Italy 0.58

Austria 0.02



Total 100.00



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsEUR 429,495 USD 482,677 15/04/2019 J.P. Morgan 153 –

HKD 625,468 EUR 70,654 15/04/2019 J.P. Morgan 250 –

JPY 5,264,959,304 EUR 41,915,889 15/04/2019 J.P. Morgan 417,673 0.01

USD 171,162,260 EUR 151,648,515 15/04/2019 J.P. Morgan 600,563 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 1,018,639 0.03 EUR 1,972 HKD 17,587 15/04/2019 J.P. Morgan (21) –

EUR 1,175,398 JPY 147,447,398 15/04/2019 J.P. Morgan (10,171) –

EUR 6,633,829 USD 7,532,618 15/04/2019 J.P. Morgan (66,446) –

JPY 63,359,640 EUR 510,245 15/04/2019 J.P. Morgan (794) –

Total Unrealised Loss on Forward Currency Exchange Contracts (77,432) – Net Unrealised Gain on Forward Currency Exchange Contracts 941,207 0.03


72


Jupiter European Opportunities

■ Jupiter European Opportunities Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesBelgiumUmicore SA EUR 60,858 2,438,580 1.43

2,438,580 1.43 DenmarkNovo Nordisk A/S 'B' DKK 105,777 4,863,642 2.85

4,863,642 2.85 FinlandNokia OYJ EUR 804,834 4,076,484 2.39

4,076,484 2.39 FranceDassault Systemes SE EUR 22,269 2,943,405 1.73 Edenred EUR 53,843 2,179,296 1.28 EssilorLuxottica SA EUR 36,868 3,596,842 2.11 LVMH Moet Hennessy Louis Vuitton SE EUR 14,348 4,708,296 2.76 Safran SA EUR 14,410 1,745,411 1.02 Thales SA EUR 44,743 4,781,908 2.80 Vinci SA EUR 50,446 4,345,923 2.55

24,301,081 14.25 GermanyContinental AG EUR 14,734 1,989,090 1.17 Deutsche Boerse AG EUR 25,506 2,921,075 1.71 Fresenius Medical Care AG & Co. KGaA EUR 74,305 5,298,690 3.11 Gerresheimer AG EUR 45,635 3,052,981 1.79 Henkel AG & Co. KGaA Preference EUR 19,118 1,752,356 1.03 Infineon Technologies AG EUR 143,432 2,519,024 1.48 KION Group AG EUR 36,296 1,696,838 0.99 Knorr-Bremse AG EUR 26,586 2,342,492 1.37 SAP SE EUR 68,836 7,074,964 4.15 Siemens Healthineers AG, Reg. S EUR 98,959 3,653,814 2.14 Symrise AG EUR 33,357 2,701,250 1.58

35,002,574 20.52 IrelandDCC plc GBP 79,488 6,203,408 3.64 Kingspan Group plc EUR 56,323 2,341,347 1.37 Ryanair Holdings plc EUR 246,968 2,891,378 1.70

11,436,133 6.71 Isle of ManGVC Holdings plc GBP 320,292 2,057,636 1.21

2,057,636 1.21


73



■ Jupiter European Opportunities Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


Italy


3,128,036 1.84

Jersey

Experian plc GBP 130,429 3,139,302 1.84

3,139,302 1.84

Netherlands


Euronext NV, Reg. S EUR 63,729 3,573,604 2.09

Flow Traders, Reg. S EUR 113,707 2,806,289 1.65

GrandVision NV, Reg. S EUR 128,014 2,441,227 1.43

IMCD NV EUR 42,571 2,885,249 1.69

15,608,478 9.15

Spain

Amadeus IT Group SA EUR 46,098 3,253,136 1.91

Applus Services SA EUR 280,153 2,983,630 1.75

Prosegur Cash SA EUR 1,257,231 2,466,687 1.44

8,703,453 5.10

Sweden

Assa Abloy AB 'B' SEK 191,460 3,679,881 2.16

Essity AB 'B' SEK 251,833 6,500,084 3.81

10,179,965 5.97

Switzerland

Lonza Group AG CHF 9,200 2,525,321 1.48

Partners Group Holding AG CHF 3,534 2,279,782 1.34

Sika AG CHF 22,843 2,839,976 1.66

7,645,079 4.48


74





Quantity/ Nominal

Value

Market Value

EUR% of


United Kingdom

Carnival plc GBP 58,967 2,551,607 1.50

Croda International plc GBP 52,223 3,068,501 1.80

Meggitt plc GBP 505,294 2,961,913 1.74

Mondi plc GBP 235,723 4,666,818 2.74


RELX plc EUR 229,598 4,375,564 2.56

Sophos Group plc, Reg. S GBP 504,167 1,748,591 1.02

26,077,120 15.29


Worldpay, Inc. GBP 5,708 565,365 0.33

Worldpay, Inc. USD 49,865 4,947,069 2.90

5,512,434 3.23

Total Equities 164,169,997 96.26 Total Transferable securities and money market instruments admitted to an official exchange listing 164,169,997 96.26


Cash 5,724,644 3.36

Other Assets/(Liabilities) 661,796 0.38



75







France 14.25

Netherlands 9.15

Ireland 6.71

Sweden 5.97

Spain 5.10

Switzerland 4.48


Denmark 2.85

Finland 2.39

Jersey 1.84

Italy 1.84

Belgium 1.43

Isle of Man 1.21



Total 100.00


76


Jupiter Eurozone Equity

■ Jupiter Eurozone Equity Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesBelgiumUmicore SA EUR 1,913 76,654 1.48

76,654 1.48 DenmarkNovo Nordisk A/S 'B' DKK 3,494 160,655 3.10

160,655 3.10 FinlandNokia OYJ EUR 27,799 140,802 2.71

140,802 2.71 FranceBureau Veritas SA EUR 4,770 100,170 1.93

Dassault Systemes SE EUR 692 91,465 1.76

Edenred EUR 1,648 66,703 1.29

EssilorLuxottica SA EUR 1,245 121,462 2.34

Ingenico Group SA EUR 1,301 82,093 1.58

LVMH Moet Hennessy Louis Vuitton SE EUR 607 199,187 3.84

Safran SA EUR 434 52,568 1.02

Thales SA EUR 1,483 158,496 3.06

Vinci SA EUR 1,771 152,572 2.94

1,024,716 19.76 GermanyBrenntag AG EUR 2,842 129,311 2.49

Continental AG EUR 531 71,685 1.38

Deutsche Boerse AG EUR 1,246 142,698 2.75

Fresenius Medical Care AG & Co. KGaA EUR 2,350 167,579 3.23

Gerresheimer AG EUR 1,356 90,716 1.75

Henkel AG & Co. KGaA Preference EUR 881 80,752 1.56

Infineon Technologies AG EUR 4,513 79,260 1.53

KION Group AG EUR 1,054 49,274 0.95

Knorr-Bremse AG EUR 836 73,660 1.42

SAP SE EUR 1,897 194,974 3.76

Siemens Healthineers AG, Reg. S EUR 3,913 144,478 2.79

1,224,387 23.61 IrelandCRH plc EUR 3,124 85,879 1.66

Kingspan Group plc EUR 1,929 80,131 1.54

Ryanair Holdings plc EUR 9,488 111,009 2.14

277,019 5.34


77



■ Jupiter Eurozone Equity Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesItalyCerved Group SpA EUR 11,395 101,615 1.96

101,615 1.96 LuxembourgAroundtown SA EUR 3,274 24,129 0.46

24,129 0.46 NetherlandsASML Holding NV EUR 854 141,371 2.72

Euronext NV, Reg. S EUR 2,360 132,337 2.55

Ferrari NV EUR 739 87,756 1.69

Flow Traders, Reg. S EUR 4,018 99,164 1.91

GrandVision NV, Reg. S EUR 3,581 68,290 1.32

Heineken NV EUR 1,696 159,203 3.07

Unilever NV, CVA EUR 2,856 147,727 2.85

835,848 16.11 SpainAmadeus IT Group SA EUR 1,668 117,711 2.27

Applus Services SA EUR 8,344 88,863 1.71


285,735 5.51 SwedenAssa Abloy AB 'B' SEK 8,001 153,780 2.97

Essity AB 'B' SEK 7,416 191,415 3.69

345,195 6.66 SwitzerlandLonza Group AG CHF 280 76,857 1.48

Partners Group Holding AG CHF 108 69,671 1.34

Sika AG CHF 749 93,120 1.80

239,648 4.62 United KingdomRELX plc EUR 7,456 142,093 2.74


Total Investments 4,878,496 94.06 Cash 274,020 5.28Other Assets/(Liabilities) 34,163 0.66Total Net Assets 5,186,679 100.00


78



■ Jupiter Eurozone Equity Schedule of Investments as at 31 March 2019 (continued)



France 19.76

Netherlands 16.11

Sweden 6.66

Spain 5.51

Ireland 5.34

Switzerland 4.62

Denmark 3.10

United Kingdom 2.74

Finland 2.71

Italy 1.96

Belgium 1.48

Luxembourg 0.46



Total 100.00


79


Jupiter Financial Innovation

■ Jupiter Financial Innovation Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of


Banks

Banque Cantonale Vaudoise CHF 4,237 3,032,566 3.50

DBS Group Holdings Ltd. SGD 82,000 1,358,869 1.57

HDFC Bank Ltd., ADR USD 13,252 1,341,096 1.55

ICICI Bank Ltd. INR 270,735 1,390,848 1.60

SVB Financial Group USD 13,719 2,719,416 3.14

TCS Group Holding plc, Reg. S, GDR USD 67,353 1,076,588 1.24

10,919,383 12.60

Capital Markets

Aquis Exchange Ltd., Reg. S GBP 50,000 344,260 0.40

CME Group, Inc. USD 8,344 1,209,344 1.40


MSCI, Inc. USD 3,416 598,130 0.69


TMX Group Ltd. CAD 18,866 1,084,320 1.25

5,926,018 6.85

Commercial Services & Supplies

A-Living Services Co. Ltd., Reg. S 'H' HKD 605,500 919,719 1.06

919,719 1.06

Equity Real Estate Investment Trusts (REITs)

American Tower Corp., REIT USD 13,400 2,325,711 2.69

Crown Castle International Corp., REIT USD 17,230 1,951,873 2.25

Dexus, REIT AUD 107,145 862,400 1.00

Link REIT HKD 85,500 890,610 1.03

Prologis, Inc., REIT USD 13,940 895,192 1.03

6,925,786 8.00

Insurance

AIA Group Ltd. HKD 89,600 793,816 0.92

Ping An Insurance Group Co. of China Ltd. 'H' HKD 253,500 2,526,992 2.92

3,320,808 3.84

Interactive Media & Services

Tencent Holdings Ltd. HKD 24,700 1,011,217 1.17

1,011,217 1.17

Internet & Direct Marketing Retail

MercadoLibre, Inc. USD 585 258,975 0.30

258,975 0.30


80



■ Jupiter Financial Innovation Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesIT ServicesAkamai Technologies, Inc. USD 6,969 441,233 0.51

Appen Ltd. AUD 17,352 244,262 0.28

EVERTEC, Inc. USD 13,492 336,705 0.39

Evo Payments, Inc. 'A' USD 46,676 1,187,080 1.37

Fidelity National Information Services, Inc. USD 21,761 2,154,048 2.49

First Data Corp. 'A' USD 124,799 2,904,435 3.35

Fiserv, Inc. USD 41,208 3,221,290 3.72

FleetCor Technologies, Inc. USD 4,027 873,620 1.01

Global Payments, Inc. USD 27,373 3,293,959 3.80

Mastercard, Inc. 'A' USD 20,356 4,256,981 4.91

Pagseguro Digital Ltd. 'A' USD 15,592 419,936 0.48

PayPal Holdings, Inc. USD 46,270 4,279,124 4.94

Square, Inc. 'A' USD 11,947 790,133 0.91

Total System Services, Inc. USD 25,951 2,143,364 2.47

Visa, Inc. 'A' USD 30,215 4,160,892 4.80

WEX, Inc. USD 8,248 1,403,250 1.62

Wirecard AG EUR 16,233 1,851,374 2.14

Worldpay, Inc. USD 31,291 3,104,357 3.58

37,066,043 42.77 Professional ServicesIHS Markit Ltd. USD 24,467 1,172,280 1.35

TransUnion USD 17,245 1,010,993 1.17

2,183,273 2.52 SoftwareArgo Blockchain plc GBP 4,125,000 150,432 0.17

Bottomline Technologies DE, Inc. USD 35,573 1,562,642 1.80

Carbon Black, Inc. USD 21,447 272,246 0.31

CyberArk Software Ltd. USD 5,607 579,034 0.67

Elastic NV USD 4,682 341,567 0.39

Intuit, Inc. USD 755 174,289 0.20

Microsoft Corp. USD 15,600 1,624,416 1.88

Palo Alto Networks, Inc. USD 12,673 2,690,155 3.11

Proofpoint, Inc. USD 1,611 170,707 0.20

Rapid7, Inc. USD 92,786 4,092,820 4.73

Splunk, Inc. USD 1,566 169,892 0.20

SS&C Technologies Holdings, Inc. USD 41,126 2,298,593 2.65

Temenos AG CHF 4,736 614,638 0.71

14,741,431 17.02


81






Quantity/ Nominal

Value

Market Value

EUR% of


Thrifts & Mortgage FinanceCharter Court Financial Services Group plc, Reg. S GBP 28,783 106,545 0.12


Total Investments 83,379,198 96.25 Cash 3,349,164 3.87Other Assets/(Liabilities) (96,672) (0.12)Total Net Assets 86,631,690 100.00

82





Industry Sector Allocation of Portfolio% of

Net AssetsIT Services 42.77

Software 17.02

Banks 12.60

Equity Real Estate Investment Trusts (REITs) 8.00

Capital Markets 6.85

Insurance 3.84

Professional Services 2.52

Interactive Media & Services 1.17

Commercial Services & Supplies 1.06

Internet & Direct Marketing Retail 0.30

Thrifts & Mortgage Finance 0.12



Total 100.00



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsUSD 3,533,699 EUR 3,130,865 15/04/2019 J.P. Morgan 12,366 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 12,366 0.01 EUR 119,748 USD 135,930 15/04/2019 J.P. Morgan (1,162) –


83







Global Exposure

EUR


EUR% of

Net Assets

Guernsey SafeCharge International Group Ltd. GBP 433,385 1,504,617 113,795 0.13

United Kingdom ASA International Group plc GBP 333,112 1,721,131 49,564 0.06

United Kingdom Charter Court Financial Services Group plc GBP 595,876 2,205,739 48,676 0.06

United Kingdom First Derivatives plc GBP 9,748 296,339 47,209 0.05

United Kingdom Intermediate Capital Group plc GBP 255,425 3,177,500 15,965 0.02

United Kingdom London Stock Exchange Group plc GBP 44,379 2,439,290 105,133 0.12


United Kingdom Royal Bank of Scotland Group plc GBP 292,712 853,122 (59,897) (0.07)

Total Unrealised Loss on Contracts for Difference (59,897) (0.07)

Net Unrealised Gain on Contracts for Difference 320,445 0.37



320,445

84



■ Jupiter Flexible Income Schedule of Investments as at 31 March 2019



Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsArgentinaArgentina Government Bond 7.5% 22/04/2026 USD 1,000,000 751,892 0.96

Pampa Energia SA, Reg. S 7.375% 21/07/2023 USD 400,000 333,750 0.42

Provincia de Cordoba, Reg. S 7.125% 10/06/2021 USD 450,000 350,269 0.45

1,435,911 1.83 AustriaEgger Holzwerkstoffe GmbH, Reg. S, FRN 4.875% Perpetual EUR 300,000 291,288 0.37

291,288 0.37 BelgiumSarens Finance Co. NV, Reg. S 5.875% 05/02/2022 EUR 200,000 188,217 0.24

188,217 0.24 BrazilBrazil Notas do Tesouro Nacional 10% 01/01/2023 BRL 630,000 1,553,883 1.97

1,553,883 1.97 CanadaEntertainment One Ltd., Reg. S 6.875% 15/12/2022 GBP 100,000 120,793 0.15

120,793 0.15 Czech RepublicEnergo-Pro A/S, Reg. S 4.5% 04/05/2024 EUR 200,000 187,014 0.24

187,014 0.24 DenmarkWelltec A/S, 144A 9.5% 01/12/2022 USD 500,000 429,660 0.55

429,660 0.55 FranceAltice France SA, 144A 7.375% 01/05/2026 USD 500,000 437,443 0.56

CMA CGM SA, Reg. S 7.75% 15/01/2021 EUR 200,000 201,729 0.26

Electricite de France SA, Reg. S, FRN 6% Perpetual GBP 200,000 239,152 0.30

Eramet 4.5% 06/11/2020 EUR 100,000 103,475 0.13

La Financiere Atalian SASU, Reg. S 5.125% 15/05/2025 EUR 100,000 81,440 0.10

Paprec Holding SA, Reg. S 4% 31/03/2025 EUR 300,000 254,775 0.32

SCOR SE, Reg. S, FRN 5.25% Perpetual USD 200,000 152,505 0.19

Societe Generale SA, Reg. S, FRN 7.375% Perpetual USD 200,000 184,450 0.24

Vallourec SA, Reg. S 3.25% 02/08/2019 EUR 100,000 100,431 0.13


1,820,209 2.31 GermanyAllianz SE, Reg. S 5.5% Perpetual USD 400,000 355,851 0.45

Wittur International Holding GmbH, Reg. S 8.5% 15/02/2023 EUR 100,000 102,367 0.13

458,218 0.58

85



■ Jupiter Flexible Income Schedule of Investments as at 31 March 2019 (continued)



Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsIndonesiaIndonesia Asahan Aluminium Persero PT, Reg. S 5.71% 15/11/2023 USD 400,000 385,145 0.49

Indonesia Government Bond 8.375% 15/03/2024 IDR 20,000,000,000 1,310,532 1.67

1,695,677 2.16 IrelandBank of Ireland Group plc, Reg. S, FRN 4.125% 19/09/2027 USD 234,000 196,827 0.25 Virgin Media Receivables Financing Notes II DAC, Reg. S 5.75% 15/04/2023 GBP 100,000 119,070 0.15

315,897 0.40 Isle of ManSasol Financing International Ltd. 4.5% 14/11/2022 USD 400,000 359,625 0.46

359,625 0.46 ItalyAlmaviva-The Italian Innovation Co. SpA, Reg. S 7.25% 15/10/2022 EUR 100,000 92,147 0.12

Banca Farmafactoring SpA, Reg. S, FRN 5.875% 02/03/2027 EUR 100,000 92,131 0.11

Bormioli Pharma Bidco SpA, Reg. S, FRN 3.5% 15/11/2024 EUR 100,000 92,854 0.12

Salini Impregilo SpA, Reg. S 1.75% 26/10/2024 EUR 100,000 76,679 0.10

Telecom Italia SpA, Reg. S 4% 11/04/2024 EUR 100,000 105,201 0.13

459,012 0.58 JerseyTVL Finance plc, Reg. S 8.5% 15/05/2023 GBP 160,000 196,539 0.25

196,539 0.25 LuxembourgAltice Finco SA, 144A 8.125% 15/01/2024 USD 250,000 225,764 0.29

Altice Finco SA, Reg. S 9% 15/06/2023 EUR 200,000 209,355 0.27

Cabot Financial Luxembourg SA, Reg. S 7.5% 01/10/2023 GBP 100,000 114,705 0.15

Codere Finance 2 Luxembourg SA, Reg. S 6.75% 01/11/2021 EUR 100,000 98,267 0.12

CPI Property Group SA, Reg. S, FRN 4.375% Perpetual EUR 100,000 98,785 0.12

eDreams ODIGEO SA, Reg. S 5.5% 01/09/2023 EUR 200,000 197,936 0.25

Horizon Parent Holdings Sarl, Reg. S 8.25% 15/02/2022 EUR 100,000 102,948 0.13

Swissport Financing Sarl, Reg. S 9.75% 15/12/2022 EUR 200,000 214,311 0.27

Topaz Marine SA, Reg. S 9.125% 26/07/2022 USD 250,000 226,218 0.29

1,488,289 1.89 MoroccoMorocco Government Bond, Reg. S 4.25% 11/12/2022 USD 400,000 364,026 0.46

364,026 0.46

86






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsNetherlandsATF Netherlands BV, Reg. S, FRN 3.75% Perpetual EUR 200,000 201,562 0.26

CEVA Logistics Finance BV, Reg. S 5.25% 01/08/2025 EUR 200,000 202,384 0.26

PPF Arena 1 BV, Reg. S 3.125% 27/03/2026 EUR 138,000 138,191 0.17

Stichting AK Rabobank Certificaten, Reg. S 6.5% Perpetual EUR 61,225 71,533 0.09

Swiss Re Ltd., Reg. S, FRN 5.625% 15/08/2052 USD 200,000 183,453 0.23

797,123 1.01 PeruPeru Government Bond, Reg. S, 144A 5.94% 12/02/2029 PEN 3,000,000 846,808 1.08

Peru Government Bond, Reg. S, 144A 6.15% 12/08/2032 PEN 4,000,000 1,126,155 1.43

1,972,963 2.51 SpainCaixaBank SA, Reg. S, FRN 6.75% Perpetual EUR 200,000 208,025 0.26

208,025 0.26 SwitzerlandUBS Group Funding Switzerland AG, FRN, 144A 7% Perpetual USD 200,000 180,628 0.23

180,628 0.23 United KingdomAlgeco Global Finance plc, Reg. S, FRN 6.25% 15/02/2023 EUR 200,000 202,608 0.26

Arrow Global Finance plc, Reg. S 5.125% 15/09/2024 GBP 133,000 149,068 0.19

Aviva plc, Reg. S, FRN 6.125% 14/11/2036 GBP 100,000 132,495 0.17

Barclays plc, FRN 7.75% Perpetual USD 202,000 179,355 0.23

Boparan Finance plc, Reg. S 4.375% 15/07/2021 EUR 100,000 68,539 0.09

Boparan Finance plc, Reg. S 5.5% 15/07/2021 GBP 100,000 79,671 0.10

Coventry Building Society, Reg. S, FRN 0% Perpetual GBP 200,000 234,889 0.30

Drax Finco plc, Reg. S 4.25% 01/05/2022 GBP 100,000 117,366 0.15

EI Group plc, Reg. S 6.375% 15/02/2022 GBP 100,000 120,205 0.15

Iceland Bondco plc, Reg. S 4.625% 15/03/2025 GBP 100,000 102,070 0.13

Investec Bank plc, Reg. S, FRN 4.25% 24/07/2028 GBP 124,000 144,338 0.18

Kelda Finance No. 3 plc, Reg. S 5.75% 17/02/2020 GBP 200,000 235,241 0.30

Legal & General Group plc, Reg. S, FRN 5.375% 27/10/2045 GBP 100,000 127,179 0.16

Matalan Finance plc, Reg. S 6.75% 31/01/2023 GBP 200,000 224,767 0.29

Miller Homes Group Holdings plc, Reg. S 5.5% 15/10/2024 GBP 100,000 116,053 0.15

Miller Homes Group Holdings plc, Reg. S, FRN 6.172% 15/10/2023 GBP 100,000 114,776 0.15

Nationwide Building Society, Reg. S, FRN 10.25% Perpetual GBP 30,000 50,964 0.06

NWEN Finance plc, Reg. S 5.875% 21/06/2021 GBP 100,000 121,600 0.15

Pension Insurance Corp. plc, Reg. S 8% 23/11/2026 GBP 100,000 134,991 0.17

Prudential plc, Reg. S 4.375% Perpetual USD 200,000 162,389 0.21

87






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsUnited Kingdom (continued)

Public Power Corp. Finance plc, Reg. S 5.5% 01/05/2019 EUR 104,982 104,808 0.13

Royal Bank of Scotland Group plc, FRN 7.648% Perpetual USD 126,000 140,790 0.18

Stonegate Pub Co. Financing plc, Reg. S, FRN 7.093% 15/03/2022 GBP 198,000 232,594 0.30

Thomas Cook Finance 2 plc, Reg. S 3.875% 15/07/2023 EUR 200,000 134,291 0.17

TP ICAP plc, Reg. S, FRN 5.25% 26/01/2024 GBP 100,000 118,643 0.15

Vodafone Group plc, Reg. S, FRN 3.1% 03/01/2079 EUR 200,000 196,981 0.25

Vue International Bidco plc, Reg. S 7.875% 15/07/2020 GBP 300,000 350,206 0.44

4,096,877 5.21 United States of AmericaAmerican Axle & Manufacturing, Inc. 6.25% 01/04/2025 USD 250,000 216,426 0.28

Burford Capital Finance LLC 6.125% 12/08/2025 USD 213,400 193,355 0.25

Dell, Inc. 5.875% 15/06/2019 USD 250,000 224,154 0.28

Enviva Partners LP 8.5% 01/11/2021 USD 244,000 227,197 0.29

HCA, Inc. 4.5% 15/02/2027 USD 250,000 229,209 0.29

Kosmos Energy Ltd., 144A 7.875% 01/08/2021 USD 250,000 227,517 0.29

Murphy Oil USA, Inc. 5.625% 01/05/2027 USD 250,000 229,857 0.29

Penske Automotive Group, Inc. 5.375% 01/12/2024 USD 250,000 223,409 0.28

Sprint Capital Corp. 6.875% 15/11/2028 USD 500,000 429,382 0.55

United Rentals North America, Inc. 4.625% 15/10/2025 USD 250,000 219,482 0.28

United States Steel Corp. 6.25% 15/03/2026 USD 250,000 207,442 0.26

2,627,430 3.34 Total Bonds 21,247,304 27.00 Convertible BondsFinlandOutokumpu OYJ, Reg. S 3.25% 26/02/2020 EUR 100,000 101,711 0.13

101,711 0.13 JerseyIntu Jersey 2 Ltd., REIT, Reg. S 2.875% 01/11/2022 GBP 100,000 99,263 0.13

99,263 0.13 Total Convertible Bonds 200,974 0.26 EquitiesAustraliaDexus, REIT AUD 28,870 232,372 0.30

Goodman Group, REIT AUD 29,245 246,656 0.31


674,671 0.86

88






Quantity/ Nominal

Value

Market Value

EUR% of


Austria

Lenzing AG EUR 237 22,669 0.03

22,669 0.03

Canada

Rogers Communications, Inc. 'B' CAD 1,978 94,690 0.12

94,690 0.12

Cayman Islands

China Evergrande Group HKD 68,000 201,138 0.25

China Resources Land Ltd. HKD 64,000 255,373 0.32

CK Asset Holdings Ltd. HKD 29,500 233,832 0.30

Country Garden Holdings Co. Ltd. HKD 164,000 228,270 0.29

Wharf Real Estate Investment Co. Ltd. HKD 34,000 225,726 0.29

1,144,339 1.45

Denmark

ISS A/S DKK 5,082 137,888 0.18

Novo Nordisk A/S 'B' DKK 3,498 160,839 0.20

298,727 0.38

Finland

DNA OYJ EUR 6,283 114,131 0.15

Nokia OYJ EUR 33,542 169,890 0.22

Nordea Bank Abp SEK 12,820 87,806 0.11

Sampo OYJ 'A' EUR 3,915 159,889 0.20

531,716 0.68

France

Amundi SA, Reg. S EUR 1,809 101,611 0.13

AXA SA EUR 8,327 186,629 0.24

Gecina SA, REIT EUR 1,314 172,594 0.22

Orange SA EUR 7,315 105,318 0.13

Schneider Electric SE EUR 2,708 188,531 0.24

Thales SA EUR 1,346 143,854 0.18

TOTAL SA EUR 3,193 158,476 0.20

Vinci SA EUR 3,091 266,290 0.34

1,323,303 1.68

89






Quantity/ Nominal

Value

Market Value

EUR% of


Germany

Allianz SE EUR 1,162 230,762 0.29

AURELIUS Equity Opportunities SE & Co. KGaA EUR 1,967 79,624 0.10

Bayer AG EUR 1,391 79,343 0.10

Brenntag AG EUR 3,147 143,188 0.18



Deutsche Post AG EUR 3,681 106,970 0.14

Deutsche Wohnen SE EUR 4,518 197,414 0.25




Knorr-Bremse AG EUR 926 81,590 0.10

SAP SE EUR 1,607 165,167 0.21

Siemens Healthineers AG, Reg. S EUR 3,489 128,823 0.16

Talanx AG EUR 3,635 125,335 0.16

Vonovia SE EUR 4,532 210,398 0.27

2,103,327 2.67

Greece

Hellenic Telecommunications Organization SA EUR 8,766 104,798 0.13

104,798 0.13

Hong Kong

China Overseas Land & Investment Ltd. HKD 76,000 256,700 0.33

Link REIT HKD 23,500 244,788 0.31

Sun Hung Kai Properties Ltd. HKD 15,500 237,018 0.30

738,506 0.94

Ireland

CRH plc GBP 2,750 75,577 0.10

CRH plc EUR 3,857 106,029 0.13

Medtronic plc USD 1,549 124,081 0.16


375,887 0.48

Isle of Man

Playtech plc GBP 17,000 85,049 0.11

85,049 0.11

90






Quantity/ Nominal

Value

Market Value

EUR% of


Italy

Banca Generali SpA EUR 4,779 105,759 0.14

Cerved Group SpA EUR 13,267 118,308 0.15

MARR SpA EUR 4,749 96,785 0.12

320,852 0.41

Japan

Mitsubishi Estate Co. Ltd. JPY 13,500 217,854 0.28

Mitsui Fudosan Co. Ltd. JPY 10,000 223,687 0.28

Sumitomo Realty & Development Co. Ltd. JPY 7,100 261,947 0.33

703,488 0.89

Jersey

JTC plc, Reg. S GBP 15,500 53,812 0.07

WPP plc GBP 5,500 52,105 0.06

105,917 0.13

Liberia

Royal Caribbean Cruises Ltd. USD 1,193 119,467 0.15

119,467 0.15

Luxembourg

APERAM SA EUR 3,363 85,639 0.11

Aroundtown SA EUR 12,270 90,430 0.12

RTL Group SA EUR 1,207 58,865 0.07

234,934 0.30

Netherlands

Flow Traders, Reg. S EUR 4,148 102,372 0.13

ING Groep NV EUR 17,584 189,239 0.24


489,511 0.62

Norway

Telenor ASA NOK 11,967 213,780 0.27

Yara International ASA NOK 2,000 73,181 0.09

286,961 0.36

South Korea

Samsung Electronics Co. Ltd. KRW 16,226 567,956 0.72

SK Hynix, Inc. KRW 10,144 590,786 0.75

1,158,742 1.47

91






Quantity/ Nominal

Value

Market Value

EUR% of


Spain

Amadeus IT Group SA EUR 1,976 139,446 0.18

International Consolidated Airlines Group SA GBP 7,000 41,759 0.05


271,269 0.35

Supranational

Unibail-Rodamco-Westfield, REIT EUR 1,101 161,252 0.21

161,252 0.21

Sweden

Atlas Copco AB 'A' SEK 3,721 88,771 0.11

Coor Service Management Holding AB, Reg. S SEK 17,963 143,955 0.18

Essity AB 'B' SEK 7,243 186,950 0.24

419,676 0.53

Switzerland

Chubb Ltd. USD 1,356 167,915 0.21

Novartis AG CHF 660 56,102 0.07

Partners Group Holding AG CHF 110 70,961 0.09

Roche Holding AG CHF 999 241,994 0.31

536,972 0.68

United Kingdom

Admiral Group plc GBP 3,000 75,743 0.10

Amigo Holdings plc, Reg. S GBP 33,000 68,229 0.09

AstraZeneca plc GBP 1,540 108,997 0.14

Babcock International Group plc GBP 6,801 39,874 0.05

BAE Systems plc GBP 26,900 149,786 0.19

BBA Aviation plc GBP 20,000 57,532 0.07

Bovis Homes Group plc GBP 4,185 52,611 0.07

BP plc GBP 61,230 398,359 0.51

British American Tobacco plc GBP 4,400 162,809 0.21

BT Group plc GBP 23,000 59,881 0.08

Cineworld Group plc GBP 10,000 33,726 0.04

Crest Nicholson Holdings plc GBP 16,884 73,060 0.09

Galliford Try plc GBP 7,000 54,670 0.07

GlaxoSmithKline plc GBP 12,500 231,515 0.29

Global Ports Holding plc, Reg. S GBP 11,250 50,545 0.06

Gocompare.Com Group plc GBP 90,000 81,502 0.10

Hollywood Bowl Group plc GBP 27,000 66,956 0.09

92






Quantity/ Nominal

Value

Market Value

EUR% of



HSBC Holdings plc GBP 26,200 189,901 0.24

IMI plc GBP 4,200 46,024 0.06

Imperial Brands plc GBP 3,700 113,451 0.14

Informa plc GBP 7,328 63,325 0.08

ITV plc GBP 32,000 47,473 0.06

JD Sports Fashion plc GBP 8,000 46,012 0.06

Land Securities Group plc, REIT GBP 19,366 206,811 0.26

Legal & General Group plc GBP 34,000 109,549 0.14

Lloyds Banking Group plc GBP 112,500 81,653 0.10

Melrose Industries plc GBP 34,605 72,822 0.09

Micro Focus International plc GBP 6,000 138,603 0.18

Mondi plc GBP 5,000 98,989 0.13

N Brown Group plc GBP 34,285 40,410 0.05

NCC Group plc GBP 40,000 67,102 0.09

Prudential plc GBP 5,000 90,310 0.12

Rio Tinto plc GBP 2,050 106,626 0.14

Royal Dutch Shell plc 'B' GBP 11,750 332,278 0.42

RPC Group plc GBP 5,500 50,904 0.06

Segro plc, REIT GBP 26,672 208,761 0.27

SSE plc GBP 3,850 53,859 0.07

Standard Chartered plc GBP 5,000 34,359 0.04

Tesco plc GBP 33,000 89,537 0.11

TI Fluid Systems plc, Reg. S GBP 7,406 15,674 0.02

TP ICAP plc GBP 32,500 112,150 0.14

Vodafone Group plc GBP 48,000 77,699 0.10

4,347,080 5.53


AbbVie, Inc. USD 1,208 86,003 0.11

American Express Co. USD 1,136 110,421 0.14

Amgen, Inc. USD 680 113,601 0.14

Anthem, Inc. USD 473 118,943 0.15

Applied Materials, Inc. USD 7,083 242,864 0.31

AT&T, Inc. USD 5,625 155,354 0.20

Blackstone Group LP (The) USD 3,100 95,569 0.12

Chevron Corp. USD 2,028 222,172 0.28

Cigna Corp. USD 768 109,201 0.14

93






Quantity/ Nominal

Value

Market Value

EUR% of


United States of America (continued)

Cisco Systems, Inc. USD 6,724 319,530 0.41

Citigroup, Inc. USD 2,281 125,884 0.16

Comcast Corp. 'A' USD 5,495 197,760 0.25

Comerica, Inc. USD 1,292 84,091 0.11

DowDuPont, Inc. USD 2,563 120,312 0.15

Emerson Electric Co. USD 3,128 188,171 0.24

Enterprise Products Partners LP USD 10,755 276,542 0.35

Freeport-McMoRan, Inc. USD 8,219 93,133 0.12

Halliburton Co. USD 2,421 62,941 0.08

Home Depot, Inc. (The) USD 766 129,602 0.16

Honeywell International, Inc. USD 489 69,032 0.09

International Flavors & Fragrances, Inc. USD 590 68,140 0.09

Johnson & Johnson USD 528 65,301 0.08

JPMorgan Chase & Co. USD 2,126 190,652 0.24

Lincoln National Corp. USD 1,184 61,494 0.08

Lockheed Martin Corp. USD 1,044 274,829 0.35

Merck & Co., Inc. USD 2,511 184,739 0.24

Microsoft Corp. USD 2,980 310,305 0.39

Moody's Corp. USD 1,019 162,771 0.21

NextEra Energy Partners LP USD 1,566 65,130 0.08

Oracle Corp. USD 3,921 185,701 0.24

PepsiCo, Inc. USD 1,832 198,758 0.25

Pfizer, Inc. USD 4,294 161,687 0.21

Procter & Gamble Co. (The) USD 2,881 265,644 0.34

SunTrust Banks, Inc. USD 2,326 122,205 0.16

Verizon Communications, Inc. USD 4,384 230,642 0.29

Visa, Inc. 'A' USD 2,343 322,653 0.41

Walmart, Inc. USD 1,476 127,697 0.16

Walt Disney Co. (The) USD 1,128 111,210 0.14

Welltower, Inc., REIT USD 939 65,710 0.08

6,096,394 7.75


94






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketBonds

Argentina

Genneia SA, Reg. S 8.75% 20/01/2022 USD 400,000 320,405 0.41

320,405 0.41

Canada

Bombardier, Inc., Reg. S 6% 15/10/2022 USD 500,000 448,456 0.57

First Quantum Minerals Ltd., 144A 7% 15/02/2021 USD 27,000 24,436 0.03

First Quantum Minerals Ltd., 144A 6.875% 01/03/2026 USD 250,000 205,704 0.26

Garda World Security Corp., 144A 8.75% 15/05/2025 USD 250,000 214,033 0.27

IAMGOLD Corp., 144A 7% 15/04/2025 USD 124,000 112,308 0.15

Ritchie Bros Auctioneers, Inc., 144A 5.375% 15/01/2025 USD 250,000 227,678 0.29

1,232,615 1.57

Denmark

DKT Finance ApS, 144A 9.375% 17/06/2023 USD 250,000 239,710 0.30

239,710 0.30

France

Credit Agricole SA, Reg. S, FRN 8.375% Perpetual USD 100,000 91,307 0.12

91,307 0.12

Jersey

HBOS Capital Funding LP, Reg. S 6.85% Perpetual USD 114,000 102,719 0.13

102,719 0.13

Luxembourg

Telenet Finance Luxembourg Notes Sarl, 144A 5.5% 01/03/2028 USD 200,000 175,490 0.22

175,490 0.22

Mexico

Petroleos Mexicanos 6.375% 04/02/2021 USD 500,000 461,199 0.59

461,199 0.59

Netherlands

Constellium NV, 144A 5.875% 15/02/2026 USD 250,000 219,050 0.28

Stars Group Holdings BV, 144A 7% 15/07/2026 USD 250,000 232,083 0.29

451,133 0.57

Supranational

JBS USA LUX SA, 144A 5.75% 15/06/2025 USD 500,000 455,155 0.58

Panther BF Aggregator 2 LP, Reg. S 4.375% 15/05/2026 EUR 100,000 102,002 0.13

557,157 0.71

95






Quantity/ Nominal

Value

Market Value

EUR% of


United Kingdom

Barclays Bank plc, FRN 6.278% Perpetual USD 150,000 134,208 0.17

Ferroglobe plc, 144A 9.375% 01/03/2022 USD 250,000 191,177 0.24

HSBC Holdings plc, FRN 6.375% Perpetual USD 226,000 207,229 0.27

Merlin Entertainments plc, 144A 5.75% 15/06/2026 USD 300,000 274,827 0.35

TransDigm UK Holdings plc, 144A 6.875% 15/05/2026 USD 500,000 442,410 0.56

1,249,851 1.59


ACI Worldwide, Inc., 144A 5.75% 15/08/2026 USD 500,000 455,262 0.58

Albertsons Cos. LLC 5.75% 15/03/2025 USD 500,000 423,647 0.54

Aleris International, Inc., 144A 10.75% 15/07/2023 USD 250,000 233,794 0.30

Bank of America Corp., FRN 5.875% Perpetual USD 227,000 203,400 0.26

BMC East LLC, 144A 5.5% 01/10/2024 USD 250,000 217,613 0.28

Booz Allen Hamilton, Inc., 144A 5.125% 01/05/2025 USD 250,000 223,735 0.28

Boyne USA, Inc., 144A 7.25% 01/05/2025 USD 250,000 238,206 0.30

BWAY Holding Co., 144A 5.5% 15/04/2024 USD 250,000 221,300 0.28

CommScope Finance LLC, 144A 6% 01/03/2026 USD 500,000 458,327 0.58

Core & Main LP, 144A 6.125% 15/08/2025 USD 300,000 261,922 0.33

Dell International LLC, 144A 6.02% 15/06/2026 USD 250,000 239,694 0.30

DISH DBS Corp. 5.875% 15/07/2022 USD 500,000 429,618 0.55

Dresdner Funding Trust I, Reg. S 8.151% 30/06/2031 USD 103,000 116,230 0.15

Envision Healthcare Corp., 144A 8.75% 15/10/2026 USD 250,000 197,020 0.25

Exela Intermediate LLC, 144A 10% 15/07/2023 USD 500,000 454,238 0.58

Goldman Sachs Group, Inc. (The), FRN 5% Perpetual USD 336,000 276,382 0.35

Goldman Sachs Group, Inc. (The), FRN 5.3% Perpetual USD 58,000 51,734 0.07

HD Supply, Inc., 144A 5.375% 15/10/2026 USD 250,000 227,726 0.29

HLF Financing Sarl LLC, 144A 7.25% 15/08/2026 USD 250,000 228,188 0.29

Iridium Communications, Inc., 144A 10.25% 15/04/2023 USD 250,000 245,098 0.31

Joseph T Ryerson & Son, Inc., 144A 11% 15/05/2022 USD 250,000 234,866 0.30

JPMorgan Chase & Co., FRN 5% Perpetual USD 126,000 111,643 0.14

JPMorgan Chase & Co., FRN 6.1% Perpetual USD 231,000 215,733 0.27

KAR Auction Services, Inc., 144A 5.125% 01/06/2025 USD 250,000 220,117 0.28

Kinetic Concepts, Inc., 144A 12.5% 01/11/2021 USD 500,000 481,977 0.61

LGI Homes, Inc., 144A 6.875% 15/07/2026 USD 250,000 221,954 0.28

Lions Gate Capital Holdings LLC, 144A 5.875% 01/11/2024 USD 500,000 458,045 0.58

LTF Merger Sub, Inc., 144A 8.5% 15/06/2023 USD 500,000 455,818 0.58

96






Quantity/ Nominal

Value

Market Value

EUR% of



Meredith Corp. 6.875% 01/02/2026 USD 250,000 234,555 0.30

Morgan Stanley, FRN 5.45% Perpetual USD 164,000 146,880 0.19

Northern Oil and Gas, Inc. 9.5% 15/05/2023 USD 250,625 231,235 0.29

Novelis Corp., 144A 5.875% 30/09/2026 USD 500,000 441,172 0.56

Prestige Brands, Inc., 144A 6.375% 01/03/2024 USD 250,000 226,808 0.29

Prime Security Services Borrower LLC, 144A 5.75% 15/04/2026 USD 500,000 444,316 0.57

Prudential Financial, Inc., FRN 5.2% 15/03/2044 USD 115,000 103,734 0.13

RegionalCare Hospital Partners Holdings, Inc., 144A 9.75% 01/12/2026 USD 500,000 456,375 0.58

Rent-A-Center, Inc. 6.625% 15/11/2020 USD 275,000 245,316 0.31

Reynolds Group Issuer, Inc., 144A 5.125% 15/07/2023 USD 500,000 451,121 0.57

SBA Communications Corp., REIT 4.875% 01/09/2024 USD 250,000 224,543 0.29

Scientific Games International, Inc., 144A 5% 15/10/2025 USD 250,000 217,849 0.28

Simmons Foods, Inc., 144A 7.75% 15/01/2024 USD 500,000 474,185 0.60

Solera LLC, 144A 10.5% 01/03/2024 USD 250,000 241,267 0.31

Standard Industries, Inc., 144A 5.5% 15/02/2023 USD 250,000 226,788 0.29

Sunoco LP 5.875% 15/03/2028 USD 500,000 441,032 0.56

Symantec Corp. 3.95% 15/06/2022 USD 250,000 223,922 0.28

Terex Corp., 144A 5.625% 01/02/2025 USD 250,000 222,294 0.28

TIBCO Software, Inc., 144A 11.375% 01/12/2021 USD 250,000 236,469 0.30

T-Mobile USA, Inc. 5.125% 15/04/2025 USD 500,000 456,477 0.58

Trident Merger Sub, Inc., 144A 6.625% 01/11/2025 USD 200,000 165,631 0.21

Tutor Perini Corp., 144A 6.875% 01/05/2025 USD 250,000 222,542 0.28

Vantiv LLC, 144A 4.375% 15/11/2025 USD 250,000 228,635 0.29

Vine Oil & Gas LP, 144A 9.75% 15/04/2023 USD 250,000 180,880 0.23

Wells Fargo & Co., FRN 5.9% Perpetual USD 126,000 115,154 0.15

Williams Scotsman International, Inc., 144A 6.875% 15/08/2023 USD 250,000 222,622 0.28

Wynn Las Vegas LLC, 144A 5.25% 15/05/2027 USD 250,000 210,675 0.27

XPO Logistics, Inc., 144A 6.75% 15/08/2024 USD 250,000 227,908 0.29

ZF North America Capital, Inc., 144A 4.75% 29/04/2025 USD 250,000 218,047 0.28

15,541,719 19.75

Total Bonds 20,423,305 25.96 Total Transferable securities and money market instruments dealt in on another regulated market 20,423,305 25.96

97






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsUnits of authorised UCITS or other collective investment undertakingsCollective Investment Schemes – AIF

Jersey

3i Infrastructure plc Fund GBP 870,079 2,785,917 3.54

2,785,917 3.54

Total Collective Investment Schemes -– AIF 2,785,917 3.54

Collective Investment Schemes – UCITS

LuxembourgThe Jupiter Global Fund Jupiter Asia Pacific Income - Class D USD Q Inc Dist† USD 65,851 658,521 0.84

The Jupiter Global Fund Jupiter Global Emerging Markets Corporate Bond Fund - Class L USD Q Inc Dist† USD 56,037 5,178,118 6.58

The Jupiter Global Fund Jupiter Japan Select - Class I JPY Acc† JPY 20,775 1,620,291 2.06

7,456,930 9.48



Cash 3,995,385 5.08


Total Net Assets 78,680,469 100.00† Related Party Fund

98






Net AssetsUnited States of America 30.84


Luxembourg 11.89

Jersey 4.18

France 4.11

Germany 3.25

Peru 2.51

Argentina 2.24

Netherlands 2.20

Indonesia 2.16

Brazil 1.97

Canada 1.84

South Korea 1.47

Cayman Islands 1.45

Denmark 1.23

Italy 0.99

Hong Kong 0.94

Supranational 0.92

Switzerland 0.91

Japan 0.89

Ireland 0.88

Australia 0.86

Finland 0.81

Spain 0.61

Mexico 0.59

Isle of Man 0.57

Sweden 0.53

Morocco 0.46

Austria 0.40

Norway 0.36

Belgium 0.24

Czech Republic 0.24

Liberia 0.15

Greece 0.13



Total 100.00

99







Global Exposure

EUR


EUR% of

Net Assets

FTSE China A50 Index, 29/04/2019 354 USD 4,137,429 186,811 0.24

Hang Seng China Enterprises Index, 29/04/2019 122 HKD 7,870,523 70,202 0.09

Korea 10 Year Bond, 18/06/2019 97 KRW 9,805,019 3,043 –

Total Unrealised Gain on Financial Futures Contracts 260,056 0.33

EURO STOXX 50 Index, 21/06/2019 (123) EUR (4,021,485) (75,645) (0.09)

Nikkei 225 Index, 13/06/2019 36 JPY 6,139,421 (83,943) (0.11)


Net Unrealised Gain on Financial Futures Contracts 100,468 0.13



Global Exposure

EUR

Market Value

EUR% of

Net Assets

175 S&P 500 Index, Call, 2,890.000, 18/04/2019 USD UBS 9,099,015 104,409 0.13

80 S&P 500 Index, Put, 2,675.000, 18/04/2019 USD UBS (1,373,055) 30,633 0.04

Total Option Purchased Contracts 135,042 0.17



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsCAD 1,942,860 EUR 1,275,966 26/04/2019 J.P. Morgan 11,618 0.01

USD 13,646,666 AUD 19,204,079 25/06/2019 J.P. Morgan 4,958 0.01

USD 50,168 EUR 44,451 15/04/2019 J.P. Morgan 173 –

USD 245,980 EUR 215,819 26/04/2019 J.P. Morgan 2,777 –

Total Unrealised Gain on Forward Currency Exchange Contracts 19,526 0.02 EUR 7,954,190 GBP 6,904,916 26/04/2019 J.P. Morgan (97,077) (0.12)

EUR 305 USD 346 15/04/2019 J.P. Morgan (3) –

EUR 32,071,593 USD 36,622,958 26/04/2019 J.P. Morgan (474,350) (0.60)

USD 4,451,614 AUD 6,267,843 25/06/2019 J.P. Morgan (500) –


100


Jupiter Global Absolute Return

■ Jupiter Global Absolute Return Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsItaly

Italy Buoni Poliennali Del Tesoro 0.05% 15/10/2019 EUR 6,000,000 6,003,240 2.36

6,003,240 2.36

Portugal

Portugal Obrigacoes do Tesouro OT, Reg. S, 144A 4.8% 15/06/2020 EUR 10,000,000 10,621,550 4.18

10,621,550 4.18

Spain

Spain Government Bond, Reg. S, 144A 4.85% 31/10/2020 EUR 5,000,000 5,416,047 2.13

5,416,047 2.13

United Kingdom

UK Treasury, Reg. S 1.75% 22/07/2019 GBP 3,000,000 3,511,543 1.38

UK Treasury, Reg. S 4.75% 07/03/2020 GBP 7,000,000 8,476,441 3.34

11,987,984 4.72


US Treasury 1.875% 31/07/2022 USD 8,000,000 7,042,646 2.77

7,042,646 2.77

Total Bonds 41,071,467 16.16

Equities

Australia

Newcrest Mining Ltd. AUD 183,840 2,962,322 1.16

South32 Ltd. GBP 378,200 878,735 0.35

3,841,057 1.51

Bermuda

Texwinca Holdings Ltd. HKD 891,860 297,949 0.12

297,949 0.12

Canada

Cameco Corp. USD 411,053 4,361,339 1.72

4,361,339 1.72

China

China Petroleum & Chemical Corp. 'H' HKD 2,180,000 1,531,999 0.60

Jiangsu Expressway Co. Ltd. 'H' HKD 648,370 814,935 0.32

2,346,934 0.92


101



■ Jupiter Global Absolute Return Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesDenmarkAP Moller - Maersk A/S 'B' DKK 1,705 1,928,557 0.76 Novo Nordisk A/S 'B' DKK 20,070 922,821 0.36 Pandora A/S DKK 11,100 461,535 0.18

3,312,913 1.30 FranceCie de Saint-Gobain EUR 4,900 158,392 0.06 Sanofi EUR 10,410 814,687 0.32

973,079 0.38 GermanyDeutsche Boerse AG EUR 15,780 1,807,205 0.71 Volkswagen AG Preference EUR 2,300 323,840 0.13

2,131,045 0.84 GuernseyBurford Capital Ltd. GBP 255,990 5,009,808 1.97


1,414,491 0.56 JapanAstellas Pharma, Inc. JPY 144,610 1,928,114 0.76 Bridgestone Corp. JPY 23,770 814,854 0.32 FANUC Corp. JPY 6,690 1,015,307 0.40 Hoya Corp. JPY 2,850 167,478 0.07 KDDI Corp. JPY 76,930 1,474,795 0.58 NTT DOCOMO, Inc. JPY 48,340 953,235 0.37 Sekisui Chemical Co. Ltd. JPY 163,300 2,337,827 0.92 Sumitomo Mitsui Financial Group, Inc. JPY 35,640 1,111,296 0.44 Tokio Marine Holdings, Inc. JPY 8,700 375,260 0.15

10,178,166 4.01 JerseyWPP plc GBP 73,840 699,529 0.28

699,529 0.28 LuxembourgL'Occitane International SA HKD 267,980 443,525 0.17

443,525 0.17 MexicoAsesor de Activos Prisma SAPI de CV, REIT MXN 694,050 266,169 0.11

266,169 0.11 NetherlandsBoskalis Westminster EUR 21,300 501,295 0.20

501,295 0.20 The accompanying notes form an integral part of these financial statements.

102





Quantity/ Nominal

Value

Market Value

EUR% of


Norway

Equinor ASA NOK 138,297 2,724,856 1.07

2,724,856 1.07

Russia

Detsky Mir PJSC, Reg. S RUB 576,000 700,718 0.28

Gazprom PJSC RUB 1,563,500 3,233,205 1.27

Magnit PJSC RUB 3,001 150,220 0.06

Mobile TeleSystems PJSC RUB 67,000 236,280 0.09

Novolipetsk Steel PJSC RUB 480,000 1,130,478 0.44

Sberbank of Russia PJSC Preference RUB 466,000 1,223,740 0.48

Sberbank of Russia PJSC RUB 472,000 1,412,418 0.56

8,087,059 3.18

Switzerland

Roche Holding AG CHF 3,830 919,804 0.36

Transocean Ltd. USD 235,200 1,848,332 0.73

2,768,136 1.09

United Kingdom

Aggreko plc GBP 39,800 361,489 0.14

Babcock International Group plc GBP 186,921 1,095,905 0.43

BAE Systems plc GBP 341,890 1,903,734 0.75

Barclays plc GBP 823,286 1,486,875 0.59

BHP Group plc GBP 194,816 4,203,195 1.65

BP plc GBP 1,468,812 9,555,999 3.76

Capita plc GBP 689,890 990,463 0.39

Carpetright plc GBP 911,111 150,982 0.06

Centrica plc GBP 3,262,697 4,400,537 1.73

Chemring Group plc GBP 293,600 482,076 0.19

Countrywide plc GBP 3,408,234 316,399 0.12

Essentra plc GBP 281,137 1,348,747 0.53

Forterra plc, Reg. S GBP 207,000 708,392 0.28

Fresnillo plc GBP 261,330 2,664,810 1.05

GlaxoSmithKline plc GBP 82,760 1,532,815 0.60

Gocompare.Com Group plc GBP 1,226,074 1,110,308 0.44

Hays plc GBP 712,610 1,238,675 0.49

Howden Joinery Group plc GBP 184,070 1,042,350 0.41


IG Group Holdings plc GBP 494,300 2,989,475 1.18


103





Quantity/ Nominal

Value

Market Value

EUR% of



IMI plc GBP 94,780 1,038,598 0.41

Intu Properties plc, REIT GBP 467,000 578,771 0.23

ITE Group plc GBP 1,416,032 1,160,872 0.46

KCOM Group plc GBP 774,580 639,525 0.25

Kingfisher plc GBP 708,870 1,948,978 0.77

Land Securities Group plc, REIT GBP 125,200 1,337,020 0.53


Meggitt plc GBP 144,320 845,969 0.33

Melrose Industries plc GBP 483,128 1,016,677 0.40

Moneysupermarket.com Group plc GBP 236,130 1,013,372 0.40

Pearson plc GBP 144,820 1,423,171 0.56

Rio Tinto plc GBP 82,800 4,306,634 1.69

Rolls-Royce Holdings plc GBP 20,730 218,305 0.09

Rotork plc GBP 86,870 283,548 0.11

Royal Bank of Scotland Group plc GBP 793,440 2,312,515 0.91

Royal Dutch Shell plc 'A' GBP 122,430 3,438,260 1.35

Royal Mail plc GBP 368,940 1,036,758 0.41

Serco Group plc GBP 4,475,212 6,676,969 2.63

SIG plc GBP 446,580 734,824 0.29

Smiths Group plc GBP 37,650 622,806 0.24


Tate & Lyle plc GBP 184,990 1,540,091 0.61

71,685,346 28.21


Citizens Financial Group, Inc. USD 26,180 756,156 0.29

Gilead Sciences, Inc. USD 30,960 1,755,764 0.69

Tapestry, Inc. USD 43,440 1,265,508 0.50

Tidewater, Inc. USD 18,170 375,137 0.15

4,152,565 1.63


Warrants


Tidewater, Inc. 'B' 31/07/2023 USD 4,000 12,556 –

12,556 –

Total Warrants 12,556 – Total Transferable securities and money market instruments admitted to an official exchange listing 166,279,284 65.43


104


Quantity/ Nominal

Value

Market Value

EUR% of



US Treasury Bill 0% 12/09/2019 USD 12,000,000 10,568,405 4.16

10,568,405 4.16



Ireland

Northern Trust The Euro Liquidity Fund – Accumulating Shares Class D EUR 23,532,917 23,074,026 9.08

23,074,026 9.08

Total Collective Investment Schemes – UCITS 23,074,026 9.08

Exchange Traded Funds

Jersey

ETFS Physical Gold Fund USD 108,665 11,944,654 4.70

11,944,654 4.70

Total Exchange Traded Funds 11,944,654 4.70 Total Units of authorised UCITS or other collective investment undertakings 35,018,680 13.78


Cash 43,391,258 17.08

Other Assets/(Liabilities) (1,141,454) (0.45)


* Security is valued at its fair value under the direction of the Board of Directors.





105






Ireland 9.08


Jersey 4.98

Portugal 4.18

Japan 4.01

Russia 3.18

Italy 2.36

Spain 2.13

Guernsey 1.97

Canada 1.72

Australia 1.51

Denmark 1.30

Switzerland 1.09

Norway 1.07

China 0.92

Germany 0.84

Isle of Man 0.56

France 0.38

Netherlands 0.20

Luxembourg 0.17

Bermuda 0.12

Mexico 0.11



Total 100.00


106



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsCHF 1,807,506 EUR 1,591,332 15/04/2019 J.P. Morgan 24,986 0.01

EUR 395,689 GBP 337,846 15/04/2019 J.P. Morgan 1,605 –

EUR 14,403 USD 16,187 15/04/2019 J.P. Morgan 5 –

GBP 34,142,066 EUR 39,546,631 15/04/2019 J.P. Morgan 278,708 0.11

SEK 56,068,393 EUR 5,299,952 15/04/2019 J.P. Morgan 90,164 0.04

USD 11,233,591 EUR 9,953,629 15/04/2019 J.P. Morgan 38,667 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 434,135 0.17 EUR 29,900 CHF 33,720 15/04/2019 J.P. Morgan (253) –

EUR 295,033 GBP 254,499 15/04/2019 J.P. Morgan (1,830) –

EUR 68,089,437 GBP 59,550,000 21/05/2019 J.P. Morgan (1,283,978) (0.51)

EUR 9,971,601 JPY 1,250,000,000 21/05/2019 J.P. Morgan (77,064) (0.03)

EUR 845,450 SEK 8,835,840 15/04/2019 J.P. Morgan (3,981) –

EUR 385,015 USD 434,714 15/04/2019 J.P. Morgan (1,664) –

EUR 27,777,009 USD 31,700,000 21/05/2019 J.P. Morgan (332,260) (0.13)

GBP 19,000 EUR 22,231 15/04/2019 J.P. Morgan (68) –

Total Unrealised Loss on Forward Currency Exchange Contracts (1,701,098) (0.67) Net Unrealised Loss on Forward Currency Exchange Contracts (1,266,963) (0.50)





107



Global Exposure

EUR


EUR% of

Net Assets

Australia Commonwealth Bank of Australia AUD (25,201) (1,124,176) 52,759 0.02

Canada Canadian Imperial Bank of Commerce CAD (12,000) (852,167) 37,331 0.01

Cayman Islands Alibaba Group Holding Ltd. USD (3,100) (490,502) 14,755 0.01

Cayman Islands Pinduoduo, Inc. USD (11,500) (238,760) 67,844 0.03

Cayman Islands ZTO Express Cayman, Inc. USD (12,850) (205,798) 21,684 0.01

France EssilorLuxottica SA EUR (500) (48,780) 4,445 –

Germany Hannover Rueck SE EUR (8,050) (1,032,413) 22,138 0.01

Japan Aeon Co. Ltd. JPY (38,400) (714,770) 9,571 –

Norway Salmar ASA NOK (3,400) (146,185) 216 –

Spain CaixaBank SA EUR (135,100) (375,848) 47,825 0.02

Switzerland SGS SA CHF (210) (463,868) 13,988 0.01

Thailand CP ALL PCL USD (199,000) (416,769) 20,450 0.01

United Kingdom Admiral Group plc GBP (16,082) (406,034) 3,472 –

United Kingdom Ashtead Group plc GBP (6,850) (147,886) 12,231 –

United Kingdom Beazley plc GBP (93,300) (555,558) 40,558 0.02

United Kingdom Informa plc GBP 87,800 758,725 33,529 0.01

United Kingdom Sophos Group plc GBP (45,545) (157,963) 17,974 0.01

United States of America AECOM USD (43,200) (1,135,030) 55,973 0.02

United States of America Axos Financial, Inc. USD (31,600) (818,154) 90,187 0.04

United States of America BioMarin Pharmaceutical, Inc. USD (2,450) (191,553) 11,912 –

United States of America BlackRock, Inc. USD (7,300) (2,762,641) 118,538 0.05


United States of America Caterpillar, Inc. USD (21,000) (2,475,071) 93,221 0.04


United States of America CenturyLink, Inc. USD (61,043) (655,830) 48,437 0.02

United States of America Charles Schwab Corp. (The) USD (12,400) (471,330) 35,680 0.01

United States of America Customers Bancorp, Inc. USD (5,180) (85,105) 13,561 0.01

United States of America Deere & Co. USD (11,650) (1,639,743) 62,038 0.02

United States of America DexCom, Inc. USD (700) (73,804) 4,779 –

United States of America Energizer Holdings, Inc. USD (1,900) (76,077) 1,548 –

United States of America Healthcare Services Group, Inc. USD (105,818) (3,081,309) 500,834 0.20

United States of America Home BancShares, Inc. USD (28,950) (451,272) 50,915 0.02

United States of America Illinois Tool Works, Inc. USD (4,800) (610,568) 5,279 –

United States of America Ingevity Corp. USD (3,500) (335,467) 23,640 0.01

United States of America Ironwood Pharmaceuticals, Inc. USD (26,850) (304,011) 36,462 0.01

United States of America Kraft Heinz Co. (The) USD (15,150) (443,648) 4,115 –

United States of America Lattice Semiconductor Corp. USD (31,900) (333,351) 1,846 –

United States of America Micron Technology, Inc. USD (30,200) (1,057,826) 41,549 0.02





108



Global Exposure

EUR


EUR% of

Net Assets

United States of America Monster Beverage Corp. USD (12,500) (606,144) 104,354 0.04

United States of America NCR Corp. USD (26,550) (633,500) 28,962 0.01

United States of America Netflix, Inc. USD (12,470) (3,937,448) 39,032 0.02

United States of America Newell Brands, Inc. USD (5,700) (78,395) 3,984 –

United States of America RH USD (7,200) (845,839) 138,905 0.05

United States of America salesforce.com, Inc. USD (15,200) (2,100,493) 112,832 0.04

United States of America Service Corp. International USD (42,900) (1,532,852) 46,634 0.02

United States of America Sherwin-Williams Co. (The) USD (1,800) (691,265) 2,813 –

United States of America Snap-on, Inc. USD (9,000) (1,239,466) 41,574 0.02

United States of America SVB Financial Group USD (9,400) (1,863,292) 205,582 0.08

United States of America Tenet Healthcare Corp. USD (66,850) (1,700,747) 595 –

United States of America Tesla Motors, Inc. USD (25,950) (6,436,778) 928,494 0.37

United States of America Walmart, Inc. USD (8,600) (744,032) 14,053 0.01

United States of America Wayfair, Inc. USD (50,700) (6,760,196) 719,113 0.28

Total Unrealised Gain on Contracts for Difference 4,129,986 1.63

Australia Domino's Pizza Enterprises Ltd. AUD (14,480) (397,105) (19,890) (0.01)

Belgium Anheuser-Busch InBev SA EUR (5,540) (413,395) (33,628) (0.01)

Canada TransCanada Corp. CAD (755) (30,173) (684) –


Denmark Chr Hansen Holding A/S DKK (5,600) (510,852) (9,602) –

Denmark Coloplast A/S DKK (9,010) (876,840) (87,744) (0.03)

Denmark Novozymes A/S DKK (21,800) (896,801) (27,158) (0.01)

France Danone SA EUR (3,560) (244,341) (8,206) –



Germany Zalando SE EUR (12,400) (432,760) (28,346) (0.01)

Ireland Kerry Group plc EUR (14,671) (1,433,723) (104,531) (0.04)


Ireland Linde plc USD (4,900) (757,899) (1,985) –

Japan M3, Inc. JPY (64,700) (966,052) (5,158) –

Japan SoftBank Group Corp. JPY (10,300) (889,252) (37,889) (0.01)

Netherlands Airbus SE EUR (9,170) (1,077,842) (36,130) (0.01)

Netherlands Ferrari NV USD (4,260) (504,665) (18,114) (0.01)

Netherlands Fiat Chrysler Automobiles NV EUR (118,750) (1,574,269) (31,823) (0.01)





109



Global Exposure

EUR


EUR% of

Net Assets

Sweden Elekta AB SEK (31,400) (347,419) (26,341) (0.01)

Sweden Volvo AB SEK (31,950) (442,591) (24,806) (0.01)

Switzerland Geberit AG CHF (1,850) (675,866) (15,124) (0.01)

Switzerland Givaudan SA CHF (90) (204,836) (2,789) –

Switzerland Nestle SA CHF (8,850) (750,931) (35,924) (0.01)

Switzerland Sonova Holding AG CHF (3,200) (562,788) (28,755) (0.01)

Switzerland Straumann Holding AG CHF (945) (686,931) (28,728) (0.01)

United Kingdom BBA Aviation plc GBP (111,850) (321,750) (4,046) –

United Kingdom Diageo plc GBP (17,800) (648,771) (43,570) (0.02)



United Kingdom Just Eat plc GBP (130,850) (1,152,426) (13,860) (0.01)

United Kingdom Spirax-Sarco Engineering plc GBP (16,650) (1,375,179) (80,150) (0.03)

United States of America ACADIA Pharmaceuticals, Inc. USD (24,900) (590,582) (2,993) –

United States of America Air Products & Chemicals, Inc. USD (4,950) (838,231) (39,605) (0.02)

United States of America Amazon.com, Inc. USD (1,755) (2,771,848) (209,111) (0.08)

United States of America AMETEK, Inc. USD (26,900) (1,969,987) (63,718) (0.03)

United States of America Ball Corp. USD (104,100) (5,371,489) (293,395) (0.12)

United States of America Booking Holdings, Inc. USD (485) (746,866) (13,937) (0.01)

United States of America Broadcom, Inc. USD (16,360) (4,356,966) (345,416) (0.14)

United States of America Campbell Soup Co. USD (24,800) (845,711) (50,241) (0.02)

United States of America CarMax, Inc. USD (19,300) (1,094,517) (27,240) (0.01)

United States of America Charter Communications, Inc. USD (6,250) (1,963,553) (43,940) (0.02)

United States of America Coca-Cola Co. (The) USD (45,250) (1,877,324) (49,907) (0.02)

United States of America Crown Castle International Corp. USD (4,630) (524,502) (34,901) (0.01)

United States of America Danaher Corp. USD (5,600) (647,552) (14,137) (0.01)

United States of America Dollar Tree, Inc. USD (11,000) (1,013,576) (69,988) (0.03)

United States of America Dorman Products, Inc. USD (42,250) (3,301,616) (257,906) (0.10)

United States of America Dunkin' Brands Group, Inc. USD (16,050) (1,084,145) (62,958) (0.02)

United States of America Equinix, Inc. USD (4,520) (1,810,830) (106,240) (0.04)

United States of America Estee Lauder Cos., Inc. (The) USD (2,100) (307,479) (13,997) (0.01)

United States of America Facebook, Inc. USD (12,000) (1,768,883) (41,601) (0.02)

United States of America Franklin Resources, Inc. USD (28,250) (827,516) (7,170) –

United States of America General Mills, Inc. USD (24,100) (1,105,122) (93,676) (0.04)





110



Global Exposure

EUR


EUR% of

Net Assets

United States of America Home Depot, Inc. (The) USD (5,910) (999,929) (25,577) (0.01)

United States of America Intel Corp. USD (38,750) (1,832,808) (5,349) –

United States of America International Flavors & Fragrances, Inc. USD (3,000) (346,475) (7,486) –

United States of America Intuit, Inc. USD (3,620) (835,661) (39,021) (0.02)

United States of America Intuitive Surgical, Inc. USD (2,550) (1,278,372) (34,890) (0.01)

United States of America Iron Mountain, Inc. USD (6,200) (196,631) (1,077) –

United States of America JM Smucker Co. (The) USD (15,850) (1,638,309) (139,597) (0.06)

United States of America Kellogg Co. USD (35,300) (1,790,650) (24,568) (0.01)

United States of America Kilroy Realty Corp. USD (26,100) (1,777,760) (64,612) (0.03)

United States of America Kimberly-Clark Corp. USD (2,700) (297,895) (16,999) (0.01)

United States of America LKQ Corp. USD (4,900) (123,069) (2,204) –

United States of America McDonald's Corp. USD (12,950) (2,183,780) (63,771) (0.03)

United States of America Middleby Corp. (The) USD (42,350) (4,824,517) (201,383) (0.08)

United States of America Mondelez International, Inc. USD (24,400) (1,072,381) (47,693) (0.02)

United States of America Nexstar Media Group, Inc. USD (27,950) (2,749,752) (317,336) (0.12)

United States of America NVIDIA Corp. USD (14,930) (2,356,270) (304,372) (0.12)

United States of America Ollie's Bargain Outlet Holdings, Inc. USD (3,100) (235,375) (11,526) –

United States of America PayPal Holdings, Inc. USD (5,250) (485,528) (27,045) (0.01)

United States of America Planet Fitness, Inc. USD (46,100) (2,791,707) (378,700) (0.15)

United States of America Post Holdings, Inc. USD (32,570) (3,176,284) (221,439) (0.09)

United States of America Prestige Consumer Healthcare, Inc. USD (21,900) (580,858) (10,238) –

United States of America Roper Technologies, Inc. USD (3,350) (1,014,474) (48,983) (0.02)

United States of America Shake Shack, Inc. USD (60,650) (3,087,642) (112,373) (0.04)

United States of America TransDigm Group, Inc. USD (9,530) (3,812,662) (128,823) (0.05)

United States of America US Concrete, Inc. USD (21,900) (789,818) (5,921) –

United States of America USG Corp. USD (13,500) (520,715) (2,464) –

Total Unrealised Loss on Contracts for Difference (5,157,589) (2.03)

Net Unrealised Gain on Contracts for Difference (1,027,603) (0.40)








Bank of America Merrill Lynch (224,725)

(1,027,603)

111






Global Exposure

EUR

Market Value

EUR% of

Net Assets

215 ING Groep NV, Call, 12.000, 18/12/2020 EUR UBS 65,274 11,825 –

4,333,233 Invesco Physical Gold ETC, Call, 161.990, 20/06/2019 USD Bank of America

Merrill Lynch 493,601,413 150 –

Total Option Purchased Contracts 11,975 –


112


Jupiter Global Convertibles

■ Jupiter Global Convertibles Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingConvertible BondsBermudaKunlun Energy Co. Ltd., Reg. S 1.625% 25/07/2019 CNY 49,000,000 7,788,347 0.93

7,788,347 0.93 Cayman IslandsChina Education Group Holdings Ltd., Reg. S 2% 28/03/2024 HKD 24,000,000 2,837,034 0.34 China Overseas Finance Investment Cayman V Ltd., Reg. S 0% 05/01/2023 USD 8,000,000 7,815,527 0.93

Harvest International Co., Reg. S 0% 21/11/2022 HKD 103,000,000 11,868,134 1.41

Zhen Ding Technology Holding Ltd., Reg. S 0% 26/06/2019 USD 4,000,000 3,816,809 0.45

Zhongsheng Group Holdings Ltd., Reg. S 0% 23/05/2023 HKD 40,000,000 4,461,696 0.53

30,799,200 3.66 ChinaChina Railway Construction Corp. Ltd., Reg. S 0% 29/01/2021 USD 11,000,000 11,055,687 1.32

CRRC Corp. Ltd., Reg. S 0% 05/02/2021 USD 8,500,000 7,838,608 0.93

Zhejiang Expressway Co. Ltd., Reg. S 0% 21/04/2022 EUR 5,000,000 4,971,725 0.59

23,866,020 2.84 FranceCie Generale des Etablissements Michelin SCA, Reg. S 0% 10/01/2022 USD 12,000,000 10,417,479 1.24

LVMH Moet Hennessy Louis Vuitton SE, Reg. S 0% 16/02/2021 USD 2,300,000 8,004,102 0.95

Nexity SA, Reg. S 0.125% 01/01/2023 EUR 11,500,000 7,500,242 0.89

Orpar SA, Reg. S 0% 20/06/2024 EUR 4,500,000 4,711,860 0.56

Safran SA, Reg. S 0% 21/06/2023 EUR 8,000,000 12,248,840 1.46

TOTAL SA, Reg. S 0.5% 02/12/2022 USD 13,000,000 12,259,577 1.46

Vinci SA, Reg. S 0.375% 16/02/2022 USD 11,000,000 10,733,028 1.27

65,875,128 7.83 Germanyadidas AG, Reg. S 0.05% 12/09/2023 EUR 9,800,000 10,508,050 1.25

BASF SE, Reg. S 0.925% 09/03/2023 USD 11,000,000 9,047,833 1.07

Bayer AG, Reg. S 0.05% 15/06/2020 EUR 6,000,000 5,982,990 0.71

Deutsche Wohnen SE, Reg. S 0.325% 26/07/2024 EUR 6,000,000 6,620,670 0.79

MTU Aero Engines AG, Reg. S 0.125% 17/05/2023 EUR 3,000,000 4,967,685 0.59

RAG-Stiftung, Reg. S 0% 18/02/2021 EUR 10,000,000 10,090,550 1.20

47,217,778 5.61 Hong KongLenovo Group Ltd., Reg. S 3.375% 24/01/2024 USD 6,500,000 6,684,209 0.79

6,684,209 0.79 IndiaLarsen & Toubro Ltd., Reg. S 0.675% 22/10/2019 USD 8,400,000 7,424,446 0.88

7,424,446 0.88


113



■ Jupiter Global Convertibles Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingConvertible BondsJapanAEON Financial Service Co. Ltd. 0% 13/09/2019 JPY 950,000,000 7,705,333 0.92

ANA Holdings, Inc., Reg. S 0% 16/09/2022 JPY 1,300,000,000 10,577,902 1.26

Chugoku Electric Power Co., Inc. (The), Reg. S 0% 25/01/2022 JPY 950,000,000 8,223,490 0.98

Cosmo Energy Holdings Co. Ltd., Reg. S 0% 05/12/2022 JPY 600,000,000 4,909,704 0.58

Iwatani Corp., Reg. S 0% 22/10/2020 JPY 600,000,000 4,890,647 0.58

Mitsubishi Chemical Holdings Corp., Reg. S 0% 29/03/2024 JPY 1,350,000,000 10,944,419 1.30

SBI Holdings, Inc., Reg. S 0% 13/09/2023 JPY 1,250,000,000 10,686,055 1.27

Sony Corp. 0% 30/09/2022 JPY 1,200,000,000 11,296,129 1.34

Toppan Printing Co. Ltd., Reg. S 0% 19/12/2019 JPY 750,000,000 6,027,979 0.72

Toray Industries, Inc., Reg. S 0% 30/08/2019 JPY 800,000,000 6,434,315 0.76

Yamada Denki Co. Ltd., Reg. S 0% 28/06/2019 JPY 570,000,000 4,887,507 0.58

86,583,480 10.29 JerseyDerwent London Capital No. 2 Jersey Ltd., REIT, Reg. S 1.125% 24/07/2019 GBP 4,600,000 5,617,826 0.67

5,617,826 0.67 LuxembourgCitigroup Global Markets Funding Luxembourg SCA, Reg. S 0.5% 04/08/2023 EUR 11,000,000 12,019,865 1.43

12,019,865 1.43 NetherlandsAirbus SE, Reg. S 0% 14/06/2021 EUR 9,500,000 10,658,952 1.26

Airbus SE, Reg. S 0% 01/07/2022 EUR 9,700,000 12,232,136 1.45

Brenntag Finance BV, Reg. S 1.875% 02/12/2022 USD 13,500,000 11,509,707 1.37

Siemens Financieringsmaatschappij NV, Reg. S 1.65% 16/08/2019 USD 14,750,000 13,531,101 1.61

STMicroelectronics NV, Reg. S 0% 03/07/2022 USD 6,000,000 5,536,982 0.66

53,468,878 6.35 NorwayTelenor East Holding II A/S, Reg. S 0.25% 20/09/2019 USD 8,200,000 7,202,547 0.86

7,202,547 0.86 South KoreaLG Chem Ltd., Reg. S 0% 16/04/2021 EUR 10,500,000 10,723,440 1.27

10,723,440 1.27 SpainCorp. Economica Delta SA, Reg. S 1% 01/12/2023 EUR 4,500,000 4,423,838 0.53

4,423,838 0.53 SwedenIndustrivarden AB, Reg. S 0% 15/05/2019 SEK 35,000,000 4,281,629 0.51

4,281,629 0.51


114





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingConvertible Bonds

Switzerland

Implenia AG, Reg. S 0.5% 30/06/2022 CHF 8,100,000 6,560,494 0.78

Sika AG, Reg. S 0.15% 05/06/2025 CHF 12,000,000 11,226,236 1.33

17,786,730 2.11

Taiwan

Asia Cement Corp., Reg. S 0% 21/09/2023 USD 4,100,000 3,891,510 0.46

Taiwan Cement Corp., Reg. S 0% 10/12/2023 USD 10,000,000 9,887,309 1.18

United Microelectronics Corp., Reg. S 0% 18/05/2020 USD 9,000,000 7,749,354 0.92

21,528,173 2.56



DP World plc, Reg. S 1.75% 19/06/2024 USD 8,400,000 7,247,429 0.86

15,951,284 1.90

United Kingdom

BP Capital Markets plc, Reg. S 1% 28/04/2023 GBP 7,500,000 11,449,954 1.36

Inmarsat plc, Reg. S 3.875% 09/09/2023 USD 8,000,000 10,713,067 1.27

J Sainsbury plc, Reg. S 1.25% 21/11/2019 GBP 8,500,000 9,971,542 1.19

32,134,563 3.82


Glencore Funding LLC, Reg. S 0% 27/03/2025 USD 12,600,000 10,252,970 1.22

JPMorgan Chase Bank NA, Reg. S 0% 30/12/2020 USD 11,500,000 11,505,325 1.37

21,758,295 2.59


Asia View Ltd., Reg. S 1.5% 08/08/2019 USD 250,000 277,220 0.03

China Yangtze Power International BVI 2 Ltd., Reg. S 0% 09/11/2021 EUR 9,600,000 10,474,416 1.24

Shanghai Port Group BVI Holding Co. Ltd., Reg. S 0% 09/08/2021 USD 11,000,000 9,922,069 1.18

Strategic International Group Ltd., Reg. S 0% 21/07/2022 EUR 6,000,000 7,723,410 0.92

28,397,115 3.37

Total Convertible Bonds 511,532,791 60.80

Equities


Stanley Black & Decker, Inc. Preference 5.375% USD 42,000 3,625,042 0.43

3,625,042 0.43



115





Quantity/ Nominal

Value

Market Value

EUR% of

Net Assets

Transferable securities and money market instruments dealt in on another regulated market

Convertible BondsCayman IslandsiQIYI, Inc., 144A 2% 01/04/2025 USD 3,000,000 2,703,748 0.32 Momo, Inc., 144A 1.25% 01/07/2025 USD 6,000,000 5,115,986 0.61

7,819,734 0.93 JapanCyberAgent, Inc., Reg. S 0% 19/02/2025 JPY 600,000,000 5,168,624 0.62 HIS Co. Ltd., Reg. S 0% 30/08/2019 JPY 950,000,000 7,746,390 0.92 Iida Group Holdings Co. Ltd., Reg. S 0% 18/06/2020 JPY 800,000,000 6,389,385 0.76 Medipal Holdings Corp., Reg. S 0% 07/10/2022 JPY 1,050,000,000 10,191,169 1.21 Nipro Corp., Reg. S 0% 29/01/2021 JPY 1,000,000,000 8,859,047 1.05 Senko Group Holdings Co. Ltd., Reg. S 0% 28/03/2022 JPY 750,000,000 6,602,253 0.79 Shimizu Corp., Reg. S 0% 16/10/2020 JPY 850,000,000 6,841,415 0.81 Ship Healthcare Holdings, Inc., Reg. S 0% 13/12/2023 JPY 550,000,000 4,729,061 0.56

56,527,344 6.72 NetherlandsNXP Semiconductors NV 1% 01/12/2019 USD 13,500,000 12,281,793 1.46 Takeaway.com NV, Reg. S 2.25% 25/01/2024 EUR 2,500,000 2,991,375 0.35

15,273,168 1.81 United States of AmericaAerojet Rocketdyne Holdings, Inc. 2.25% 15/12/2023 USD 4,300,000 5,574,171 0.66 Akamai Technologies, Inc., 144A 0.125% 01/05/2025 USD 12,000,000 10,614,633 1.26 Arconic, Inc. 1.625% 15/10/2019 USD 6,000,000 5,279,693 0.63 BofA Finance LLC 0.25% 01/05/2023 USD 4,500,000 3,861,934 0.46 Booking Holdings, Inc. 0.9% 15/09/2021 USD 10,000,000 9,850,042 1.17 Citrix Systems, Inc. 0.5% 15/04/2019 USD 2,000,000 2,517,035 0.30 Cypress Semiconductor Corp. 4.5% 15/01/2022 USD 4,800,000 5,430,551 0.65 DISH Network Corp. 3.375% 15/08/2026 USD 9,000,000 6,829,503 0.81 Euronet Worldwide, Inc., 144A 0.75% 15/03/2049 USD 4,000,000 3,811,288 0.45 Fortive Corp., 144A 0.875% 15/02/2022 USD 6,500,000 6,065,511 0.72 FTI Consulting, Inc., 144A 2% 15/08/2023 USD 10,000,000 9,105,238 1.08 Gannett Co., Inc., 144A 4.75% 15/04/2024 USD 6,500,000 6,236,130 0.74 Illumina, Inc., 144A 0% 15/08/2023 USD 6,000,000 5,662,381 0.67 InterDigital, Inc. 1.5% 01/03/2020 USD 12,800,000 11,946,956 1.42 JPMorgan Chase Financial Co. LLC 0.25% 01/05/2023 USD 2,000,000 1,677,501 0.20 Kaman Corp. 3.25% 01/05/2024 USD 10,000,000 9,787,931 1.16 KBR, Inc., 144A 2.5% 01/11/2023 USD 6,000,000 5,373,449 0.64 Liberty Expedia Holdings, Inc., 144A 1% 30/06/2047 USD 14,000,000 12,171,366 1.45 Liberty Media Corp. 1.375% 15/10/2023 USD 7,500,000 7,379,918 0.88 Live Nation Entertainment, Inc. 2.5% 15/03/2023 USD 12,500,000 12,853,079 1.53


116





Quantity/ Nominal

Value

Market Value

EUR% of

Net Assets


Convertible Bonds


Meritor, Inc. 3.25% 15/10/2037 USD 10,000,000 8,576,015 1.02

Microchip Technology, Inc. 1.625% 15/02/2027 USD 11,000,000 10,616,903 1.26

Oil States International, Inc., 144A 1.5% 15/02/2023 USD 7,000,000 5,378,907 0.64

Palo Alto Networks, Inc., 144A 0.75% 01/07/2023 USD 10,500,000 10,326,041 1.23

Splunk, Inc., 144A 0.5% 15/09/2023 USD 8,000,000 7,626,993 0.91

Synaptics, Inc. 0.5% 15/06/2022 USD 15,500,000 12,621,435 1.50

Teradyne, Inc. 1.25% 15/12/2023 USD 5,000,000 6,153,961 0.73

Vishay Intertechnology, Inc., 144A 2.25% 15/06/2025 USD 14,000,000 11,656,486 1.39

Western Digital Corp., 144A 1.5% 01/02/2024 USD 12,000,000 9,376,837 1.11

224,361,888 26.67

Total Convertible Bonds 303,982,134 36.13 Total Transferable securities and money market instruments dealt in on another regulated market 303,982,134 36.13


Cash 17,049,256 2.03




117






Japan 17.01

Netherlands 8.16

France 7.83

Germany 5.61

Cayman Islands 4.59

United Kingdom 3.82


China 2.84

Taiwan 2.56

Switzerland 2.11

United Arab Emirates 1.90

Luxembourg 1.43

South Korea 1.27

Bermuda 0.93

India 0.88

Norway 0.86

Hong Kong 0.79

Jersey 0.67

Spain 0.53

Sweden 0.51



Total 100.00


118






PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsCHF 271,673,247 EUR 239,174,849 15/04/2019 J.P. Morgan 3,762,354 0.45

EUR 256,059 GBP 218,948 15/04/2019 J.P. Morgan 666 –

GBP 60,388,579 EUR 69,944,773 15/04/2019 J.P. Morgan 496,063 0.06

HKD 30,000,000 EUR 3,383,750 26/04/2019 J.P. Morgan 15,133 –

USD 60,685,692 EUR 53,769,943 15/04/2019 J.P. Morgan 210,068 0.03

USD 3,756,019 EUR 3,312,389 26/04/2019 J.P. Morgan 25,494 –

Total Unrealised Gain on Forward Currency Exchange Contracts 4,509,778 0.54 CHF 27,083 EUR 24,226 15/04/2019 J.P. Morgan (7) –

EUR 1,603,271 CHF 1,800,947 15/04/2019 J.P. Morgan (7,182) –

EUR 17,612,724 CHF 19,905,885 26/04/2019 J.P. Morgan (189,629) (0.02)

EUR 429,673 GBP 368,880 15/04/2019 J.P. Morgan (610) –

EUR 27,181,235 GBP 23,595,634 26/04/2019 J.P. Morgan (331,733) (0.04)

EUR 23,213,136 HKD 207,903,898 26/04/2019 J.P. Morgan (341,559) (0.04)

EUR 146,132,841 JPY 18,397,978,503 26/04/2019 J.P. Morgan (1,815,475) (0.22)

EUR 2,566,240 SEK 26,781,364 26/04/2019 J.P. Morgan (8,116) –

EUR 210,743 SGD 324,221 26/04/2019 J.P. Morgan (1,999) –

EUR 386,598 USD 438,582 15/04/2019 J.P. Morgan (3,522) –

EUR 459,034,792 USD 524,168,582 26/04/2019 J.P. Morgan (6,781,232) (0.81)

GBP 337,781 EUR 396,661 15/04/2019 J.P. Morgan (2,652) –

GBP 648,310 EUR 759,601 26/04/2019 J.P. Morgan (3,658) –

JPY 398,700,000 EUR 3,207,080 26/04/2019 J.P. Morgan (913) –



119


Jupiter Global Ecology Diversified

■ Jupiter Global Ecology Diversified Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsAustriaEgger Holzwerkstoffe GmbH, Reg. S, FRN 4.875% Perpetual EUR 100,000 97,096 0.72

97,096 0.72 CanadaCanadian National Railway Co. 6.25% 01/08/2034 USD 100,000 118,220 0.87

118,220 0.87 Cayman IslandsMTR Corp. CI Ltd., Reg. S 2.5% 02/11/2026 USD 200,000 170,191 1.26

170,191 1.26 FinlandFingrid OYJ, Reg. S 1.125% 23/11/2027 EUR 100,000 103,045 0.76

Municipality Finance plc, Reg. S 1.375% 21/09/2021 USD 200,000 173,811 1.29

276,856 2.05 FrancePaprec Holding SA, Reg. S 4% 31/03/2025 EUR 100,000 84,925 0.63

84,925 0.63 GermanyDeutsche Bahn Finance GMBH, Reg. S 2.75% 20/06/2022 GBP 50,000 61,028 0.45

Kreditanstalt fuer Wiederaufbau 1.875% 30/11/2020 USD 175,000 154,533 1.14

215,561 1.59 JerseyAptiv plc 1.5% 10/03/2025 EUR 100,000 101,561 0.75

Porterbrook Rail Finance Ltd., Reg. S 5.5% 20/04/2019 GBP 100,000 116,932 0.87

218,493 1.62 NetherlandsNederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, Reg. S 2.75% 20/02/2024 USD 200,000 180,662 1.34

Nederlandse Waterschapsbank NV, Reg. S 2.375% 24/03/2026 USD 200,000 175,935 1.30

TenneT Holding BV, Reg. S 0.875% 04/06/2021 EUR 100,000 101,951 0.75

458,548 3.39 NorwayStatkraft A/S, Reg. S 1.125% 20/03/2025 EUR 100,000 103,563 0.77

103,563 0.77 PortugalEDP - Energias de Portugal SA, Reg. S, FRN 4.496% 30/04/2079 EUR 100,000 104,675 0.77

104,675 0.77


120



■ Jupiter Global Ecology Diversified Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsSupranationalAsian Development Bank 6% 24/02/2021 INR 10,000,000 126,846 0.94

Asian Development Bank 1.75% 14/08/2026 USD 150,000 127,061 0.94



European Bank for Reconstruction & Development 1.875% 15/07/2021 USD 100,000 88,117 0.65

European Investment Bank 2.375% 24/05/2027 USD 165,000 145,655 1.08 International Bank for Reconstruction & Development 2.125% 03/03/2025 USD 110,000 96,757 0.72

International Finance Corp. 2% 24/10/2022 USD 150,000 132,205 0.98

International Finance Corp. 2.125% 07/04/2026 USD 100,000 87,276 0.64

Nordic Investment Bank 2.25% 30/09/2021 USD 200,000 177,688 1.31

Nordic Investment Bank 0.375% 01/02/2024 SEK 150,000 14,451 0.11

1,155,506 8.55 SwedenCity of Gothenburg Sweden, Reg. S, FRN 0.668% 05/11/2024 SEK 2,000,000 198,816 1.47

Kommuninvest I Sverige AB, Reg. S 1.875% 01/06/2021 USD 200,000 176,087 1.30

374,903 2.77 United KingdomBazalgette Finance plc, Reg. S 2.375% 29/11/2027 GBP 125,000 148,181 1.10

BUPA Finance plc, FRN 6.125% Perpetual GBP 75,000 92,015 0.68

Eversholt Funding plc, Reg. S 3.529% 07/08/2042 GBP 100,000 115,590 0.85

Greater Gabbard OFTO plc, Reg. S 4.137% 29/11/2032 GBP 86,734 115,987 0.86

Mondi Finance plc, Reg. S 1.625% 27/04/2026 EUR 100,000 102,795 0.76

Northumbrian Water Finance plc, Reg. S 2.375% 05/10/2027 GBP 100,000 117,375 0.87

Stagecoach Group plc, Reg. S 4% 29/09/2025 GBP 100,000 121,047 0.90

TC Dudgeon Ofto plc, Reg. S 3.158% 12/11/2038 GBP 100,000 124,514 0.92

Transport for London, Reg. S 2.125% 24/04/2025 GBP 100,000 120,926 0.89

Wellcome Trust Ltd. (The), Reg. S 1.125% 21/01/2027 EUR 175,000 182,989 1.35

1,241,419 9.18 United States of AmericaABB Finance USA, Inc. 4.375% 08/05/2042 USD 150,000 144,570 1.07

American Water Capital Corp. 6.593% 15/10/2037 USD 150,000 178,333 1.32

Burlington Northern Santa Fe LLC 3.4% 01/09/2024 USD 150,000 137,795 1.02

Burlington Northern Santa Fe LLC 4.05% 15/06/2048 USD 150,000 137,462 1.02

Danaher Corp. 4.375% 15/09/2045 USD 100,000 92,843 0.69

Eaton Corp. 2.75% 02/11/2022 USD 115,000 102,203 0.75

Ecolab, Inc. 4.35% 08/12/2021 USD 106,000 98,466 0.73

Eversource Energy 2.9% 01/10/2024 USD 175,000 154,958 1.14


121





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsUnited States of America (continued)MidAmerican Energy Co. 3.1% 01/05/2027 USD 125,000 111,544 0.82 Prologis LP, REIT 3% 18/01/2022 EUR 100,000 107,666 0.80 Republic Services, Inc. 2.9% 01/07/2026 USD 100,000 87,126 0.64 Southern Power Co. 1% 20/06/2022 EUR 100,000 102,657 0.76 US Treasury 4.5% 15/02/2036 USD 95,000 107,113 0.79 US Treasury 2.25% 15/08/2046 USD 90,000 71,297 0.53 Waste Management, Inc. 4.1% 01/03/2045 USD 178,000 163,361 1.21 Welltower, Inc., REIT 4.25% 01/04/2026 USD 115,000 105,651 0.78 Xylem, Inc. 3.25% 01/11/2026 USD 175,000 153,047 1.13

2,056,092 15.20 Total Bonds 6,676,048 49.37 Convertible BondsFranceSuez, Reg. S 0% 27/02/2020 EUR 250,000 45,809 0.34

45,809 0.34 ItalyPrysmian SpA, Reg. S 0% 17/01/2022 EUR 100,000 95,456 0.71

95,456 0.71 United States of AmericaNational Grid North America, Inc., Reg. S 0.9% 02/11/2020 GBP 100,000 115,085 0.85

115,085 0.85 Total Convertible Bonds 256,350 1.90 EquitiesAustriaANDRITZ AG EUR 1,370 52,663 0.39 Mayr Melnhof Karton AG EUR 440 49,852 0.37

102,515 0.76 BermudaBrookfield Renewable Partners LP CAD 2,116 59,629 0.44

59,629 0.44 CanadaCanadian National Railway Co. CAD 300 23,871 0.18 Innergex Renewable Energy, Inc. CAD 8,700 81,443 0.60

105,314 0.78 Cayman IslandsLee & Man Paper Manufacturing Ltd. HKD 36,000 27,300 0.20

27,300 0.20 ChinaGuangshen Railway Co. Ltd. 'H' HKD 60,000 20,861 0.15

20,861 0.15


122





Quantity/ Nominal

Value

Market Value

EUR% of


Denmark


Orsted A/S, Reg. S DKK 1,088 74,052 0.55

151,023 1.12

Finland

Wartsila OYJ Abp EUR 3,852 55,334 0.41

55,334 0.41

France

Engie SA EUR 6,241 83,005 0.61


Veolia Environnement SA EUR 2,152 42,959 0.32

202,755 1.50

Germany

Fresenius SE & Co. KGaA EUR 1,118 55,296 0.41

Innogy SE EUR 1,300 49,527 0.36

Siemens AG EUR 1,056 101,492 0.75

206,315 1.52

Guernsey

Renewables Infrastructure Group Ltd. (The) GBP 24,310 33,277 0.25

33,277 0.25

Hong Kong

Hong Kong & China Gas Co. Ltd. HKD 25,410 54,220 0.40

MTR Corp. Ltd. HKD 8,000 44,082 0.33

98,302 0.73

Ireland

Eaton Corp. plc USD 721 51,274 0.38

Greencoat Renewables plc EUR 65,498 69,755 0.52

Johnson Controls International plc USD 1,587 52,147 0.38


Pentair plc USD 1,041 40,718 0.30

287,794 2.13

Italy

Prysmian SpA EUR 2,688 44,675 0.33

44,675 0.33


123





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesJapanAir Water, Inc. JPY 2,000 25,786 0.19 Azbil Corp. JPY 3,400 70,668 0.52 Denso Corp. JPY 1,100 38,191 0.28 East Japan Railway Co. JPY 1,000 85,873 0.64 FANUC Corp. JPY 300 45,530 0.34 Kubota Corp. JPY 3,200 41,148 0.30 NSK Ltd. JPY 5,500 45,881 0.34 Omron Corp. JPY 1,200 49,980 0.37

403,057 2.98 JerseyAptiv plc USD 1,198 84,075 0.62

84,075 0.62 NetherlandsKoninklijke DSM NV EUR 1,000 97,240 0.72

97,240 0.72 New ZealandMercury NZ Ltd. NZD 30,394 71,950 0.53

71,950 0.53 SwedenAlfa Laval AB SEK 2,657 54,351 0.40 Atlas Copco AB 'A' SEK 1,890 45,089 0.33 SKF AB 'B' SEK 2,688 39,943 0.30

139,383 1.03 United KingdomJohnson Matthey plc GBP 1,145 41,683 0.31 National Express Group plc GBP 15,162 71,394 0.53 National Grid plc GBP 3,940 39,365 0.29 Pennon Group plc GBP 5,036 44,289 0.32 Severn Trent plc GBP 3,185 74,430 0.55 United Utilities Group plc GBP 5,298 51,174 0.38

322,335 2.38 United States of AmericaAgilent Technologies, Inc. USD 1,500 106,438 0.79 AO Smith Corp. USD 1,404 65,669 0.48 Aqua America, Inc. USD 1,790 58,985 0.44 Cerner Corp. USD 1,067 53,712 0.40 CSX Corp. USD 1,189 78,811 0.58 Danaher Corp. USD 1,381 159,691 1.18


124





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesUnited States of America (continued)DaVita, Inc. USD 788 37,559 0.28 Ecolab, Inc. USD 336 52,642 0.39 Emerson Electric Co. USD 1,600 96,251 0.71 Fortive Corp. USD 475 35,078 0.26 HCA Healthcare, Inc. USD 1,139 130,500 0.96 Hubbell, Inc. USD 426 44,463 0.33 MSA Safety, Inc. USD 1,178 109,143 0.81 Mueller Water Products, Inc. 'A' USD 5,464 48,389 0.36 NextEra Energy Partners LP USD 1,022 42,505 0.31 Republic Services, Inc. USD 1,050 75,357 0.56 Roper Technologies, Inc. USD 246 74,496 0.55 Thermo Fisher Scientific, Inc. USD 410 98,676 0.73 Wabtec Corp. USD 1,148 74,580 0.55

1,442,945 10.67 Total Equities 3,956,079 29.25 Total Transferable securities and money market instruments admitted to an official exchange listing 10,888,477 80.52

Transferable securities and money market instruments dealt in on another regulated market BondsAustraliaNew South Wales Treasury Corp., Reg. S 3% 15/11/2028 AUD 225,000 151,847 1.12

151,847 1.12 CanadaCanadian National Railway Co. 2.75% 01/03/2026 USD 110,000 96,390 0.71 Lower Mattagami Energy LP 4.331% 18/05/2021 CAD 150,000 103,784 0.77

200,174 1.48 United States of AmericaApple, Inc. 2.85% 23/02/2023 USD 135,000 121,460 0.90 Aquarion Co., 144A 4% 15/08/2024 USD 100,000 91,024 0.67 Avangrid, Inc. 3.15% 01/12/2024 USD 200,000 176,183 1.30 MidAmerican Energy Co. 3.65% 01/08/2048 USD 200,000 172,781 1.28 Universal Health Services, Inc., 144A 4.75% 01/08/2022 USD 55,000 49,405 0.37 Ventas Realty LP, REIT 4% 01/03/2028 USD 150,000 135,258 1.00

746,111 5.52 Total Bonds 1,098,132 8.12 Total Transferable securities and money market instruments dealt in on another regulated market 1,098,132 8.12


125





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsUnits of authorised UCITS or other collective investment undertakings Collective Investment Schemes – AIFJerseyForesight Solar Fund Ltd. GBP 24,062 32,432 0.24

32,432 0.24 Total Collective Investment Schemes - AIF 32,432 0.24 Total Units of authorised UCITS or other collective investment undertakings 32,432 0.24

Total Investments 12,019,041 88.88 Cash 1,447,435 10.70Other Assets/(Liabilities) 55,978 0.42Total Net Assets 13,522,454 100.00


126







Supranational 8.55

Netherlands 4.11

Sweden 3.80

Canada 3.13

Germany 3.11

Japan 2.98

Jersey 2.48

France 2.47

Finland 2.46

Ireland 2.13

Austria 1.48

Cayman Islands 1.46

Australia 1.12

Denmark 1.12

Italy 1.04

Portugal 0.77

Norway 0.77

Hong Kong 0.73

New Zealand 0.53

Bermuda 0.44

Guernsey 0.25

China 0.15



Total 100.00


127






Global Exposure

EUR


EUR% of

Net Assets

Euro-OAT, 06/06/2019 (1) EUR (162,505) (4,305) (0.03)

Long Gilt, 26/06/2019 (4) GBP (602,654) (8,146) (0.06)





PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsEUR 1,579,661 GBP 1,349,133 30/04/2019 J.P. Morgan 6,761 0.05

GBP 9,059,017 EUR 10,493,214 15/04/2019 J.P. Morgan 73,763 0.54

Total Unrealised Gain on Forward Currency Exchange Contracts 80,524 0.59 EUR 138,410 AUD 220,514 30/04/2019 J.P. Morgan (599) –

EUR 263,131 CAD 401,434 30/04/2019 J.P. Morgan (2,847) (0.02)

EUR 141,330 HKD 1,253,390 30/04/2019 J.P. Morgan (644) (0.01)

EUR 408,343 JPY 50,832,526 26/04/2019 J.P. Morgan (429) –

EUR 56,557 NZD 94,006 30/04/2019 J.P. Morgan (253) –

EUR 123,855 SEK 1,292,568 30/04/2019 J.P. Morgan (388) –

EUR 5,963,199 USD 6,744,527 30/04/2019 J.P. Morgan (28,476) (0.21)

GBP 111,912 EUR 131,220 15/04/2019 J.P. Morgan (678) (0.01)

Total Unrealised Loss on Forward Currency Exchange Contracts (34,314) (0.25) Net Unrealised Gain on Forward Currency Exchange Contracts 46,210 0.34


128


Jupiter Global Ecology Growth

■ Jupiter Global Ecology Growth Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesAuto ComponentsBorgWarner, Inc. USD 3,719 125,233 1.33

125,233 1.33 Building ProductsAO Smith Corp. USD 6,760 316,185 3.36 Johnson Controls International plc USD 4,910 161,338 1.72 Owens Corning USD 3,871 160,616 1.71

638,139 6.79 ChemicalsJohnson Matthey plc GBP 6,438 234,369 2.49 Koninklijke DSM NV EUR 1,170 113,771 1.21 Novozymes A/S 'B' DKK 3,846 158,215 1.68 Toray Industries, Inc. JPY 11,800 67,093 0.71

573,448 6.09 Commercial Services & SuppliesBrambles Ltd. AUD 12,806 95,149 1.01 Casella Waste Systems, Inc. 'A' USD 6,181 193,882 2.06 China Everbright International Ltd. HKD 98,148 88,680 0.94 Clean Harbors, Inc. USD 2,388 150,683 1.60 Covanta Holding Corp. USD 11,378 175,334 1.87 Daiseki Co. Ltd. JPY 6,900 149,129 1.59 Renewi plc GBP 160,085 40,773 0.43 Republic Services, Inc. USD 4,017 288,295 3.07 RPS Group plc GBP 44,493 98,186 1.04 Stericycle, Inc. USD 1,886 89,675 0.95 Tomra Systems ASA NOK 11,054 283,486 3.02 Waste Connections, Inc. USD 3,173 250,750 2.67

1,904,022 20.25 DistributorsLKQ Corp. USD 8,491 213,262 2.27

213,262 2.27 Electric UtilitiesOrsted A/S, Reg. S DKK 2,802 190,712 2.03

190,712 2.03 Electrical EquipmentPrysmian SpA EUR 6,976 115,941 1.23 Regal Beloit Corp. USD 3,598 258,529 2.75 Schneider Electric SE EUR 2,801 195,006 2.07 Sensata Technologies Holding plc USD 4,550 180,058 1.92 Vestas Wind Systems A/S DKK 3,439 256,825 2.73

1,006,359 10.70


129



■ Jupiter Global Ecology Growth Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesElectronic Equipment, Instruments & ComponentsAzbil Corp. JPY 15,400 320,085 3.40 Horiba Ltd. JPY 3,500 172,650 1.84 IPG Photonics Corp. USD 581 76,672 0.82 Itron, Inc. USD 3,583 148,092 1.58 Spectris plc GBP 2,721 78,590 0.84 Trimble, Inc. USD 3,821 137,123 1.46

933,212 9.94 Food ProductsCranswick plc GBP 6,799 212,640 2.26

212,640 2.26 Independent Power and Renewable Electricity ProducersHuaneng Renewables Corp. Ltd. 'H' HKD 384,000 94,744 1.01 Ormat Technologies, Inc. USD 3,332 163,814 1.74

258,558 2.75 Leisure ProductsShimano, Inc. JPY 800 115,752 1.23

115,752 1.23 Life Sciences Tools & ServicesEurofins Scientific SE EUR 267 97,215 1.03

97,215 1.03 MachineryAlfa Laval AB SEK 8,516 174,200 1.85 ANDRITZ AG EUR 2,898 111,399 1.19 Atlas Copco AB 'A' SEK 4,308 102,775 1.09 Knorr-Bremse AG EUR 1,600 140,976 1.50 Miura Co. Ltd. JPY 4,700 96,366 1.03 NSK Ltd. JPY 15,600 130,136 1.38 Pentair plc USD 2,307 90,237 0.96 SKF AB 'B' SEK 8,436 125,357 1.34 Watts Water Technologies, Inc. 'A' USD 2,223 157,226 1.67 Xylem, Inc. USD 5,159 363,227 3.86

1,491,899 15.87 Multi-UtilitiesVeolia Environnement SA EUR 11,011 219,807 2.34

219,807 2.34 Professional ServicesStantec, Inc. CAD 6,298 131,478 1.40

131,478 1.40


130





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesRoad & RailEast Japan Railway Co. JPY 2,200 188,920 2.01 Firstgroup plc GBP 98,637 103,079 1.10 National Express Group plc GBP 37,008 174,263 1.85

466,262 4.96 Semiconductors & Semiconductor EquipmentFirst Solar, Inc. USD 3,468 160,664 1.71 Infineon Technologies AG EUR 7,549 132,579 1.41




131





Net AssetsCommercial Services & Supplies 20.25

Machinery 15.87

Electrical Equipment 10.70

Electronic Equipment, Instruments & Components 9.94

Building Products 6.79

Chemicals 6.09

Road & Rail 4.96

Semiconductors & Semiconductor Equipment 3.12

Independent Power and Renewable Electricity Producers 2.75

Multi-Utilities 2.34

Distributors 2.27

Food Products 2.26

Electric Utilities 2.03


Auto Components 1.33

Leisure Products 1.23

Life Sciences Tools & Services 1.03



Total 100.00


132


Jupiter Global Emerging Markets Corporate Bond

■ Jupiter Global Emerging Markets Corporate Bond Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsArgentinaAutonomous City of Buenos Aires Argentina, Reg. S 8.95% 19/02/2021 USD 703,500 699,891 0.39 Pampa Energia SA, Reg. S 7.375% 21/07/2023 USD 1,000,000 936,985 0.52 Provincia de Cordoba, Reg. S 7.125% 10/06/2021 USD 800,000 699,280 0.39 Provincia de Neuquen Argentina, Reg. S 7.5% 27/04/2025 USD 1,200,000 988,932 0.55

3,325,088 1.85 AustriaEldorado Intl. Finance GmbH, Reg. S 8.625% 16/06/2021 USD 1,300,000 1,359,664 0.76 Klabin Austria GmbH, Reg. S 5.75% 03/04/2029 USD 1,902,000 1,890,949 1.05

3,250,613 1.81 BahrainOil and Gas Holding Co. BSCC (The), Reg. S 7.625% 07/11/2024 USD 1,239,000 1,354,097 0.76

1,354,097 0.76 BermudaCBQ Finance Ltd., Reg. S 2.875% 24/06/2019 USD 1,000,000 998,935 0.56 Geopark Ltd., Reg. S 6.5% 21/09/2024 USD 1,583,000 1,590,836 0.89 Inkia Energy Ltd., Reg. S 5.875% 09/11/2027 USD 1,400,000 1,371,209 0.76 Ooredoo International Finance Ltd., Reg. S 5% 19/10/2025 USD 500,000 534,742 0.30 Ooredoo International Finance Ltd., Reg. S 3.75% 22/06/2026 USD 800,000 796,712 0.44 Qatar Reinsurance Co. Ltd., Reg. S, FRN 4.95% Perpetual USD 1,509,000 1,464,213 0.82

6,756,647 3.77 BrazilGlobo Comunicacao e Participacoes SA, Reg. S 4.843% 08/06/2025 USD 1,500,000 1,476,998 0.82

1,476,998 0.82 Cayman IslandsAgromercantil Senior Trust, Reg. S 6.25% 10/04/2019 USD 300,000 300,313 0.17 Alibaba Group Holding Ltd. 4.5% 28/11/2034 USD 1,600,000 1,677,160 0.93 BOS Funding Ltd., Reg. S 3.374% 08/06/2020 USD 900,000 896,081 0.50 China Aoyuan Group Ltd., Reg. S 6.35% 11/01/2020 USD 979,000 984,385 0.55 China Aoyuan Group Ltd., Reg. S 7.95% 07/09/2021 USD 600,000 619,902 0.34 China SCE Group Holdings Ltd., Reg. S 8.75% 15/01/2021 USD 1,476,000 1,537,564 0.86 Comunicaciones Celulares SA, Reg. S 6.875% 06/02/2024 USD 1,000,000 1,035,230 0.58 Dar Al-Arkan Sukuk Co. Ltd., Reg. S 6.5% 28/05/2019 USD 600,000 603,276 0.34 Guanay Finance Ltd., Reg. S 6% 15/12/2020 USD 224,186 227,401 0.13 MAF Global Securities Ltd., Reg. S, FRN 5.5% Perpetual USD 1,792,000 1,724,845 0.96 NMC Healthcare Sukuk Ltd., Reg. S 5.95% 21/11/2023 USD 1,650,000 1,697,825 0.95 QIB Sukuk Ltd., Reg. S 3.982% 26/03/2024 USD 2,234,000 2,235,419 1.25 QNB Finance Ltd., Reg. S 2.125% 07/09/2021 USD 1,000,000 975,607 0.54 Sands China Ltd. 5.4% 08/08/2028 USD 1,700,000 1,778,548 0.99 Saudi Electricity Global Sukuk Co. 2, Reg. S 5.06% 08/04/2043 USD 1,000,000 1,013,865 0.56 Saudi Electricity Global Sukuk Co. 4, Reg. S 4.222% 27/01/2024 USD 1,350,000 1,387,975 0.77 Yuzhou Properties Co. Ltd., Reg. S 8.5% 26/02/2024 USD 1,800,000 1,847,474 1.03

20,542,870 11.45 The accompanying notes form an integral part of these financial statements.

133



■ Jupiter Global Emerging Markets Corporate Bond

Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsChileEmpresa Electrica Guacolda SA, Reg. S 4.56% 30/04/2025 USD 1,550,000 1,474,011 0.82

1,474,011 0.82 ChinaChina Minmetals Corp., Reg. S, FRN 4.45% Perpetual USD 1,000,000 1,007,791 0.56

1,007,791 0.56 ColombiaEcopetrol SA 5.375% 26/06/2026 USD 1,200,000 1,292,004 0.72 Ecopetrol SA 7.375% 18/09/2043 USD 1,150,000 1,379,782 0.77

2,671,786 1.49 CuracaoTeva Pharmaceutical Finance Co. BV 3.65% 10/11/2021 USD 1,464,000 1,440,151 0.80

1,440,151 0.80 EgyptEgypt Government Bond, Reg. S 6.125% 31/01/2022 USD 1,400,000 1,419,838 0.79

1,419,838 0.79 GeorgiaBank of Georgia JSC, Reg. S 6% 26/07/2023 USD 1,600,000 1,606,600 0.90 Georgian Oil and Gas Corp. JSC, Reg. S 6.75% 26/04/2021 USD 1,500,000 1,548,368 0.86

3,154,968 1.76 Hong KongBank of East Asia Ltd. (The), Reg. S, FRN 5.625% Perpetual USD 1,800,000 1,813,500 1.01 CNAC HK Finbridge Co. Ltd., Reg. S 3.5% 19/07/2022 USD 1,000,000 1,000,132 0.56 CNAC HK Finbridge Co. Ltd., Reg. S 5.125% 14/03/2028 USD 1,000,000 1,078,494 0.60 Nanyang Commercial Bank Ltd., Reg. S, FRN 5% Perpetual USD 1,300,000 1,258,025 0.70 Vanke Real Estate Hong Kong Co. Ltd., Reg. S 4.15% 18/04/2023 USD 800,000 810,850 0.45 Vanke Real Estate Hong Kong Co. Ltd., Reg. S 5.35% 11/03/2024 USD 450,000 477,471 0.27

6,438,472 3.59 IndiaHPCL-Mittal Energy Ltd., Reg. S 5.25% 28/04/2027 USD 1,143,000 1,110,543 0.62 NTPC Ltd., Reg. S 3.75% 03/04/2024 USD 1,800,000 1,798,022 1.00 NTPC Ltd., Reg. S 4.25% 26/02/2026 USD 1,150,000 1,161,253 0.65 State Bank of India, Reg. S, FRN 5.5% Perpetual USD 1,300,000 1,317,621 0.73

5,387,439 3.00 IndonesiaIndonesia Asahan Aluminium Persero PT, Reg. S 5.71% 15/11/2023 USD 1,364,000 1,474,859 0.82 Pertamina Persero PT, Reg. S 6.45% 30/05/2044 USD 1,450,000 1,659,938 0.93

3,134,797 1.75


134






Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsIrelandEurotorg LLC, Reg. S 8.75% 30/10/2022 USD 700,000 721,910 0.40 Koks OAO, Reg. S 7.5% 04/05/2022 USD 1,600,000 1,647,312 0.92

2,369,222 1.32 Isle of ManAngloGold Ashanti Holdings plc 5.375% 15/04/2020 USD 1,000,000 1,018,020 0.57 Sasol Financing International Ltd. 4.5% 14/11/2022 USD 1,600,000 1,615,408 0.90

2,633,428 1.47 IsraelIsrael Chemicals Ltd., Reg. S, 144A 6.375% 31/05/2038 USD 1,518,000 1,637,474 0.91

1,637,474 0.91 Ivory CoastIvory Coast Government Bond, STEP, Reg. S 5.75% 31/12/2032 USD 1,312,250 1,245,699 0.69

1,245,699 0.69 KazakhstanHalyk Savings Bank of Kazakhstan JSC, Reg. S 5.5% 21/12/2022 USD 732,625 734,771 0.41

734,771 0.41 LuxembourgALROSA Finance SA, Reg. S 7.75% 03/11/2020 USD 800,000 852,284 0.48 Gazprom OAO, Reg. S 9.25% 23/04/2019 USD 800,000 803,528 0.45 Gazprom OAO, Reg. S 5.15% 11/02/2026 USD 1,600,000 1,629,320 0.91 Millicom International Cellular SA, Reg. S 6.625% 15/10/2026 USD 1,300,000 1,363,492 0.76 Millicom International Cellular SA, Reg. S 6.25% 25/03/2029 USD 1,141,000 1,155,337 0.64 Minerva Luxembourg SA, Reg. S 6.5% 20/09/2026 USD 1,200,000 1,185,954 0.66

6,989,915 3.90 MauritiusHTA Group Ltd., Reg. S 9.125% 08/03/2022 USD 1,400,000 1,461,026 0.81 Neerg Energy Ltd., Reg. S 6% 13/02/2022 USD 1,550,000 1,537,096 0.86

2,998,122 1.67 MexicoControladora Mabe SA de CV, Reg. S 5.6% 23/10/2028 USD 1,200,000 1,219,188 0.68 Mexico City Airport Trust, Reg. S 4.25% 31/10/2026 USD 1,750,000 1,678,355 0.93 Petroleos Mexicanos, FRN 6.251% 11/03/2022 USD 1,050,000 1,088,320 0.61

3,985,863 2.22 MoroccoOCP SA, Reg. S 6.875% 25/04/2044 USD 1,600,000 1,747,200 0.97

1,747,200 0.97


135






Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsNetherlands

Greenko Dutch BV, Reg. S 4.875% 24/07/2022 USD 900,000 888,480 0.50

GTH Finance BV, Reg. S 7.25% 26/04/2023 USD 1,500,000 1,602,645 0.89

Listrindo Capital BV, Reg. S 4.95% 14/09/2026 USD 1,005,000 973,157 0.54

Metinvest BV, Reg. S 7.75% 23/04/2023 USD 1,600,000 1,570,752 0.88

Minejesa Capital BV, Reg. S 4.625% 10/08/2030 USD 1,450,000 1,409,264 0.79

Myriad International Holdings BV, Reg. S 4.85% 06/07/2027 USD 1,050,000 1,081,795 0.60

Nostrum Oil & Gas Finance BV, Reg. S 8% 25/07/2022 USD 400,000 254,682 0.14

Petrobras Global Finance BV 7.375% 17/01/2027 USD 1,600,000 1,761,256 0.98


Teva Pharmaceutical Finance Netherlands III BV 3.15% 01/10/2026 USD 700,000 574,802 0.32

12,633,747 7.04

Nigeria

Access Bank plc, Reg. S 10.5% 19/10/2021 USD 719,000 779,338 0.44

Nigeria Government Bond, Reg. S 7.625% 21/11/2025 USD 1,500,000 1,600,928 0.89

SEPLAT Petroleum Development Co. plc, Reg. S 9.25% 01/04/2023 USD 960,000 990,571 0.55

Zenith Bank plc, Reg. S 6.25% 22/04/2019 USD 489,000 489,804 0.27


4,171,080 2.32

Panama

AES Panama SRL, Reg. S 6% 25/06/2022 USD 1,028,000 1,064,823 0.60

Banco General SA, Reg. S 4.125% 07/08/2027 USD 1,500,000 1,475,625 0.82

Global Bank Corp., Reg. S 4.5% 20/10/2021 USD 643,000 649,424 0.36

3,189,872 1.78

Peru

Nexa Resources Peru SAA, Reg. S 4.625% 28/03/2023 USD 1,100,000 1,117,484 0.62

1,117,484 0.62

Philippines

SMC Global Power Holdings Corp., Reg. S, FRN 7.5% Perpetual USD 1,065,000 1,085,768 0.61

1,085,768 0.61

Saudi Arabia

Saudi Government Bond, Reg. S 4.375% 16/04/2029 USD 1,433,000 1,495,629 0.83

1,495,629 0.83

Senegal

Senegal Government Bond, Reg. S 6.25% 30/07/2024 USD 1,200,000 1,248,396 0.70

1,248,396 0.70


136






Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsSingaporeIndika Energy Capital III Pte. Ltd., Reg. S 5.875% 09/11/2024 USD 1,000,000 954,840 0.53

Oversea-Chinese Banking Corp. Ltd., Reg. S 4.25% 19/06/2024 USD 1,000,000 1,028,825 0.57

United Overseas Bank Ltd., Reg. S, FRN 3.5% 16/09/2026 USD 744,000 743,795 0.42

2,727,460 1.52 SupranationalAfrican Export-Import Bank (The), Reg. S 4.125% 20/06/2024 USD 1,600,000 1,590,784 0.89

Banque Ouest Africaine de Developpement, Reg. S 5% 27/07/2027 USD 1,514,000 1,518,762 0.85 Eastern & Southern African Trade & Development Bank, Reg. S 5.375% 14/03/2022 USD 750,000 764,535 0.42

3,874,081 2.16 ThailandPTTEP Treasury Center Co. Ltd., Reg. S, FRN 4.6% Perpetual USD 1,000,000 993,465 0.55

993,465 0.55 TurkeyKOC Holding A/S, Reg. S 3.5% 24/04/2020 USD 1,800,000 1,754,577 0.98

QNB Finansbank A/S, Reg. S 6.25% 30/04/2019 USD 472,000 472,205 0.26

Turkey Government Bond 3.25% 23/03/2023 USD 1,000,000 883,875 0.49

Turkiye Is Bankasi A/S, Reg. S 5% 30/04/2020 USD 800,000 773,676 0.43

Turkiye Is Bankasi A/S, Reg. S 5.5% 21/04/2022 USD 900,000 810,122 0.45


Turkiye Vakiflar Bankasi TAO, Reg. S 5.625% 30/05/2022 USD 950,000 863,151 0.48

Turkiye Vakiflar Bankasi TAO, Reg. S 5.75% 30/01/2023 USD 1,100,000 968,126 0.54

7,273,079 4.05 United Arab EmiratesAbu Dhabi Government Bond, Reg. S 4.125% 11/10/2047 USD 1,000,000 1,011,370 0.56

First Abu Dhabi Bank PJSC, Reg. S, FRN 5.25% Perpetual USD 1,529,000 1,540,941 0.86

Mashreqbank PSC, Reg. S 4.25% 26/02/2024 USD 1,500,000 1,520,708 0.85

NBK Tier 1 Financing Ltd., Reg. S, FRN 5.75% Perpetual USD 1,700,000 1,737,502 0.97

Oztel Holdings SPC Ltd., Reg. S 6.625% 24/04/2028 USD 1,800,000 1,757,925 0.98

7,568,446 4.22 United KingdomFerrexpo Finance plc, Reg. S 10.375% 07/04/2019 USD 350,000 351,267 0.20

Ferrexpo Finance plc, Reg. S 10.375% 07/04/2019 USD 605,000 606,373 0.34

Liquid Telecommunications Financing plc, Reg. S 8.5% 13/07/2022 USD 1,450,000 1,497,473 0.83

Vedanta Resources plc, Reg. S 8.25% 07/06/2021 USD 700,000 724,906 0.40

3,180,019 1.77


137






Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsUnited States of America


1,430,783 0.80

Total Bonds 139,166,569 77.55 Total Transferable securities and money market instruments admitted to an official exchange listing 139,166,569 77.55

Transferable securities and money market instruments dealt in on another regulated market Bonds

Argentina

Aeropuertos Argentina 2000 SA, Reg. S 6.875% 01/02/2027 USD 1,425,000 1,351,534 0.75

Genneia SA, Reg. S 8.75% 20/01/2022 USD 1,512,000 1,360,074 0.76

Rio Energy SA, Reg. S 6.875% 01/02/2025 USD 850,000 644,900 0.36

3,356,508 1.87

Austria

Suzano Austria GmbH, Reg. S 7% 16/03/2047 USD 1,250,000 1,391,019 0.77

1,391,019 0.77

Bermuda

Tengizchevroil Finance Co. International Ltd., Reg. S 4% 15/08/2026 USD 1,400,000 1,368,661 0.76

1,368,661 0.76

Brazil

Itau Unibanco Holding SA, Reg. S, FRN 6.125% Perpetual USD 1,400,000 1,375,199 0.77

1,375,199 0.77

Canada

First Quantum Minerals Ltd., 144A 7% 15/02/2021 USD 1,500,000 1,524,480 0.85

First Quantum Minerals Ltd., 144A 6.875% 01/03/2026 USD 900,000 831,605 0.46

2,356,085 1.31

Cayman Islands

Industrial Senior Trust, Reg. S 5.5% 01/11/2022 USD 1,350,000 1,371,438 0.76

Latam Finance Ltd., Reg. S 6.875% 11/04/2024 USD 1,200,000 1,231,556 0.69

Shimao Property Holdings Ltd., Reg. S 6.375% 15/10/2021 USD 1,000,000 1,041,192 0.58

3,644,186 2.03

Chile

SACI Falabella, Reg. S 3.75% 30/10/2027 USD 1,400,000 1,349,006 0.75

1,349,006 0.75


138






Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketBondsKazakhstan

KazTransGas JSC, Reg. S 4.375% 26/09/2027 USD 1,800,000 1,749,771 0.97

1,749,771 0.97

Luxembourg

Adecoagro SA, Reg. S 6% 21/09/2027 USD 1,250,000 1,171,162 0.65

Hidrovias International Finance SARL, Reg. S 5.95% 24/01/2025 USD 1,600,000 1,538,240 0.86

2,709,402 1.51

Mexico

Cometa Energia SA de CV, Reg. S 6.375% 24/04/2035 USD 1,381,800 1,352,969 0.75

Cydsa SAB de CV, Reg. S 6.25% 04/10/2027 USD 1,150,000 1,104,713 0.62

Mexico Generadora de Energia S de rl, Reg. S 5.5% 06/12/2032 USD 1,291,050 1,301,978 0.73


4,640,120 2.59

Nigeria

Nigeria Treasury Bill 0% 14/11/2019 NGN 350,000,000 890,651 0.50

890,651 0.50

Panama

Intercorp Financial Services, Inc., Reg. S 4.125% 19/10/2027 USD 1,250,000 1,212,831 0.68

1,212,831 0.68

Paraguay

Telefonica Celular del Paraguay SA, Reg. S 6.75% 13/12/2022 USD 471,000 482,462 0.27

482,462 0.27

Peru

Fondo MIVIVIENDA SA, Reg. S 3.5% 31/01/2023 USD 1,200,000 1,199,898 0.67

1,199,898 0.67

United Kingdom

Petra Diamonds US Treasury plc, Reg. S 7.25% 01/05/2022 USD 1,366,000 1,275,304 0.71

1,275,304 0.71



Cash 10,613,756 5.91




139






Net AssetsCayman Islands 13.48 Netherlands 7.04 Luxembourg 5.41 Mexico 4.81 Bermuda 4.53 United Arab Emirates 4.22 Turkey 4.05 Argentina 3.72 Hong Kong 3.59 India 3.00 Nigeria 2.82 Austria 2.58 United Kingdom 2.48 Panama 2.46 Supranational 2.16 Georgia 1.76 Indonesia 1.75 Mauritius 1.67 Brazil 1.59 Chile 1.57 Singapore 1.52 Colombia 1.49 Isle of Man 1.47 Kazakhstan 1.38 Ireland 1.32 Canada 1.31 Peru 1.29 Morocco 0.97 Israel 0.91 Saudi Arabia 0.83 Curacao 0.80 United States of America 0.80 Egypt 0.79 Bahrain 0.76 Senegal 0.70 Ivory Coast 0.69 Philippines 0.61 China 0.56 Thailand 0.55 Paraguay 0.27 Total Investments 93.71 Cash and Other Assets/(Liabilities) 6.29Total 100.00


140







PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


USD% of

Net AssetsUSD 849,314 EUR 751,059 30/04/2019 J.P. Morgan 3,883 –

Total Unrealised Gain on Forward Currency Exchange Contracts 3,883 – USD 815,328 AED 3,000,000 17/10/2019 J.P. Morgan (1,158) –

Total Unrealised Loss on Forward Currency Exchange Contracts (1,158) – Net Unrealised Gain on Forward Currency Exchange Contracts 2,725 –


141


Jupiter Global Emerging Markets Equity Unconstrained

■ Jupiter Global Emerging Markets Equity Unconstrained

Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesBermudaPAX Global Technology Ltd. HKD 1,557,000 720,984 0.98

720,984 0.98 BrazilItau Unibanco Holding SA BRL 135,069 1,024,804 1.39 Mills Estruturas e Servicos de Engenharia SA BRL 739,507 935,139 1.27 T4F Entretenimento SA BRL 334,760 565,852 0.77

2,525,795 3.43 Cayman Islands3SBio, Inc., Reg. S HKD 1,243,500 2,442,658 3.32 Baidu, Inc., ADR USD 11,987 1,967,127 2.67 Bizlink Holding, Inc. TWD 246,606 1,692,120 2.30 Ginko International Co. Ltd. TWD 258,000 1,954,229 2.66 Haichang Ocean Park Holdings Ltd., Reg. S HKD 3,483,000 789,780 1.07 JD.com, Inc., ADR USD 46,400 1,364,392 1.86 Jianpu Technology, Inc., ADR USD 171,403 881,868 1.20 Pagseguro Digital Ltd. 'A' USD 38,947 1,177,952 1.60 Qudian, Inc., ADR USD 150,866 756,593 1.03 Vinda International Holdings Ltd. HKD 229,000 444,583 0.60

13,471,302 18.31 ChinaPing An Insurance Group Co. of China Ltd. 'H' HKD 130,000 1,455,262 1.98

1,455,262 1.98 ColombiaAlmacenes Exito SA COP 47,093 214,753 0.29

214,753 0.29 EgyptCommercial International Bank Egypt SAE, Reg. S, GDR USD 241,424 945,779 1.29

945,779 1.29 Hong KongChina Unicom Hong Kong Ltd. HKD 1,628,000 2,062,489 2.80

2,062,489 2.80 IndiaCox & Kings Financial Service Ltd.* INR 120,718 113,557 0.15 Cox & Kings Ltd. INR 366,391 739,215 1.01 Fortis Healthcare Ltd. INR 543,858 1,064,847 1.45 Hindustan Petroleum Corp. Ltd. INR 575,748 2,361,062 3.21 InterGlobe Aviation Ltd., Reg. S INR 93,198 1,922,541 2.61 Reliance Capital Ltd. INR 396,777 1,167,885 1.59

7,369,107 10.02


142






Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesIndonesiaBumi Serpong Damai Tbk. PT IDR 22,558,900 2,229,359 3.03

2,229,359 3.03 KenyaKCB Group Ltd. KES 5,079,200 2,229,622 3.03

2,229,622 3.03 MexicoCorp. Inmobiliaria Vesta SAB de CV MXN 1,466,228 2,133,806 2.90 Fibra Uno Administracion SA de CV, REIT MXN 991,580 1,370,679 1.86 Grupo Lala SAB de CV MXN 745,886 973,524 1.33 Grupo Rotoplas SAB de CV MXN 741,017 759,275 1.03

5,237,284 7.12 NetherlandsDP Eurasia NV, Reg. S GBP 689,948 778,044 1.06

778,044 1.06 NigeriaGuaranty Trust Bank plc NGN 23,684,364 2,402,595 3.27 SEPLAT Petroleum Development Co. plc, Reg. S NGN 555,365 808,826 1.10

3,211,421 4.37 PakistanUnited Bank Ltd. PKR 1,308,161 1,287,243 1.75

1,287,243 1.75 PhilippinesGT Capital Holdings, Inc. PHP 79,289 1,403,495 1.91

1,403,495 1.91 RussiaLSR Group PJSC, Reg. S, GDR USD 432,697 869,721 1.18 MMC Norilsk Nickel PJSC, ADR USD 88,373 1,871,767 2.55 Sberbank of Russia PJSC Preference RUB 656,670 1,936,522 2.63

4,678,010 6.36 South AfricaAscendis Health Ltd. ZAR 2,049,066 508,374 0.69 Naspers Ltd. 'N' ZAR 6,742 1,553,787 2.11

2,062,161 2.80 South KoreaLG Chem Ltd. Preference KRW 12,251 2,233,772 3.04 Samsung Electronics Co. Ltd. Preference KRW 98,026 3,127,856 4.25 SK Hynix, Inc. KRW 47,877 3,131,269 4.26

8,492,897 11.55


143






Quantity/ Nominal

Value

Market Value

USD% of


Taiwan

Chroma ATE, Inc. TWD 309,000 1,469,402 2.00

Hon Hai Precision Industry Co. Ltd. TWD 315,200 751,230 1.02

MediaTek, Inc. TWD 185,000 1,689,040 2.30

Taiwan Semiconductor Manufacturing Co. Ltd. TWD 205,000 1,629,172 2.21

5,538,844 7.53

Turkey

AvivaSA Emeklilik ve Hayat A/S TRY 524,294 862,274 1.17

Coca-Cola Icecek A/S TRY 130,667 697,066 0.95

Ulker Biskuvi Sanayi A/S TRY 406,325 1,215,733 1.65

2,775,073 3.77


Emaar Malls PJSC AED 2,031,076 959,372 1.30

959,372 1.30

United Kingdom

Bank of Georgia Group plc GBP 61,261 1,334,296 1.81

1,334,296 1.81


Despegar.com Corp. USD 65,352 937,148 1.28

Hollysys Automation Technologies Ltd. USD 58,808 1,192,626 1.62

2,129,774 2.90



Cash 285,825 0.39





144






Net AssetsCayman Islands 18.31

South Korea 11.55

India 10.02

Taiwan 7.53

Mexico 7.12

Russia 6.36

Nigeria 4.37

Turkey 3.77

Brazil 3.43

Kenya 3.03

Indonesia 3.03


Hong Kong 2.80

South Africa 2.80

China 1.98

Philippines 1.91

United Kingdom 1.81

Pakistan 1.75


Egypt 1.29

Netherlands 1.06

Bermuda 0.98

Colombia 0.29



Total 100.00



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


USD% of

Net AssetsJPY 1,617,239,305 USD 14,569,799 15/04/2019 J.P. Morgan 49,203 0.07

USD 523,114 JPY 57,613,988 15/04/2019 J.P. Morgan 2,314 –

Total Unrealised Gain on Forward Currency Exchange Contracts 51,517 0.07 JPY 34,409,219 USD 311,437 15/04/2019 J.P. Morgan (396) –

USD 8,954 JPY 997,952 15/04/2019 J.P. Morgan (67) –

Total Unrealised Loss on Forward Currency Exchange Contracts (463) – Net Unrealised Gain on Forward Currency Exchange Contracts 51,054 0.07


145


Jupiter Global Emerging Markets Short Duration Bond

■ Jupiter Global Emerging Markets Short Duration Bond Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsArgentinaAutonomous City of Buenos Aires Argentina, Reg. S 8.95% 19/02/2021 USD 335,000 333,281 0.57

Pampa Energia SA, Reg. S 7.375% 21/07/2023 USD 550,000 515,342 0.89


1,329,378 2.29 AustriaEldorado Intl. Finance GmbH, Reg. S 8.625% 16/06/2021 USD 600,000 627,537 1.08

Klabin Austria GmbH, Reg. S 5.75% 03/04/2029 USD 598,000 594,526 1.03

1,222,063 2.11 BahrainBahrain Government Bond, Reg. S 6.125% 05/07/2022 USD 450,000 467,109 0.81

Oil and Gas Holding Co. BSCC (The), Reg. S 7.625% 07/11/2024 USD 411,000 449,180 0.77

916,289 1.58 BermudaCBQ Finance Ltd., Reg. S 2.875% 24/06/2019 USD 600,000 599,361 1.04

Geopark Ltd., Reg. S 6.5% 21/09/2024 USD 500,000 502,475 0.87

Qatar Reinsurance Co. Ltd., Reg. S, FRN 4.95% Perpetual USD 450,000 436,644 0.75

1,538,480 2.66 Cayman IslandsAgromercantil Senior Trust, Reg. S 6.25% 10/04/2019 USD 550,000 550,575 0.95

Azure Orbit III International Finance Ltd., Reg. S 2.625% 21/03/2021 USD 550,000 543,186 0.94

BOS Funding Ltd., Reg. S 3.374% 08/06/2020 USD 400,000 398,258 0.69

China Aoyuan Group Ltd., Reg. S 6.525% 25/04/2019 USD 200,000 200,000 0.35

China Aoyuan Group Ltd., Reg. S 6.35% 11/01/2020 USD 400,000 402,200 0.69

China SCE Group Holdings Ltd., Reg. S 8.75% 15/01/2021 USD 524,000 545,856 0.94

Dar Al-Arkan Sukuk Co. Ltd., Reg. S 6.5% 28/05/2019 USD 400,000 402,184 0.69

ENN Energy Holdings Ltd., Reg. S 3.25% 24/07/2022 USD 600,000 595,019 1.03

Guanay Finance Ltd., Reg. S 6% 15/12/2020 USD 536,818 544,516 0.94

MAF Global Securities Ltd., Reg. S, FRN 5.5% Perpetual USD 650,000 625,641 1.08

NMC Healthcare Sukuk Ltd., Reg. S 5.95% 21/11/2023 USD 600,000 617,391 1.07

QIB Sukuk Ltd., Reg. S 3.982% 26/03/2024 USD 766,000 766,486 1.32

QNB Finance Ltd., Reg. S 2.125% 07/09/2021 USD 600,000 585,364 1.01

6,776,676 11.70 ChileEmpresa Electrica Guacolda SA, Reg. S 4.56% 30/04/2025 USD 450,000 427,939 0.74

Empresa Nacional del Petroleo, Reg. S 4.75% 06/12/2021 USD 600,000 617,745 1.06

1,045,684 1.80


146



■ Jupiter Global Emerging Markets Short Duration Bond Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsColombiaEcopetrol SA 5.375% 26/06/2026 USD 450,000 484,501 0.84

484,501 0.84 EgyptEgypt Government Bond, Reg. S 6.125% 31/01/2022 USD 450,000 456,376 0.79

456,376 0.79 GeorgiaBank of Georgia JSC, Reg. S 6% 26/07/2023 USD 450,000 451,856 0.78

Georgian Oil and Gas Corp. JSC, Reg. S 6.75% 26/04/2021 USD 400,000 412,898 0.71

864,754 1.49 Hong KongBank of East Asia Ltd. (The), Reg. S, FRN 5.625% Perpetual USD 400,000 403,000 0.70

CRCC Yupeng Ltd., Reg. S, FRN 3.95% Perpetual USD 550,000 551,372 0.95

Nanyang Commercial Bank Ltd., Reg. S, FRN 5% Perpetual USD 450,000 435,470 0.75

Vanke Real Estate Hong Kong Co. Ltd., Reg. S 3.95% 23/12/2019 USD 250,000 251,403 0.43



2,056,168 3.55 IndiaAdani Ports & Special Economic Zone Ltd., Reg. S 3.5% 29/07/2020 USD 266,000 265,776 0.46

JSW Steel Ltd., Reg. S 4.75% 12/11/2019 USD 500,000 500,882 0.87

NTPC Ltd., Reg. S 3.75% 03/04/2024 USD 600,000 599,341 1.03

State Bank of India, Reg. S, FRN 5.5% Perpetual USD 450,000 456,100 0.79

1,822,099 3.15 IndonesiaIndonesia Asahan Aluminium Persero PT, Reg. S 5.71% 15/11/2023 USD 636,000 687,691 1.19

Perusahaan Listrik Negara PT, Reg. S 5.5% 22/11/2021 USD 500,000 526,117 0.91

1,213,808 2.10 IrelandEurotorg LLC, Reg. S 8.75% 30/10/2022 USD 300,000 309,390 0.53

Koks OAO, Reg. S 7.5% 04/05/2022 USD 500,000 514,785 0.89

Phosagro OAO, Reg. S 3.95% 03/11/2021 USD 250,000 248,895 0.43

1,073,070 1.85 Isle of ManAngloGold Ashanti Holdings plc 5.375% 15/04/2020 USD 400,000 407,208 0.70

Sasol Financing International Ltd. 4.5% 14/11/2022 USD 400,000 403,852 0.70

811,060 1.40


147





Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsIvory CoastIvory Coast Government Bond, STEP, Reg. S 5.75% 31/12/2032 USD 316,750 300,686 0.52

300,686 0.52 KazakhstanHalyk Savings Bank of Kazakhstan JSC, Reg. S 5.5% 21/12/2022 USD 329,681 330,647 0.57

330,647 0.57 LuxembourgALROSA Finance SA, Reg. S 7.75% 03/11/2020 USD 400,000 426,142 0.73

Gazprom Neft OAO, Reg. S 4.375% 19/09/2022 USD 200,000 200,587 0.35

Gazprom OAO, Reg. S 9.25% 23/04/2019 USD 500,000 502,205 0.87

Millicom International Cellular SA, Reg. S 6.625% 15/10/2026 USD 400,000 419,536 0.72

Millicom International Cellular SA, Reg. S 6.25% 25/03/2029 USD 359,000 363,511 0.63

Minerva Luxembourg SA, Reg. S 6.5% 20/09/2026 USD 450,000 444,733 0.77

2,356,714 4.07 MauritiusHTA Group Ltd., Reg. S 9.125% 08/03/2022 USD 462,000 482,139 0.83

Neerg Energy Ltd., Reg. S 6% 13/02/2022 USD 400,000 396,670 0.69

878,809 1.52 MexicoBanco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Reg. S 4.125% 09/11/2022 USD 570,000 576,327 0.99

Comision Federal de Electricidad, Reg. S 4.875% 15/01/2024 USD 550,000 565,807 0.98

Mexico City Airport Trust, Reg. S 4.25% 31/10/2026 USD 450,000 431,577 0.75

1,573,711 2.72 MoroccoMorocco Government Bond, Reg. S 4.25% 11/12/2022 USD 550,000 562,092 0.97

562,092 0.97 NetherlandsGreenko Dutch BV, Reg. S 4.875% 24/07/2022 USD 400,000 394,880 0.68

GTH Finance BV, Reg. S 7.25% 26/04/2023 USD 500,000 534,215 0.92

Listrindo Capital BV, Reg. S 4.95% 14/09/2026 USD 450,000 435,742 0.75

Lukoil International Finance BV, Reg. S 6.656% 07/06/2022 USD 200,000 215,955 0.37

Marfrig Holdings Europe BV, Reg. S 8% 08/06/2023 USD 400,000 413,638 0.72

Metinvest BV, Reg. S 7.75% 23/04/2023 USD 500,000 490,860 0.85

Petrobras Global Finance BV 6.25% 17/03/2024 USD 600,000 644,643 1.11


3,713,028 6.41


148





Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsNigeriaAccess Bank plc, Reg. S 10.5% 19/10/2021 USD 400,000 433,568 0.75

Nigeria Government Bond, Reg. S 7.625% 21/11/2025 USD 500,000 533,642 0.92




2,028,839 3.50 NorwayDNO ASA, Reg. S, 144A 8.75% 18/06/2020 USD 400,000 412,420 0.71

412,420 0.71 PanamaAES Panama SRL, Reg. S 6% 25/06/2022 USD 550,000 569,701 0.99


872,698 1.51 PeruNexa Resources Peru SAA, Reg. S 4.625% 28/03/2023 USD 450,000 457,153 0.79

457,153 0.79 Saudi ArabiaSaudi Government Bond, Reg. S 2.375% 26/10/2021 USD 600,000 590,571 1.02

590,571 1.02 SenegalSenegal Government Bond, Reg. S 6.25% 30/07/2024 USD 300,000 312,099 0.54

312,099 0.54 SingaporeIndika Energy Capital III Pte. Ltd., Reg. S 5.875% 09/11/2024 USD 500,000 477,420 0.82


877,310 1.51 South KoreaKorea East-West Power Co. Ltd., Reg. S 2.625% 19/06/2022 USD 550,000 544,354 0.94

544,354 0.94 SupranationalAfrica Finance Corp., Reg. S 4.375% 29/04/2020 USD 400,000 404,188 0.70

African Export-Import Bank (The), Reg. S 4.75% 29/07/2019 USD 650,000 652,798 1.13

Banque Ouest Africaine de Developpement, Reg. S 5.5% 06/05/2021 USD 500,000 515,758 0.89 Eastern & Southern African Trade & Development Bank, Reg. S 5.375% 14/03/2022 USD 500,000 509,690 0.88

2,082,434 3.60


149


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsTurkeyKOC Holding A/S, Reg. S 3.5% 24/04/2020 USD 500,000 487,383 0.84


Turkey Government Bond 3.25% 23/03/2023 USD 600,000 530,325 0.92






2,914,518 5.03 United Arab EmiratesEmirates NBD PJSC, Reg. S 3.25% 14/11/2022 USD 600,000 596,439 1.03

First Abu Dhabi Bank PJSC, Reg. S, FRN 5.25% Perpetual USD 650,000 655,076 1.13

Mashreqbank PSC, Reg. S 4.25% 26/02/2024 USD 500,000 506,903 0.88

NBK Tier 1 Financing Ltd., Reg. S, FRN 5.75% Perpetual USD 600,000 613,236 1.06

Oztel Holdings SPC Ltd., Reg. S 6.625% 24/04/2028 USD 400,000 390,650 0.67

2,762,304 4.77 United KingdomFerrexpo Finance plc, Reg. S 10.375% 07/04/2019 USD 200,000 200,454 0.34


Liquid Telecommunications Financing plc, Reg. S 8.5% 13/07/2022 USD 600,000 619,644 1.07


1,413,608 2.44 United States of AmericaKosmos Energy Ltd., 144A 7.875% 01/08/2021 USD 600,000 613,193 1.06

613,193 1.06 Total Bonds 47,207,594 81.51 Total Transferable securities and money market instruments admitted to an official exchange listing 47,207,594 81.51





150





Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketBondsArgentinaAeropuertos Argentina 2000 SA, Reg. S 6.875% 01/02/2027 USD 425,000 403,089 0.69 Genneia SA, Reg. S 8.75% 20/01/2022 USD 500,000 449,760 0.78

852,849 1.47 BermudaTengizchevroil Finance Co. International Ltd., Reg. S 4% 15/08/2026 USD 450,000 439,927 0.76

439,927 0.76 BrazilItau Unibanco Holding SA, Reg. S, FRN 6.125% Perpetual USD 500,000 491,142 0.85

491,142 0.85 CanadaFirst Quantum Minerals Ltd., 144A 7% 15/02/2021 USD 600,000 609,792 1.05

609,792 1.05 Cayman IslandsIndustrial Senior Trust, Reg. S 5.5% 01/11/2022 USD 500,000 507,940 0.88 Shimao Property Holdings Ltd., Reg. S 6.375% 15/10/2021 USD 400,000 416,477 0.72

924,417 1.60 ChileLatam Airlines Group SA, Reg. S 7.25% 09/06/2020 USD 300,000 309,328 0.53

309,328 0.53 FranceCredit Agricole SA, Reg. S, FRN 8.375% Perpetual USD 500,000 512,678 0.89

512,678 0.89 LuxembourgHidrovias International Finance SARL, Reg. S 5.95% 24/01/2025 USD 450,000 432,630 0.75

432,630 0.75 MexicoPetroleos Mexicanos 6.375% 04/02/2021 USD 650,000 673,293 1.16

673,293 1.16 NetherlandsMyriad International Holdings BV, Reg. S 6% 18/07/2020 USD 550,000 567,512 0.98

567,512 0.98 NigeriaNigeria Treasury Bill 0% 14/11/2019 NGN 100,000,000 254,472 0.44

254,472 0.44 ParaguayTelefonica Celular del Paraguay SA, Reg. S 6.75% 13/12/2022 USD 200,000 204,867 0.35

204,867 0.35


151






Quantity/ Nominal

Value

Market Value

USD% of


Peru

Fondo MIVIVIENDA SA, Reg. S 3.375% 02/04/2019 USD 500,000 500,422 0.87


1,000,380 1.73

United Kingdom

Petra Diamonds US Treasury plc, Reg. S 7.25% 01/05/2022 USD 455,000 424,790 0.73

424,790 0.73



Cash 2,730,708 4.71



152


Net AssetsCayman Islands 13.30 Netherlands 7.39 Turkey 5.03 Luxembourg 4.82 United Arab Emirates 4.77 Nigeria 3.94 Mexico 3.88 Argentina 3.76 Supranational 3.60 Hong Kong 3.55 Bermuda 3.42 United Kingdom 3.17 India 3.15 Peru 2.52 Chile 2.33 Austria 2.11 Indonesia 2.10 Ireland 1.85 Bahrain 1.58 Mauritius 1.52 Singapore 1.51 Panama 1.51 Georgia 1.49 Isle of Man 1.40 United States of America 1.06 Canada 1.05 Saudi Arabia 1.02 Morocco 0.97 South Korea 0.94 France 0.89 Brazil 0.85 Colombia 0.84 Egypt 0.79 Norway 0.71 Kazakhstan 0.57 Senegal 0.54 Ivory Coast 0.52 Paraguay 0.35 Total Investments 94.80 Cash and Other Assets/(Liabilities) 5.20Total 100.00





153






PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


USD% of

Net AssetsGBP 6,459,893 USD 8,444,416 15/04/2019 J.P. Morgan 26,857 0.05

USD 22,325 EUR 19,620 15/04/2019 J.P. Morgan 268 –

USD 274,327 EUR 242,591 30/04/2019 J.P. Morgan 1,254 –

Total Unrealised Gain on Forward Currency Exchange Contracts 28,379 0.05 EUR 7,558,030 USD 8,529,892 15/04/2019 J.P. Morgan (32,957) (0.06)

GBP 186,255 USD 245,961 15/04/2019 J.P. Morgan (1,714) –

USD 434,842 AED 1,600,000 17/10/2019 J.P. Morgan (618) –

USD 2,693 EUR 2,396 15/04/2019 J.P. Morgan (1) –

USD 205,597 GBP 157,213 15/04/2019 J.P. Morgan (565) –



154


Jupiter Global Levered Absolute Return

■ Jupiter Global Levered Absolute Return Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value GBP

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesAustraliaNewcrest Mining Ltd. AUD 62,488 862,827 1.92

South32 Ltd. GBP 163,679 325,885 0.73

1,188,712 2.65 BermudaTexwinca Holdings Ltd. HKD 458,140 131,153 0.29

131,153 0.29 CanadaCameco Corp. CAD 151,160 1,374,612 3.06

1,374,612 3.06 ChinaChina Petroleum & Chemical Corp. 'H' HKD 880,000 529,931 1.18


822,490 1.83 DenmarkAP Moller - Maersk A/S 'B' DKK 731 708,533 1.58


Pandora A/S DKK 4,850 172,806 0.38

1,204,150 2.68 FranceSanofi EUR 4,959 332,559 0.74

332,559 0.74 GermanyDeutsche Boerse AG EUR 6,748 662,233 1.47

Volkswagen AG Preference EUR 950 114,620 0.26

776,853 1.73 GuernseyBurford Capital Ltd. GBP 102,404 1,717,315 3.82


373,624 0.83


155



■ Jupiter Global Levered Absolute Return Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value GBP

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesJapanAstellas Pharma, Inc. JPY 51,290 586,006 1.31

Bridgestone Corp. JPY 11,530 338,700 0.75

FANUC Corp. JPY 2,810 365,437 0.81

Hoya Corp. JPY 1,250 62,944 0.14

KDDI Corp. JPY 35,270 579,397 1.29

NTT DOCOMO, Inc. JPY 22,160 374,454 0.83

Sekisui Chemical Co. Ltd. JPY 74,000 907,806 2.02

Sumitomo Mitsui Financial Group, Inc. JPY 16,760 447,817 1.00

Tokio Marine Holdings, Inc. JPY 3,400 125,669 0.28





199,657 0.44 NorwayEquinor ASA NOK 59,896 1,011,262 2.25

1,011,262 2.25 RussiaDetsky Mir PJSC, Reg. S RUB 249,000 259,570 0.58

Gazprom PJSC USD 651,000 1,153,590 2.57

Magnit PJSC RUB 1,400 60,052 0.13


Novolipetsk Steel PJSC USD 215,000 433,905 0.97

Sberbank of Russia PJSC Preference RUB 210,000 472,561 1.05

Sberbank of Russia PJSC RUB 200,000 512,845 1.14

2,983,181 6.64


156





Quantity/ Nominal

Value

Market Value GBP

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesSwitzerlandRoche Holding AG CHF 1,751 360,344 0.80

Transocean Ltd. USD 88,500 595,966 1.33

956,310 2.13 United KingdomAggreko plc GBP 16,500 128,419 0.29



Barclays plc GBP 295,084 456,672 1.02

BHP Group plc GBP 71,781 1,327,087 2.95

Capita plc GBP 258,670 318,229 0.71


Centrica plc GBP 1,265,187 1,462,240 3.25



Essentra plc GBP 132,474 544,601 1.21

Forterra plc, Reg. S GBP 36,000 105,570 0.24

Fresnillo plc GBP 104,074 909,399 2.02



Hays plc GBP 327,048 487,138 1.08

Howden Joinery Group plc GBP 81,081 393,446 0.88


IG Group Holdings plc GBP 192,900 999,704 2.22

IMI plc GBP 41,126 386,173 0.86


ITE Group plc GBP 565,186 397,043 0.88


Kingfisher plc GBP 272,810 642,740 1.43


Meggitt plc GBP 53,602 269,243 0.60


Moneysupermarket.com Group plc GBP 90,805 333,935 0.74

Pearson plc GBP 61,044 514,051 1.14


Rotork plc GBP 41,791 116,889 0.26

Royal Bank of Scotland Group plc GBP 277,005 691,820 1.54


157





Quantity/ Nominal

Value

Market Value GBP

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesUnited Kingdom (continued)

Royal Dutch Shell plc 'B' GBP 45,923 1,112,829 2.48

Royal Mail plc GBP 140,293 337,826 0.75


SIG plc GBP 183,831 259,202 0.58



Tate & Lyle plc GBP 51,236 365,518 0.81

18,848,298 41.94 United States of AmericaCitizens Financial Group, Inc. USD 11,082 274,281 0.61

Gilead Sciences, Inc. USD 10,637 516,915 1.15

Tapestry, Inc. USD 16,264 406,010 0.91


1,338,032 2.98 Total Equities 37,588,777 83.65 WarrantsUnited States of AmericaTidewater, Inc. 'B' 31/07/2023 USD 2,200 5,918 0.01

5,918 0.01 Total Warrants 5,918 0.01 Total Transferable securities and money market instruments admitted to an official exchange listing 37,594,695 83.66

Units of authorised UCITS or other collective investment undertakingsExchange Traded FundsJerseyETFS Physical Gold Fund USD 16,450 1,549,476 3.45

ETFS Physical Gold Fund GBP 28,038 2,641,039 5.88

4,190,515 9.33 Total Exchange Traded Funds 4,190,515 9.33 Total Units of authorised UCITS or other collective investment undertakings 4,190,515 9.33



158






Jersey 9.90

Japan 8.43

Russia 6.64

Guernsey 3.82

Canada 3.06


Denmark 2.68

Australia 2.65

Norway 2.25

Switzerland 2.13

China 1.83

Germany 1.73

Isle of Man 0.83

France 0.74

Netherlands 0.44

Luxembourg 0.35

Bermuda 0.29

Mexico 0.29



Total 100.00


159



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


GBP% of

Net AssetsGBP 328,238 AUD 600,000 21/05/2019 J.P. Morgan 4,037 0.01

GBP 279,930 EUR 324,889 15/04/2019 J.P. Morgan 1,404 –

GBP 699,552 EUR 800,000 21/05/2019 J.P. Morgan 12,833 0.03

GBP 3,558,128 JPY 510,000,000 21/05/2019 J.P. Morgan 38,821 0.09

GBP 4,675,082 USD 6,100,000 21/05/2019 J.P. Morgan 31,979 0.07

SEK 50,160,151 GBP 4,091,646 15/04/2019 J.P. Morgan 42,342 0.09

USD 124,267 GBP 94,062 15/04/2019 J.P. Morgan 699 –


GBP 620,010 EUR 726,278 15/04/2019 J.P. Morgan (2,624) (0.01)

GBP 177,616 SEK 2,179,772 15/04/2019 J.P. Morgan (2,032) –

GBP 351,818 USD 464,185 15/04/2019 J.P. Morgan (2,153) –

USD 10,917,227 GBP 8,351,803 15/04/2019 J.P. Morgan (26,710) (0.06)







Global Exposure

GBP

Market Value GBP

% of Net Assets

168 ING Groep NV, Call, 12.000, 18/12/2020 EUR UBS 43,707 7,918 0.02


Merrill Lynch 211,501,698 64 –



160






Global Exposure

GBP


GBP% of

Net Assets

Australia Commonwealth Bank of Australia AUD (11,922) (455,723) 21,388 0.05

Australia Newcrest Mining Ltd. AUD 14,300 197,453 7,716 0.02

Canada Cameco Corp. CAD 19,500 177,328 7,985 0.02

Canada Canadian Imperial Bank of Commerce CAD (5,250) (319,476) 13,824 0.03

Cayman Islands Alibaba Group Holding Ltd. USD (1,500) (203,378) 6,118 0.01

Cayman Islands Pinduoduo, Inc. USD (4,900) (87,176) 24,771 0.06


France Cie de Saint-Gobain EUR 2,200 60,939 1,709 –

France EssilorLuxottica SA EUR (150) (12,540) 1,143 –

Germany Hannover Rueck SE EUR (3,750) (412,120) 8,837 0.02

Japan Aeon Co. Ltd. JPY (16,100) (256,801) 3,439 0.01

Japan Sekisui Chemical Co. Ltd. JPY 2,000 24,535 462 –

Norway Salmar ASA NOK (1,300) (47,896) 732 –

Spain CaixaBank SA EUR (54,581) (130,117) 16,557 0.04

Switzerland SGS SA CHF (88) (166,569) 5,023 0.01

Switzerland Transocean Ltd. USD 9,000 60,607 4,498 0.01

Thailand CP ALL PCL USD (137,500) (246,763) 12,108 0.03


United Kingdom Ashtead Group plc GBP (2,717) (50,265) 4,157 0.01


United Kingdom BHP Group plc GBP 9,300 171,929 9,551 0.02

United Kingdom BP plc GBP 618,125 3,446,047 142,787 0.32

United Kingdom Forterra plc GBP 50,000 146,625 5,141 0.01

United Kingdom Fresnillo plc GBP 18,100 158,158 2,498 0.01

United Kingdom GlaxoSmithKline plc GBP 8,100 128,555 7,266 0.02

United Kingdom Gocompare.Com Group plc GBP 155,000 120,280 18,600 0.04

United Kingdom Informa plc GBP 39,134 289,787 13,814 0.03

United Kingdom ITE Group plc GBP 30,000 21,075 765 –

United Kingdom Land Securities Group plc GBP 18,000 164,718 1,912 0.01

United Kingdom Melrose Industries plc GBP 10,000 18,033 642 –

United Kingdom Moneysupermarket.com Group plc GBP 4,000 14,710 922 –

United Kingdom Rio Tinto plc GBP 34,655 1,544,573 41,932 0.09

United Kingdom Royal Dutch Shell plc GBP 5,000 121,163 2,937 0.01


United Kingdom Tate & Lyle plc GBP 27,000 192,618 4,442 0.01


161






Global Exposure

GBP


GBP% of

Net Assets

United States of America AECOM USD (20,200) (454,789) 22,427 0.05


United States of America BioMarin Pharmaceutical, Inc. USD (1,250) (83,747) 5,208 0.01

United States of America BlackRock, Inc. USD (3,320) (1,076,650) 46,196 0.10


United States of America Caterpillar, Inc. USD (9,000) (908,962) 34,235 0.08



United States of America Charles Schwab Corp. (The) USD (5,400) (175,886) 13,701 0.03


United States of America Deere & Co. USD (5,400) (651,296) 24,641 0.06

United States of America DexCom, Inc. USD (300) (27,104) 1,537 –

United States of America Energizer Holdings, Inc. USD (700) (24,018) 489 –



United States of America Illinois Tool Works, Inc. USD (2,050) (223,451) 1,932 0.01

United States of America Ingevity Corp. USD (1,500) (123,199) 8,682 0.02


United States of America Kraft Heinz Co. (The) USD (6,050) (151,816) 1,408 –

United States of America Lattice Semiconductor Corp. USD (17,300) (154,915) 858 –

United States of America Micron Technology, Inc. USD (13,000) (390,198) 15,326 0.04


United States of America NCR Corp. USD (11,850) (242,290) 11,077 0.03

United States of America Netflix, Inc. USD (5,510) (1,490,853) 14,779 0.03

United States of America Newell Brands, Inc. USD (2,300) (27,107) 1,378 –


United States of America salesforce.com, Inc. USD (7,060) (836,021) 45,603 0.10

United States of America Service Corp. International USD (18,450) (564,904) 17,105 0.04

United States of America Sherwin-Williams Co. (The) USD (770) (253,395) 639 –

United States of America Snap-on, Inc. USD (3,750) (442,546) 15,295 0.03

United States of America SVB Financial Group USD (3,850) (653,957) 72,153 0.16

United States of America Tenet Healthcare Corp. USD (28,750) (626,774) 219 –

United States of America Tesla Motors, Inc. USD (10,790) (2,293,441) 329,373 0.73

United States of America Walmart, Inc. USD (3,600) (266,889) 5,041 0.01

United States of America Wayfair, Inc. USD (22,300) (2,547,952) 271,327 0.60



162






Global Exposure

GBP


GBP% of

Net Assets

Australia Domino's Pizza Enterprises Ltd. AUD (6,189) (145,443) (7,285) (0.02)

Belgium Anheuser-Busch InBev SA EUR (2,540) (162,414) (13,212) (0.03)

Canada TransCanada Corp. CAD (653) (22,362) (507) –

China China Petroleum & Chemical Corp. HKD 60,000 36,132 (3,412) (0.01)


Denmark AP Moller - Maersk A/S DKK 40 38,771 (1,818) –

Denmark Chr Hansen Holding A/S DKK (2,667) (208,480) (3,919) (0.01)

Denmark Coloplast A/S DKK (4,255) (354,838) (35,508) (0.08)

Denmark Novozymes A/S DKK (9,472) (333,900) (10,112) (0.02)

France Danone SA EUR (1,703) (100,160) (3,364) (0.01)



Germany Zalando SE EUR (5,100) (152,521) (10,926) (0.02)

Guernsey Burford Capital Ltd. GBP 4,000 67,080 (3,720) (0.01)

Ireland Kerry Group plc EUR (1,023) (85,668) (6,246) (0.01)


Ireland Linde plc USD (3,050) (404,250) (1,059) –

Isle of Man GVC Holdings plc GBP 22,000 121,110 (15,895) (0.04)

Japan Astellas Pharma, Inc. JPY 8,000 91,403 (3,321) (0.01)

Japan M3, Inc. JPY (28,700) (367,209) (2,175) –


Netherlands Airbus SE EUR (3,583) (360,884) (12,097) (0.03)


Netherlands Fiat Chrysler Automobiles NV EUR (50,595) (574,762) (11,923) (0.03)

Sweden Elekta AB SEK (13,467) (127,682) (9,681) (0.02)

Sweden Volvo AB SEK (14,696) (174,448) (9,777) (0.02)

Switzerland Geberit AG CHF (736) (230,410) (5,752) (0.01)


Switzerland Nestle SA CHF (5,009) (364,202) (17,423) (0.04)

Switzerland Sonova Holding AG CHF (1,500) (226,059) (11,550) (0.03)

Switzerland Straumann Holding AG CHF (462) (287,778) (12,035) (0.03)

United Kingdom Babcock International Group plc GBP 13,000 65,312 (5,018) (0.01)

United Kingdom Barclays plc GBP 87,000 134,641 (8,178) (0.02)

United Kingdom BBA Aviation plc GBP (43,090) (106,217) (1,336) –

United Kingdom Capita plc GBP 30,000 36,908 (397) –

United Kingdom Centrica plc GBP 125,000 144,469 (11,156) (0.02)



163






Global Exposure

GBP


GBP% of

Net Assets



United Kingdom IG Group Holdings plc GBP 21,000 108,833 (9,712) (0.02)

United Kingdom IMI plc GBP 2,500 23,475 (175) –

United Kingdom Just Eat plc GBP (55,379) (417,945) (4,596) (0.01)

United Kingdom KCOM Group plc GBP 30,000 21,225 (225) –

United Kingdom Kingfisher plc GBP 25,000 58,900 (1,625) –

United Kingdom Legal & General Group plc GBP 82,000 226,402 (3,479) (0.01)

United Kingdom Meggitt plc GBP 10,000 50,230 (3,690) (0.01)

United Kingdom Royal Bank of Scotland Group plc GBP 53,000 132,368 (8,453) (0.02)

United Kingdom Royal Mail plc GBP 32,000 77,056 (13,440) (0.03)

United Kingdom Serco Group plc GBP 170,000 217,345 (3,481) (0.01)

United Kingdom Spirax-Sarco Engineering plc GBP (8,336) (589,980) (34,386) (0.08)

United States of America ACADIA Pharmaceuticals, Inc. USD (12,400) (252,021) (1,277) –


United States of America Amazon.com, Inc. USD (730) (987,984) (74,535) (0.17)

United States of America AMETEK, Inc. USD (12,200) (765,607) (24,763) (0.06)




United States of America Campbell Soup Co. USD (10,100) (295,139) (17,533) (0.04)

United States of America CarMax, Inc. USD (8,250) (400,917) (9,978) (0.02)

United States of America Charter Communications, Inc. USD (2,950) (794,181) (17,772) (0.04)

United States of America Coca-Cola Co. (The) USD (18,650) (663,032) (17,789) (0.04)

United States of America Crown Castle International Corp. USD (1,920) (186,381) (12,402) (0.03)


United States of America Dollar Tree, Inc. USD (5,100) (402,688) (27,806) (0.06)

United States of America Dorman Products, Inc. USD (18,500) (1,238,815) (96,770) (0.22)

United States of America Dunkin' Brands Group, Inc. USD (6,850) (396,495) (23,025) (0.05)

United States of America Equinix, Inc. USD (1,890) (648,838) (38,067) (0.08)

United States of America Estee Lauder Cos., Inc. (The) USD (900) (112,921) (5,140) (0.01)

United States of America Facebook, Inc. USD (4,960) (626,519) (15,461) (0.03)

United States of America Franklin Resources, Inc. USD (11,850) (297,448) (2,577) (0.01)

United States of America General Mills, Inc. USD (11,600) (455,812) (38,637) (0.09)

United States of America Gilead Sciences, Inc. USD 1,800 87,473 (1,834) –


United States of America Intel Corp. USD (17,850) (723,466) (2,111) –


164






Global Exposure

GBP


GBP% of

Net Assets

United States of America International Flavors & Fragrances, Inc. USD (1,200) (118,759) (2,710) (0.01)


United States of America Intuitive Surgical, Inc. USD (1,210) (519,801) (14,187) (0.03)

United States of America Iron Mountain, Inc. USD (3,500) (95,118) (521) –

United States of America JM Smucker Co. (The) USD (6,550) (580,154) (50,806) (0.11)

United States of America Kellogg Co. USD (14,600) (634,635) (9,170) (0.02)

United States of America Kilroy Realty Corp. USD (11,700) (682,894) (24,820) (0.06)

United States of America Kimberly-Clark Corp. USD (1,250) (118,180) (6,744) (0.02)

United States of America LKQ Corp. USD (1,700) (36,588) (655) –

United States of America McDonald's Corp. USD (6,650) (960,939) (28,061) (0.06)


United States of America Mondelez International, Inc. USD (11,500) (433,104) (19,262) (0.04)

United States of America Nexstar Media Group, Inc. USD (12,500) (1,053,796) (121,614) (0.27)

United States of America NVIDIA Corp. USD (6,180) (835,774) (108,321) (0.24)

United States of America Ollie's Bargain Outlet Holdings, Inc. USD (1,250) (81,329) (4,093) (0.01)

United States of America PayPal Holdings, Inc. USD (2,250) (178,309) (9,932) (0.02)


United States of America Post Holdings, Inc. USD (14,150) (1,182,478) (82,438) (0.18)

United States of America Prestige Consumer Healthcare, Inc. USD (8,650) (196,597) (3,465) (0.01)

United States of America Roper Technologies, Inc. USD (1,550) (402,219) (19,421) (0.04)


United States of America Tapestry, Inc. USD 1,400 34,949 (2,377) (0.01)


United States of America US Concrete, Inc. USD (9,100) (281,229) (2,067) –



Net Unrealised Loss on Contracts for Difference (293,241) (0.65)



Counterparty Unrealised Gain/(Loss) GBP



(293,241)

165


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesAustraliaSeven West Media Ltd. AUD 17,000,000 5,877,494 1.58

South32 Ltd. AUD 2,700,000 7,151,927 1.93

13,029,421 3.51 BermudaPAX Global Technology Ltd. HKD 27,580,000 12,771,186 3.44

12,771,186 3.44 CanadaBarrick Gold Corp. USD 900,000 12,487,500 3.36

12,487,500 3.36 Czech RepublicPhilip Morris CR A/S CZK 13,000 8,921,846 2.40

8,921,846 2.40 DenmarkPandora A/S DKK 170,000 7,937,843 2.13

Scandinavian Tobacco Group A/S, Reg. S 'A' DKK 800,000 9,985,483 2.69

17,923,326 4.82 GermanyVolkswagen AG Preference EUR 80,000 12,649,246 3.41

12,649,246 3.41 GreeceHellenic Exchanges - Athens Stock Exchange SA EUR 1,476,314 6,958,914 1.87

6,958,914 1.87 JapanDai-Dan Co. Ltd. JPY 114,100 2,641,557 0.71

Hazama Ando Corp. JPY 1,500,000 10,029,345 2.70

HI-LEX Corp. JPY 365,000 6,861,671 1.85

Kato Sangyo Co. Ltd. JPY 300,000 9,893,905 2.66

Maeda Road Construction Co. Ltd. JPY 550,000 10,667,269 2.87

Nippon Television Holdings, Inc. JPY 557,000 8,341,169 2.25

Toagosei Co. Ltd. JPY 800,000 8,451,467 2.27

TS Tech Co. Ltd. JPY 355,000 10,217,269 2.75

67,103,652 18.06 JerseyWPP plc GBP 1,400,000 14,894,094 4.01

14,894,094 4.01 NetherlandsFlow Traders, Reg. S EUR 400,000 11,086,058 2.98

11,086,058 2.98



■ Jupiter Global Value Schedule of Investments as at 31 March 2019


166


Quantity/ Nominal

Value

Market Value

USD% of


New Zealand

SKY Network Television Ltd. NZD 9,500,000 8,396,641 2.26

8,396,641 2.26

Sweden

Telefonaktiebolaget LM Ericsson 'B' SEK 810,000 7,396,330 1.99

7,396,330 1.99

United Kingdom

Anglo American plc GBP 390,000 10,391,839 2.80

Aviva plc GBP 2,300,000 12,415,284 3.34

Babcock International Group plc GBP 1,230,000 8,098,261 2.18

Barclays plc GBP 4,600,000 9,329,397 2.51

BP plc GBP 1,750,000 12,785,566 3.44

Marks & Spencer Group plc GBP 3,000,000 10,996,405 2.96

Pearson plc GBP 810,000 8,938,934 2.40

Royal Bank of Scotland Group plc GBP 3,700,000 12,110,003 3.26

Standard Chartered plc GBP 1,900,000 14,662,070 3.95

TP ICAP plc GBP 2,959,055 11,466,777 3.09

111,194,536 29.93


H&R Block, Inc. USD 500,000 12,062,500 3.25

Harley-Davidson, Inc. USD 340,000 12,121,000 3.26

Ralph Lauren Corp. USD 70,000 9,054,850 2.44

Western Union Co. (The) USD 900,000 16,762,500 4.51

50,000,850 13.46



Cash 14,317,644 3.85





■ Jupiter Global Value Schedule of Investments as at 31 March 2019 (continued)


167



■ Jupiter Global Value Schedule of Investments as at 31 March 2019 (continued)



Japan 18.06


Denmark 4.82

Jersey 4.01

Australia 3.51

Bermuda 3.44

Germany 3.41

Canada 3.36

Netherlands 2.98

Czech Republic 2.40

New Zealand 2.26

Sweden 1.99

Greece 1.87



Total 100.00


168


Jupiter India Select

■ Jupiter India Select Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

USD% of


India

Aditya Birla Fashion and Retail Ltd. INR 640,089 2,038,055 0.80

Anant Raj Ltd. INR 147,553 71,639 0.03

Apollo Micro Systems Ltd., Reg. S INR 155,116 234,899 0.09

Arvind Fashions Ltd. INR 101,825 1,534,916 0.60

Arvind Ltd. INR 490,466 644,576 0.25

Bharat Petroleum Corp. Ltd. INR 1,445,080 8,301,301 3.25

Biocon Ltd. INR 1,494,382 13,183,945 5.16

Bodal Chemicals Ltd. INR 458,888 840,460 0.33

BSE Ltd. INR 197,186 1,741,351 0.68

Byke Hospitality Ltd. (The) INR 531,326 214,204 0.08

Canara Bank INR 994,358 4,185,485 1.64

Coffee Day Enterprises Ltd., Reg. S INR 475,832 1,989,480 0.78

Cox & Kings Financial Service Ltd.* INR 333,051 313,296 0.12

Cox & Kings Ltd. INR 883,179 1,784,735 0.70

Crompton Greaves Consumer Electricals Ltd. INR 1,054,777 3,462,833 1.35

Deccan Gold Mines Ltd. INR 856,039 335,216 0.13

EIH Associated Hotels INR 1,277,802 7,121,570 2.78

Elpro International Ltd. INR 2,171,786 1,454,552 0.57

Emami Ltd. INR 339,838 1,964,240 0.77

Exide Industries Ltd. INR 1,144,373 3,616,420 1.41

Federal Bank Ltd. INR 1,568,926 2,186,589 0.86

Force Motors Ltd. INR 91,544 2,248,817 0.88

Fortis Healthcare Ltd. INR 3,715,764 7,288,707 2.85

Gillette India Ltd. INR 80,156 7,638,535 2.99

Godfrey Phillips India Ltd. INR 925,375 15,498,911 6.06

HCL Technologies Ltd. INR 268,670 4,221,735 1.65

HDFC Bank Ltd. INR 230,476 7,722,719 3.02

Himatsingka Seide Ltd. INR 339,364 1,067,546 0.42

Hindustan Petroleum Corp. Ltd. INR 4,336,566 17,786,782 6.96

ICICI Bank Ltd. INR 1,371,893 7,939,356 3.10

ICICI Prudential Life Insurance Co. Ltd., Reg. S INR 1,182,821 5,986,317 2.34

IDFC First Bank Ltd. INR 4,488,982 3,600,007 1.41

India Grid Trust, Reg. S INR 1,398,222 1,656,733 0.65

Indian Oil Corp. Ltd. INR 2,366,463 5,568,651 2.18

Indo Count Industries Ltd. INR 761,713 536,022 0.21

IndoStar Capital Finance Ltd., Reg. S INR 335,021 2,014,338 0.79


169



■ Jupiter India Select Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesIndia (continued)

InterGlobe Aviation Ltd., Reg. S INR 483,330 9,974,247 3.90

JBF Industries Ltd. INR 730,999 216,009 0.08

Kaveri Seed Co. Ltd. INR 296,134 1,967,737 0.77

KDDL Ltd. INR 78,298 498,039 0.19

Max Financial Services Ltd. INR 641,913 4,036,710 1.58

Max India Ltd. INR 411,182 406,102 0.16

Milk Food Ltd. INR 58,154 248,649 0.10

MRF Ltd. INR 2,650 2,220,446 0.87

Multi Commodity Exchange of India Ltd. INR 55,312 644,674 0.25

Narayana Hrudayalaya Ltd., Reg. S INR 219,216 673,597 0.26

Natco Pharma Ltd. INR 349,347 2,894,777 1.13

NBCC India Ltd. INR 1,057,317 1,012,934 0.40

Nestle India Ltd. INR 36,342 5,755,984 2.25

Olectra Greentech Ltd. INR 394,722 1,393,120 0.54

Oriental Bank of Commerce INR 1,785,199 2,998,763 1.17

Piramal Enterprises Ltd. INR 163,086 6,511,775 2.55

Power Grid Corp. of India Ltd. INR 891,113 2,548,245 1.00

Prism Johnson Ltd. INR 2,703,392 3,736,427 1.46

Procter & Gamble Hygiene & Health Care Ltd. INR 32,737 5,124,744 2.00

Punjab & Sind Bank INR 1,073,101 484,566 0.19

Quick Heal Technologies Ltd., Reg. S INR 238,535 776,734 0.30

Reliance Capital Ltd. INR 1,869,807 5,525,259 2.16

Reliance Home Finance Ltd. INR 714,741 296,927 0.12

Royal Orchid Hotels Ltd. INR 275,090 458,318 0.18

SML ISUZU Ltd. INR 103,801 1,249,422 0.49

Southern Online Bio Technologies Ltd. INR 775,507 17,145 0.01

SpiceJet Ltd. INR 2,208,266 3,119,110 1.22

State Bank of India INR 1,729,325 8,015,042 3.13

Sun Pharmaceutical Industries Ltd. INR 795,768 5,506,156 2.15

Syndicate Bank INR 1,331,566 831,207 0.32

Syngene International Ltd., Reg. S INR 134,570 1,157,568 0.45

Tasty Bite Eatables Ltd. INR 12,353 1,507,377 0.59

Tech Mahindra Ltd. INR 456,442 5,117,453 2.00

Texmaco Rail & Engineering Ltd. INR 1,834,417 1,828,983 0.72

Torrent Power Ltd. INR 676,395 2,516,750 0.98

Triveni Turbine Ltd. INR 1,020,947 1,590,320 0.62

TTK Healthcare Ltd. INR 59,774 585,389 0.23


170





Quantity/ Nominal

Value

Market Value

USD% of


India (continued)

Union Bank of India INR 1,369,563 1,891,919 0.74

United Spirits Ltd. INR 300,681 2,406,578 0.94

Whirlpool of India Ltd. INR 146,082 3,198,162 1.25

248,938,302 97.34

Isle of Man

Eros International plc USD 297,766 2,682,872 1.05

2,682,872 1.05


Transferable securities and money market instruments dealt in on another regulated market Bonds

Mauritius

Bank of Mauritius 0% 10/05/2019 MUR 4,500,000 128,416 0.05

128,416 0.05

Total Bonds 128,416 0.05 Total Transferable securities and money market instruments dealt in on another regulated market 128,416 0.05


Equities

Isle of Man

Hirco plc* GBP 50,000 – –

– –

Total Equities – –

Total Other transferable securities and money market instruments – –


Cash 4,757,031 1.86





171





Net AssetsIndia 97.34

Isle of Man 1.05

Mauritius 0.05



Total 100.00


172



■ Jupiter Japan Select Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

USD% of


Japan

Asahi Intecc Co. Ltd. JPY 60,500 2,837,901 2.45

Autonomous Control Systems Laboratory Ltd. JPY 21,200 732,668 0.63

Bridgestone Corp. JPY 116,100 4,469,457 3.85

Daifuku Co. Ltd. JPY 55,000 2,855,530 2.46

en-japan, Inc. JPY 61,100 1,772,314 1.53

Fukuoka Financial Group, Inc. JPY 93,800 2,077,575 1.79

Hazama Ando Corp. JPY 197,900 1,323,205 1.14

Iriso Electronics Co. Ltd. JPY 49,900 2,273,097 1.96

Katitas Co. Ltd. JPY 77,400 2,645,228 2.28

KDDI Corp. JPY 222,100 4,781,417 4.12

Koito Manufacturing Co. Ltd. JPY 26,900 1,522,916 1.31

Lasertec Corp. JPY 36,100 1,505,932 1.30

Marui Group Co. Ltd. JPY 104,300 2,104,364 1.81

Nippon Densetsu Kogyo Co. Ltd. JPY 63,900 1,330,505 1.15

Nippon Telegraph & Telephone Corp. JPY 131,800 5,598,079 4.82

Nissan Chemical Corp. JPY 53,300 2,435,196 2.10

Nitta Corp. JPY 50,900 1,654,537 1.43

Nomura Co. Ltd. JPY 33,200 933,797 0.80

Nomura Research Institute Ltd. JPY 76,600 3,478,989 3.00

ORIX Corp. JPY 379,700 5,448,652 4.69

Pan Pacific International Holdings Corp. JPY 36,700 2,428,993 2.09

Prestige International, Inc. JPY 212,900 2,673,985 2.30

Rohm Co. Ltd. JPY 48,300 3,009,210 2.59

Sekisui Chemical Co. Ltd. JPY 104,700 1,683,236 1.45

Sekisui House Ltd. JPY 220,200 3,642,496 3.14

Shima Seiki Manufacturing Ltd. JPY 76,200 2,339,323 2.02

SHO-BOND Holdings Co. Ltd. JPY 34,800 2,318,953 2.00

Sony Corp. JPY 48,800 2,046,956 1.76

Sosei Group Corp. JPY 80,900 1,098,633 0.95

Star Asia Investment Corp., REIT JPY 3,183 3,142,763 2.71

Sumitomo Mitsui Financial Group, Inc. JPY 197,000 6,898,113 5.94

Takeda Pharmaceutical Co. Ltd. JPY 94,600 3,862,584 3.33

TechnoPro Holdings, Inc. JPY 68,100 4,055,255 3.49

Terumo Corp. JPY 102,600 3,125,710 2.69

Tokio Marine Holdings, Inc. JPY 102,300 4,955,200 4.27


173



■ Jupiter Japan Select Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

USD% of


Japan (continued)

Tokyo Electron Ltd. JPY 25,900 3,739,422 3.22

Toyota Motor Corp. JPY 132,900 7,789,200 6.71

Zenkoku Hosho Co. Ltd. JPY 36,000 1,257,156 1.08

ZIGExN Co. Ltd. JPY 176,500 933,896 0.81

112,782,443 97.17



Cash 927,163 0.80




Net AssetsJapan 97.17



Total 100.00


174


Jupiter New Europe

■ Jupiter New Europe Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of


Cyprus

Globaltrans Investment plc, Reg. S, GDR USD 2,856 26,882 1.57

26,882 1.57

Czech Republic

Komercni banka A/S CZK 757 27,705 1.62

Moneta Money Bank A/S, Reg. S CZK 6,867 21,090 1.23

48,795 2.85

Greece

JUMBO SA EUR 2,155 32,088 1.87

National Bank of Greece SA EUR 11,568 17,624 1.03

OPAP SA EUR 2,438 22,417 1.31

72,129 4.21

Hungary

MOL Hungarian Oil & Gas plc HUF 2,336 23,948 1.40

OTP Bank Nyrt. HUF 1,424 56,345 3.29

Richter Gedeon Nyrt. HUF 1,270 21,459 1.25

101,752 5.94

Netherlands

X5 Retail Group NV, Reg. S, GDR USD 100 2,275 0.13

X5 Retail Group NV, Reg. S, GDR EUR 740 16,837 0.98

Yandex NV USD 670 21,243 1.24

40,355 2.35

Poland

Alior Bank SA PLN 2,614 36,789 2.15

Bank Pekao SA PLN 2,837 73,116 4.27

CCC SA PLN 524 26,188 1.53

Dino Polska SA, Reg. S PLN 787 21,906 1.28

LPP SA PLN 9 17,371 1.01

Polski Koncern Naftowy ORLEN SA PLN 889 20,256 1.18

Powszechna Kasa Oszczednosci Bank Polski SA PLN 4,128 36,940 2.16

Powszechny Zaklad Ubezpieczen SA PLN 3,222 30,247 1.76

Santander Bank Polska SA PLN 218 19,287 1.12

282,100 16.46


175


Jupiter New Europe

■ Jupiter New Europe Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


Russia

Alrosa PJSC RUB 14,391 18,374 1.07

Gazprom PJSC RUB 39,593 81,875 4.78

LUKOIL PJSC, ADR USD 2,066 166,534 9.72

Magnit PJSC RUB 502 25,128 1.47

MMC Norilsk Nickel PJSC USD 424 79,864 4.66

Mobile TeleSystems PJSC USD 6,538 23,057 1.35

Novatek PJSC USD 876 12,895 0.75

Novatek PJSC RUB 4,578 67,389 3.93

Novolipetsk Steel PJSC RUB 8,224 19,369 1.13

Rosneft Oil Co. PJSC, Reg. S, GDR USD 6,211 34,833 2.03

Rostelecom PJSC USD 8,781 8,779 0.51

Rostelecom PJSC RUB 10,133 10,131 0.59



Severstal PJSC USD 1,382 19,611 1.14

Surgutneftegas PJSC Preference RUB 24,000 13,459 0.79

Surgutneftegas PJSC Preference USD 38,184 21,414 1.25

Tatneft PJSC, ADR USD 1,108 69,441 4.05

Tatneft PJSC Preference RUB 7,080 54,322 3.17

VTB Bank PJSC RUB 38,088,000 18,991 1.11

883,964 51.58

Slovenia

Nova Ljubljanska Banka dd, Reg. S, GDR EUR 1,890 23,047 1.34

23,047 1.34

Turkey

Eregli Demir ve Celik Fabrikalari TAS TRY 12,336 17,853 1.04

Mavi Giyim Sanayi ve Ticaret A/S, Reg. S 'B' TRY 3,602 20,874 1.22

Tofas Turk Otomobil Fabrikasi A/S TRY 6,445 17,278 1.01

Tupras Turkiye Petrol Rafinerileri A/S TRY 1,595 31,275 1.82

Turkiye Garanti Bankasi A/S TRY 38,105 49,202 2.87

Ulker Biskuvi Sanayi A/S TRY 8,459 22,538 1.32

159,020 9.28


176


Jupiter New Europe




Quantity/ Nominal

Value

Market Value

EUR% of


United Kingdom

TBC Bank Group plc GBP 1,150 20,546 1.20

20,546 1.20



Cash 30,897 1.80



177


Net AssetsRussia 51.58

Poland 16.46

Turkey 9.28

Hungary 5.94

Greece 4.21

Czech Republic 2.85

Netherlands 2.35

Cyprus 1.57

Slovenia 1.34

United Kingdom 1.20



Total 100.00


Jupiter New Europe



178


Jupiter Strategic Total Return

■ Jupiter Strategic Total Return Schedule of Investments as at 31 March 2019


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsAustraliaAustralia Government Bond, Reg. S 4.75% 21/04/2027 AUD 820,000 637,510 3.02 Australia Government Bond, Reg. S 4.5% 21/04/2033 AUD 700,000 582,475 2.76 National Australia Bank Ltd., Reg. S, FRN 0.262% 19/04/2021 EUR 200,000 201,702 0.96


104,864 0.50 BelgiumAnheuser-Busch InBev SA, Reg. S, FRN 0.441% 17/03/2020 EUR 333,000 334,818 1.59

334,818 1.59 BulgariaBulgarian Energy Holding EAD, Reg. S 3.5% 28/06/2025 EUR 150,000 153,702 0.73

153,702 0.73 FinlandSampo OYJ, Reg. S 1.125% 24/05/2019 EUR 300,000 300,533 1.42

300,533 1.42 GermanyDaimler AG, Reg. S 0.25% 11/05/2020 EUR 300,000 301,375 1.43

301,375 1.43 IrelandBank of Ireland Group plc, Reg. S, FRN 3.125% 19/09/2027 GBP 108,000 120,976 0.57

120,976 0.57 ItalyTelecom Italia SpA, Reg. S 6.375% 24/06/2019 GBP 150,000 176,938 0.84

176,938 0.84 JerseyAptiv plc 1.5% 10/03/2025 EUR 150,000 152,342 0.72

152,342 0.72 LuxembourgGazprom OAO, Reg. S 3.85% 06/02/2020 USD 300,000 268,682 1.27 John Deere Bank SA, Reg. S, FRN 0% 03/10/2022 EUR 200,000 199,417 0.95

468,099 2.22 NetherlandsDeutsche Telekom International Finance BV, Reg. S 0.375% 30/10/2021 EUR 200,000 202,032 0.96 ING Bank NV, Reg. S, FRN 0.102% 20/11/2019 EUR 200,000 200,435 0.95 NatWest Markets plc, Reg. S 5.375% 30/09/2019 EUR 300,000 308,013 1.46 RELX Finance BV, Reg. S 1.375% 12/05/2026 EUR 131,000 134,575 0.64 Volkswagen International Finance NV, Reg. S, FRN 0.292% 15/04/2019 EUR 300,000 300,073 1.42

1,145,128 5.43


179



■ Jupiter Strategic Total Return Schedule of Investments as at 31 March 2019 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


Portugal

EDP - Energias de Portugal SA, Reg. S, FRN 4.496% 30/04/2079 EUR 100,000 104,675 0.50

104,675 0.50

South Korea

Korea Development Bank (The), FRN 3.52% 06/07/2022 USD 300,000 268,055 1.27

268,055 1.27

Sweden

Swedbank AB, Reg. S, FRN 0.192% 18/08/2020 EUR 300,000 301,267 1.43

301,267 1.43

Switzerland

Credit Suisse AG, Reg. S, FRN 0.142% 16/10/2019 EUR 200,000 200,451 0.95

200,451 0.95

United Kingdom

Admiral Group plc, Reg. S 5.5% 25/07/2024 GBP 200,000 247,662 1.17

Barclays plc, Reg. S 1.875% 23/03/2021 EUR 200,000 205,400 0.97

British Telecommunications plc, Reg. S 2.125% 26/09/2028 EUR 100,000 103,706 0.49 Co-operative Group Holdings 2011 Ltd., STEP, Reg. S 6.875% 08/07/2020 GBP 130,000 158,823 0.75

Go-Ahead Group plc (The), Reg. S, FRN 2.5% 06/07/2024 GBP 110,000 125,456 0.60

HSBC Holdings plc, Reg. S, FRN 0.39% 27/09/2022 EUR 200,000 200,715 0.95

John Lewis plc 6.125% 21/01/2025 GBP 200,000 259,668 1.23

Leeds Building Society, Reg. S 1.375% 05/05/2022 EUR 300,000 302,962 1.44

Legal & General Group plc, Reg. S, FRN 5.125% 14/11/2048 GBP 100,000 123,686 0.59

Miller Homes Group Holdings plc, Reg. S, FRN 6.172% 15/10/2023 GBP 100,000 114,776 0.54

Mondi Finance plc, Reg. S, FRN 3.375% 28/09/2020 EUR 165,000 172,945 0.82

Next Group plc, Reg. S 3.625% 18/05/2028 GBP 100,000 119,292 0.57

Santander UK plc, Reg. S, FRN 0.317% 22/05/2019 EUR 200,000 200,128 0.95

Thames Water Utilities Finance plc, Reg. S 5.05% 30/06/2020 GBP 300,000 364,405 1.73

TP ICAP plc, Reg. S, FRN 5.25% 26/01/2024 GBP 180,000 213,558 1.01

Travis Perkins plc, Reg. S 4.5% 07/09/2023 GBP 100,000 119,762 0.57

Virgin Media Secured Finance plc, Reg. S 6.25% 28/03/2029 GBP 200,000 247,484 1.17

Vodafone Group plc, Reg. S, FRN 4.875% 03/10/2078 GBP 190,000 215,389 1.02

Wm Morrison Supermarkets plc, Reg. S 3.5% 27/07/2026 GBP 120,000 149,939 0.71

3,645,756 17.28


180





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsUnited States of AmericaArcher-Daniels-Midland Co., FRN 0.191% 24/06/2019 EUR 300,000 300,256 1.42

AT&T, Inc., FRN 0.271% 04/06/2019 EUR 200,000 200,169 0.95

Citigroup, Inc., Reg. S, FRN 0.242% 11/11/2019 EUR 300,000 300,849 1.43

FedEx Corp., FRN 0.242% 11/04/2019 EUR 300,000 300,046 1.42

General Motors Financial Co., Inc., Reg. S, FRN 0.241% 26/03/2022 EUR 300,000 294,474 1.40

Goldman Sachs Group, Inc. (The), Reg. S, FRN 0.393% 29/04/2019 EUR 400,000 400,206 1.90

McDonald's Corp., Reg. S 0.5% 15/01/2021 EUR 300,000 303,186 1.44

Morgan Stanley, FRN 0.392% 19/11/2019 EUR 200,000 200,770 0.95

RELX Capital, Inc. 3.125% 15/10/2022 USD 300,000 267,845 1.27

United Parcel Service, Inc., FRN 0.122% 15/07/2020 EUR 200,000 200,906 0.95

Wells Fargo & Co., Reg. S, FRN 0.111% 02/06/2020 EUR 400,000 401,154 1.90

Welltower, Inc., REIT 4.8% 20/11/2028 GBP 100,000 135,530 0.64

3,305,391 15.67 Total Bonds 12,506,057 59.29 Convertible BondsBermudaJohnson Electric Holdings Ltd., Reg. S 1% 02/04/2021 USD 250,000 242,331 1.15

Kunlun Energy Co. Ltd., Reg. S 1.625% 25/07/2019 CNY 1,000,000 158,946 0.75

401,277 1.90 ChinaZhejiang Expressway Co. Ltd., Reg. S 0% 21/04/2022 EUR 100,000 99,434 0.47

99,434 0.47 FranceCie Generale des Etablissements Michelin SCA, Reg. S 0% 10/01/2022 USD 200,000 173,625 0.82

173,625 0.82 GermanyDeutsche Post AG, Reg. S 0.05% 30/06/2025 EUR 200,000 194,723 0.92

RAG-Stiftung, Reg. S 0% 18/02/2021 EUR 200,000 201,811 0.96

396,534 1.88 JapanSony Corp. 0% 30/09/2022 JPY 11,000,000 103,548 0.49

103,548 0.49 JerseyDerwent London Capital No. 2 Jersey Ltd., REIT, Reg. S 1.125% 24/07/2019 GBP 100,000 122,127 0.58

PT Jersey Ltd., Reg. S 0.5% 19/11/2019 EUR 100,000 99,780 0.47

221,907 1.05


181





Quantity/ Nominal

Value

Market Value

EUR% of


LuxembourgCitigroup Global Markets Funding Luxembourg SCA, Reg. S 0.5% 04/08/2023 EUR 100,000 109,271 0.52

109,271 0.52

Netherlands

Siemens Financieringsmaatschappij NV, Reg. S 1.65% 16/08/2019 USD 250,000 229,341 1.09

229,341 1.09

Norway

Telenor East Holding II A/S, Reg. S 0.25% 20/09/2019 USD 200,000 175,672 0.83

175,672 0.83

South Korea

LG Chem Ltd., Reg. S 0% 16/04/2021 EUR 100,000 102,128 0.48

102,128 0.48

Sweden

Industrivarden AB, Reg. S 0% 15/05/2019 SEK 1,000,000 122,332 0.58

122,332 0.58

Taiwan

Taiwan Cement Corp., Reg. S 0% 10/12/2023 USD 200,000 197,746 0.94

United Microelectronics Corp., Reg. S 0% 18/05/2020 USD 200,000 172,208 0.81

369,954 1.75


Aabar Investments PJSC, Reg. S 0.5% 27/03/2020 EUR 200,000 193,419 0.92

DP World plc, Reg. S 1.75% 19/06/2024 USD 200,000 172,558 0.82

365,977 1.74

United Kingdom

Inmarsat plc, Reg. S 3.875% 09/09/2023 USD 200,000 267,827 1.27

J Sainsbury plc, Reg. S 1.25% 21/11/2019 GBP 100,000 117,312 0.56

385,139 1.83


JPMorgan Chase Bank NA, Reg. S 0% 30/12/2020 USD 200,000 200,092 0.95

National Grid North America, Inc., Reg. S 0.9% 02/11/2020 GBP 100,000 115,086 0.55

315,178 1.50



182





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquities Bermuda

Kerry Logistics Network Ltd. HKD 56,500 90,948 0.43

90,948 0.43

Canada

Goldcorp, Inc. USD 8,300 84,073 0.40

84,073 0.40

China


71,304 0.34

Hong Kong

China Unicom Hong Kong Ltd. HKD 74,000 83,483 0.40

83,483 0.40

Japan


Hazama Ando Corp. JPY 12,000 71,448 0.34

KDDI Corp. JPY 3,600 69,014 0.33

Nippon Telegraph & Telephone Corp. JPY 2,000 75,645 0.36

ORIX Corp. JPY 6,300 80,504 0.38


Sekisui House Ltd. JPY 5,700 83,962 0.40

TechnoPro Holdings, Inc. JPY 1,600 84,844 0.40


Toyota Motor Corp. JPY 1,200 62,629 0.29

769,544 3.65

Jersey

WPP plc GBP 5,800 54,947 0.26

54,947 0.26

Singapore


95,743 0.45

Taiwan


83,196 0.39


183


Quantity/ Nominal

Value

Market Value

EUR% of


United Kingdom

Aviva plc GBP 9,425 45,304 0.21


Barclays plc GBP 40,000 72,241 0.34


BP plc GBP 12,000 78,071 0.37

BT Group plc GBP 21,108 54,956 0.26

Centrica plc GBP 52,000 70,135 0.33



Hays plc GBP 29,185 50,730 0.24

ITV plc GBP 33,247 49,323 0.23



Marks & Spencer Group plc GBP 23,000 75,073 0.36

Mondi plc GBP 3,259 64,521 0.31

SSE plc GBP 5,700 79,739 0.38

Stagecoach Group plc GBP 28,000 49,928 0.24


1,119,492 5.31


Transferable securities and money market instruments dealt in on another regulated marketBonds

United Kingdom



438,584 2.08

Total Bonds 438,584 2.08





184


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketConvertible Bonds

Japan

CyberAgent, Inc., Reg. S 0% 19/02/2025 JPY 20,000,000 172,287 0.81

Iida Group Holdings Co. Ltd., Reg. S 0% 18/06/2020 JPY 20,000,000 159,735 0.76

Nipro Corp., Reg. S 0% 29/01/2021 JPY 20,000,000 177,181 0.84

509,203 2.41

Total Convertible Bonds 509,203 2.41 Total Transferable securities and money market instruments dealt in on another regulated market 947,787 4.49


Cash 1,438,812 6.82







185







Australia 6.74

Japan 6.55

Netherlands 6.52

Germany 3.31

Luxembourg 2.74

Bermuda 2.33

Taiwan 2.14

Jersey 2.03

Sweden 2.01

South Korea 1.75


Belgium 1.59

Finland 1.42

Switzerland 0.95

Italy 0.84

Norway 0.83

France 0.82

China 0.81

Bulgaria 0.73

Ireland 0.57

Austria 0.50

Portugal 0.50

Singapore 0.45

Canada 0.40

Hong Kong 0.40



Total 100.00


186






Global Exposure

EUR


EUR% of

Net Assets

CAC 40 10 Euro Index, 21/06/2019 3 EUR 156,150 2,950 0.01

DAX Mini Index, 21/06/2019 5 EUR 288,675 450 –

Russell 2000 Emini Index, 21/06/2019 (16) USD (1,102,531) 3,882 0.02

S&P 500 Emini Index, 21/06/2019 4 USD 504,439 7,716 0.04

US 10 Year Note, 19/06/2019 25 USD 2,769,383 40,872 0.19


Euro-OAT, 06/06/2019 (7) EUR (1,137,535) (30,135) (0.14)

Long Gilt, 26/06/2019 (6) GBP (903,981) (12,219) (0.06)

NASDAQ 100 Emini Index, 21/06/2019 (5) USD (657,659) (17,362) (0.08)


Net Unrealised Gain on Financial Futures Contracts (3,846) (0.02)


187






PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsCHF 12,832 EUR 11,297 15/04/2019 J.P. Morgan 178 –

CHF 222,174 EUR 197,703 26/04/2019 J.P. Morgan 993 0.01

GBP 878,856 EUR 1,017,957 15/04/2019 J.P. Morgan 7,193 0.03

USD 1,507,812 EUR 1,336,010 15/04/2019 J.P. Morgan 5,191 0.02

USD 723,302 EUR 638,799 26/04/2019 J.P. Morgan 3,983 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 17,538 0.08 EUR 1,128,717 AUD 1,807,669 26/04/2019 J.P. Morgan (11,112) (0.05)

EUR 1,271 CHF 1,444 15/04/2019 J.P. Morgan (20) –

EUR 186,285 CHF 210,539 26/04/2019 J.P. Morgan (2,006) (0.01)

EUR 4,445,112 GBP 3,858,737 26/04/2019 J.P. Morgan (54,250) (0.26)

EUR 168,663 HKD 1,510,600 26/04/2019 J.P. Morgan (2,482) (0.01)

EUR 754,424 JPY 94,981,168 26/04/2019 J.P. Morgan (9,373) (0.05)

EUR 77,414 SEK 807,891 26/04/2019 J.P. Morgan (245) –

EUR 45,537 SGD 70,057 26/04/2019 J.P. Morgan (432) –

EUR 3,875,345 USD 4,425,395 26/04/2019 J.P. Morgan (57,397) (0.27)

NOK 6,316,713 AUD 1,050,000 26/04/2019 J.P. Morgan (10,237) (0.05)





Global Exposure

EUR

Market Value

EUR% of

Net Assets

7 S&P 500 Index, Call, 2,900.000, 21/06/2019 USD UBS 637,814 22,253 0.11


188


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesCanadaShopify, Inc. 'A' USD 3,100 630,462 2.97

630,462 2.97 IsraelCyberArk Software Ltd. USD 5,480 635,516 2.99

635,516 2.99 United States of AmericaAltice USA, Inc. USD 10,000 212,650 1.00 Automatic Data Processing, Inc. USD 3,851 609,902 2.87 Broadcom, Inc. USD 1,351 404,044 1.90 Estee Lauder Cos., Inc. (The) 'A' USD 3,740 614,950 2.90 Global Payments, Inc. USD 2,985 403,378 1.90 Keysight Technologies, Inc. USD 7,300 631,596 2.97 Live Nation Entertainment, Inc. USD 6,316 403,498 1.90 LivePerson, Inc. USD 21,347 613,406 2.89 Masimo Corp. USD 4,524 617,933 2.91 MSCI, Inc. USD 2,069 406,827 1.92 NVIDIA Corp. USD 3,500 620,305 2.92 Och-Ziff Capital Management Group LLC USD 23,484 363,415 1.71 Palo Alto Networks, Inc. USD 2,500 595,950 2.81 PayPal Holdings, Inc. USD 6,000 623,130 2.94 Rapid7, Inc. USD 3,260 161,484 0.76 Roku, Inc. USD 10,000 643,700 3.03 S&P Global, Inc. USD 2,802 581,891 2.74 ServiceNow, Inc. USD 2,600 632,827 2.98 Square, Inc. 'A' USD 8,367 621,417 2.93 Teleflex, Inc. USD 1,918 575,716 2.71 Thermo Fisher Scientific, Inc. USD 2,300 621,621 2.93 Turning Point Brands, Inc. USD 11,080 504,362 2.38 Verisk Analytics, Inc. USD 4,546 603,686 2.84 Visa, Inc. 'A' USD 3,852 595,693 2.81 Waters Corp. USD 2,410 598,451 2.82 YETI Holdings, Inc. USD 19,774 629,901 2.97




Jupiter US Equity Long Short

■ Jupiter US Equity Long Short Schedule of Investments as at 31 March 2019


189



■ Jupiter US Equity Long Short Schedule of Investments as at 31 March 2019 (continued)


Net Assets


Israel 2.99

Canada 2.97



Total 100.00



Global Exposure

USD


USD% of

Net Assets

S&P 500 Emini Index, 21/06/2019 (8) USD (1,132,950) (7,688) (0.04)


Net Unrealised Gain on Financial Futures Contracts (7,688) (0.04)


190






Global Exposure

USD


USD% of

Net Assets

United States of America Albemarle Corp. USD (6,250) (507,188) 1,254 0.01

United States of America Amgen, Inc. USD (2,600) (487,773) 4,375 0.02

United States of America Henry Schein, Inc. USD (7,406) (436,102) 4,510 0.02

United States of America Juniper Networks, Inc. USD (19,000) (493,715) 16,839 0.08

United States of America Kroger Co. (The) USD (9,000) (220,005) 733 –

United States of America MGM Resorts International USD (15,000) (381,675) 9,061 0.04

United States of America United States Steel Corp. USD (26,200) (507,625) 20,353 0.10


Netherlands LyondellBasell Industries NV USD (5,634) (472,411) (1,573) (0.01)

United States of America 3M Co. USD (1,000) (208,485) (1,300) (0.01)

United States of America AbbVie, Inc. USD (6,450) (515,678) (6,019) (0.03)

United States of America Delta Air Lines, Inc. USD (3,000) (150,975) (1,718) (0.01)

United States of America Eastman Chemical Co. USD (6,342) (481,453) (6,060) (0.03)

United States of America Harley-Davidson, Inc. USD (14,353) (511,684) (7,128) (0.03)

United States of America iShares Russell 2000 ETF USD (2,000) (305,230) (4,647) (0.02)

United States of America Kennametal, Inc. USD (14,525) (529,073) (24,807) (0.12)

United States of America Macy's, Inc. USD (4,500) (108,923) (5,017) (0.02)

United States of America Maxim Integrated Products, Inc. USD (9,500) (500,888) (5,856) (0.03)

United States of America Nordstrom, Inc. USD (2,000) (88,650) (449) –

United States of America PACCAR, Inc. USD (7,045) (480,997) (4,103) (0.02)

United States of America Pfizer, Inc. USD (12,359) (522,600) (17,241) (0.08)

United States of America Wabtec Corp. USD (7,090) (517,251) (8,790) (0.04)

United States of America WW Grainger, Inc. USD (1,869) (549,150) (2,057) (0.01)



Counterparty Unrealised Gain/(Loss) USD

J.P. Morgan (50,704)


(39,640)


191







Global Exposure

USD

Market Value

USD% of

Net Assets

25 Boeing Co. (The), Call, 400.000, 16/08/2019 USD UBS 410,027 41,063 0.19

75 Dine Brands Global, Inc., Call, 95.000, 21/06/2019 USD UBS 312,212 34,125 0.16

150 Dine Brands Global, Inc., Call, 95.000, 17/05/2019 USD UBS 590,190 53,250 0.25

400 Laboratory Corporation of America Holdings, Call, 170.000, 17/05/2019 USD UBS 703,708 15,000 0.07

80 Palo Alto Networks, Inc., Call, 270.000, 21/06/2019 USD UBS 505,190 32,200 0.15

75 Roper Technologies, Inc., Call, 350.000, 17/05/2019 USD UBS 1,025,910 43,500 0.21

100 Splunk, Inc., Call, 140.000, 21/06/2019 USD UBS 377,538 29,000 0.14




Global Exposure

USD

Market Value

USD% of

Net Assets

(25) Boeing Co. (The), Put, 330.000, 16/08/2019 USD UBS 194,524 (29,125) (0.14)

Total Option Purchased Contracts (29,125) (0.14)

192


Notes to the Financial Statements

■ Notes to the Financial Statements for the six month period ended 31 March 2019

1. General Information The Jupiter Global Fund (the ‘Company’) is an open-ended investment company which qualifies as an undertaking for collective investment

in transferable securities (UCITS) under part I of the law of 17 December 2010 (as amended) regarding undertakings for collective investment. The Company was incorporated in Luxembourg as a société d’investissement à capital variable (SICAV) on 22 September 2005 for an unlimited duration.

The Company may issue multiple classes of Shares in several funds (the ‘Funds’). A separate pool of assets and liabilities is maintained for each Fund and is invested in accordance with the investment objective applicable to the relevant Fund. All liabilities attributable to a particular Fund are binding solely upon that Fund.

As at 31 March 2019 the Company was comprised of the following Funds with the following classes in issue:

Class

Jupiter Asia Pacific Income A C D – – – L N –

Jupiter China Select – – – – – – L – –

Jupiter Dynamic Bond A C D – – I L N –

Jupiter Europa (1) – – D – F – L – –

Jupiter European Feeder (1) – – – – – – – – Z

Jupiter European Growth A C D – – I L N –

Jupiter European Opportunities – – D E – I L – –

Jupiter Eurozone Equity (1) – – – – – I – – –

Jupiter Financial Innovation – – D – – – L – –

Jupiter Flexible Income (1) – – D – F I L – –

Jupiter Global Absolute Return (1) A C D – – I L N –

Jupiter Global Convertibles A C D – – I L N –

Jupiter Global Ecology Diversified (1) – – D – – I L – –

Jupiter Global Ecology Growth – – D – – – L – –

Jupiter Global Emerging Markets Corporate Bond (1) – – – – – I L – –

Jupiter Global Emerging Markets Equity Unconstrained – – D – F – L – –

Jupiter Global Emerging Markets Short Duration Bond – – – – F I L – –

Jupiter Global Levered Absolute Return (1) – – – – F I – – –

Jupiter Global Value – – D – – I L – –

Jupiter India Select – – D – – – L – –

Jupiter Japan Select – – D – – I L – –

Jupiter New Europe – – – – – – L – –

Jupiter Strategic Total Return (1) A – D – – I L – –

Jupiter US Equity Long Short (1) – – D – F I L – –

(1) This Fund is not authorised in Hong Kong and not available to Hong Kong residents.

Institutional Only Retail Only Either A,C,E,F,I & N Z D,L

Full details of share class features disclosed in the prospectus

193



■ Notes to the Financial Statements for the six month period ended 31 March 2019 (continued)

1. General Information (continued)

The share class names reflect the specifications of each Class, including their respective (i) categories (A, D (including DB), E, F, I, L (including LA and LB), N or Z), (ii) reference currencies, (iii) distribution policies (accumulation or distribution of income and if the latter case, the frequency thereof, i.e. annually (‘A Inc’), quarterly (‘Q Inc’) or monthly (‘M Inc’) and (iv) hedging share class (HSC) status. For example:

• Class L EUR A Inc Dist distributes income annually with payment (no automatic reinvestment by default).

• Class D USD Acc HSC is a non-distributing hedged class.

• Class L GBP Q Inc HSC is a hedged class distributing income quarterly.

2. Summary of Significant Accounting Policies a) Basis of preparation The financial statements have been prepared in conformity with Luxembourg generally accepted accounting principles applicable to

investment funds.

b) Financial Statements Financial statements are presented for each Fund in the base currency of the Fund and the combined Statement of Net Assets, Statement

of Operations and Changes in Net Assets of the Company are presented in Euro (€), based on the exchange rate ruling at the date of these financial statements.

The net asset values have been calculated by reference to the valuation day which might differ from their value on a dealing day. The financial statements presented in this report have been prepared on the basis of the latest calculated net asset values in the period.

c) Foreign currency translation Assets and liabilities denominated in currencies other than a Fund’s base currency are translated into that base currency at exchange rates

ruling at the date of these financial statements. Transactions occurring during the period in currencies other than the base currency are translated at rates of exchange ruling on the transaction dates. Differences arising on translation are included in the Statement of Operations and Changes in Net Assets. The exchange rates used for the financial statements as at 31 March 2019 are as follows:

EUR/GBP: 0.85691

EUR/USD: 1.12298

d) Investments Securities are initially recognised at cost, being the fair value of the consideration given. Securities listed on an official stock exchange or dealt in on any regulated market are valued at the last available price. Closed-ended funds are valued at their last available price. Wherever practicable, the last available Net Asset Value is deemed to include

the Net Asset Value calculated on the same Valuation day for any underlying fund which itself has a valuation point at or before the Company’s Valuation Point being 1pm Luxembourg time.

In the event that any of the securities held by a Fund on the relevant day are not listed on any stock exchange or dealt in on any regulated market or if, with respect to securities listed on any stock exchange or dealt in on any other regulated market, the basis of the price as determined above is not representative of the fair market value of the relevant securities, the value of such securities will be determined based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Company (the ‘Board of Directors’).

Gains or losses arising on the disposal of investments are calculated by reference to the first-in-first-out (FIFO) methodology. All purchases and sales of securities are recognised on the trade date, i.e. the date the Fund commits to purchase or sell the security.

e) Contracts for difference Contracts for difference are valued using the local daily price of the underlying listed equity then converted into the currency of the relevant Fund.

The unrealised gain/(loss) on contracts for difference is included in the Statement of Net Assets as ‘Net unrealised gain/(loss) on Contracts for difference’. Contracts for difference are reset at month end after the Valuation Point.

Dividends on underlying securities of contracts for difference are included in the Statement of Net Assets as ‘Dividends receivable’ for long positions and as ‘Dividends payable on contracts for differences’ for short positions.

194




2. Summary of Significant Accounting Policies (continued) f) Credit default swap contracts A credit default swap contracts (‘CDS’) is a transaction in which two parties enter into an agreement, whereby the buyer pays the seller a

periodic payment for the specified life of the agreement. The seller makes no payments unless a credit event, relating to a predetermined reference asset, occurs. If such an event does occur, the seller will then make a payment to the buyer, and the swap contract will terminate.

CDS contracts are valued by reference to service data providers, market data and algorithms. The unrealised gain/(loss) on credit default swap contracts is included in the Statement of Net Assets as ‘Net unrealised gain/loss on credit

default swap contracts’. The notional amount represents the highest potential liability of a contract and is not shown in the Schedule of Investments.

g) Options Options are contractual agreements that convey the right, but not the obligation, for the purchaser either to buy or sell a specific amount of

a financial instrument at a fixed price, either at a fixed future date or at any time before maturity. Over-The-Counter (‘OTC’) options are valued using the Black-Scholes model. Options are valued by reference to the expected future cash

flow based on the market implied performance, spot level and the volatility of the underlying asset(s). The Company may purchase and sell put and call options through regulated exchanges and OTC markets. Options purchased by the

Company provide the Company with the opportunity to purchase (call options) or sell (put options) the underlying asset at an agreed-upon value either on or before the expiration of the option. The Company is exposed to credit risk on purchased options only to the extent of their carrying amount, which is their fair value.

h) Forward currency exchange contracts The Company may enter into forward currency exchange contracts to hedge against exposures to foreign currency fluctuations. The carrying value

of these contracts is the gain or loss that would be realised if the position was closed out on the valuation date, and is included in the Statement of Net Assets as ‘Net unrealised gain on forward currency exchange contracts’ and ‘Net unrealised gain/(loss) on forward currency exchange contracts’. Upon the closing of the contract, the gain or loss is recorded in the ‘Net realised gains/(losses) on forward currency exchange contracts’.

i) 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 of the contracts are recognised as unrealised gains and losses by ‘marking-to-market’ on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. The unrealised gain/(loss) on financial futures contracts is included in the Statement of Net Assets as ‘Net unrealised gain/(loss) on financial futures contracts’. Variation margin payments are made or received, depending upon whether losses or gains are incurred. When a contract is closed, the Company records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract.

j) Income recognition Bonds may be purchased at a discount or at a premium. Such discount or premium is amortised over the life of the bond using straight line

amortisation. Amortisation is recorded as part of interest income included in ‘Income from investments, net in the Statement of Operations and Changes in Net Assets.

Interest income is recognised as the interest accrues unless collectability is in doubt. Dividend income is recognised when the right to receive the dividend is established, on the ex-date. Income is presented net of withholding taxes in the Statement of Operations and Changes in Net Assets.

k) Expense recognition Expenses are accounted for on an accrual basis. Expenses are charged to the Statement of Operations and Changes in Net Assets except

for expenses incurred on the acquisition of an investment which are included within the cost of that investment and expenses arising on the disposal of investments, which are deducted from the disposal proceeds.

l) Dividend distributions payable Dividend distributions payable by the Company are recorded on the ex-date. Refer to Note 19 for details of dividends declared during the

period ended 31 March 2019.

m) Net Asset Value per Share The Net Asset Value per Share is calculated by dividing the Net Assets of the relevant Class of Shares in a Fund included in the Statement of

Net Assets by the number of Shares of the relevant Class in that Fund in issue at the period end.

n) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in Luxembourg requires management to

make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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3. Investment Management and Performance Fees The Management Company appointed Jupiter Asset Management Limited (‘JAML’) as Investment Manager to provide certain administrative

and management services.

The Investment Management Fee is calculated and accrued per Fund on the basis of the daily Net Asset Value of each Fund and is payable monthly in arrears. The fee rates per annum charged and applicable to each Class of Shares during the period ended 31 March 2019 are as follows:

A C D E F I L DB LA LB N ZJupiter Asia Pacific Income 1.80% 1.10% 0.75% – – – 1.50% – – – 2.10% –

Jupiter China Select – – – – – – 1.50% – – – – –

Jupiter Dynamic Bond 1.65% 1.00% 0.50% – – 0.50% 1.25% – – – 1.90% –

Jupiter Europa – – – – 0.65% – – 0.75% 1.75% 1.50% – –

Jupiter European Feeder – – – – – – – – – – – 0.65%

Jupiter European Growth 1.80% 1.10% 0.75% – – 0.75% 1.50% – – – 2.10% –

Jupiter European Opportunities – – 0.75% 2.00% – 0.75% 1.50% – – – – –

Jupiter Eurozone Equity – – – – – 0.75% – – – – – –

Jupiter Financial Innovation – – 0.75% – – – 1.50% – – – – –

Jupiter Flexible Income – – 0.60% – 0.45% 0.60% 1.25% – – – – –

Jupiter Global Absolute Return 1.65% 1.10% 0.625% – – 0.625% 1.25% – – – 1.90% –

Jupiter Global Convertibles 1.80% 1.10% 0.75% – – 0.75% 1.50% – – – 2.10% –

Jupiter Global Ecology Diversified – – 0.65% – – 0.65% 1.25% – – – – –

Jupiter Global Ecology Growth – – 0.50% – – – 1.50% – – – – –

Jupiter Global Emerging Markets Corporate Bond – – – – – 0.65% 1.40% – – – – –

Jupiter Global Emerging Markets Equity Unconstrained – – 0.75% – 0.60% – 1.50% – – – – –

Jupiter Global Emerging Markets Short Duration Bond – – – – 0.45% 0.55% – – – – – –

Jupiter Global Levered Absolute Return – – – – 1.00% 1.25% – – – – – –

Jupiter Global Value – – 0.75% – – 0.75% 1.50% – – – – –

Jupiter India Select – – 0.75% – – – 1.75% – – – – –

Jupiter Japan Select – – 0.75% – – 0.75% 1.50% – – – – –

Jupiter New Europe – – – – – – 1.50% – – – – –

Jupiter Strategic Total Return 1.50% – 0.65% – – 0.65% 1.25% – – – – –

Jupiter US Equity Long Short – – 0.75% – 0.60% 0.75% 1.50% – – – – –

Where a Fund invests in other funds managed by the same Investment Manager, the Fund will not be subject to additional management fees. These related management fee reimbursements are included in ‘Management fee rebates’ in the Statement of Operations and Changes in Net Assets and amounted to €268,376 for the period ended 31 March 2019 as follows:

Fund Amount in Fund currencyJupiter Dynamic Bond €232,149

Jupiter Flexible Income €36,227

Where a Feeder Fund invests in a Master Fund managed by the same Investment Manager, the management fees are charged at the Feeder Fund level only.

In addition, the Investment Manager may become entitled to receive a Performance Fee from Jupiter Europa (with the exception of the Class L, Shares A), Jupiter Global Levered Absolute Return (Class I) and Jupiter US Equity Long Short (Classes L, D, I).

For Jupiter Europa this is calculated by reference to the out-performance of the Net Asset Value per Share in any given Class over the total return of the relevant benchmark for that Class over the course of a Performance Period being the 3 months EURIBOR, 3 months US Dollar LIBOR and 3 months Sterling LIBOR for the respective Class L Shares and Class D Shares.

For Jupiter Global Levered Absolute Return this is calculated by reference to the performance of the Net Asset Value per Share above the relevant Class’s High Water Mark or Hurdle Rate for the period, whichever of the two is higher and arises when the Net Asset Value per Share is simultaneously above both its High Water Mark and Hurdle Rate.

For Jupiter US Equity Long Short this calculation is by reference to the performance of the Net Asset Value per Share above both the High Water Mark and the benchmark for that class over the course of a Performance Period being the 3 months USD LIBOR or currency equivalent for the respective L, D and I Shares.

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3. Investment Management and Performance Fees (continued) The Performance Fee accrued is based on the Fund specific performance fee rate stated below. The Performance Fee is calculated and

accrued on each Valuation Day and is payable to the Investment Manager within 30 days of the end of the Performance Period. The Performance Period corresponds to the Company’s accounting period ending on 30 September in each year. No performance fee is payable by any of the other Funds other than those mentioned above.• Jupiter Europa: Class L Shares B, Class D Shares B 15%• Jupiter Global Levered Absolute Return: Class I 20%• Jupiter US Equity Long Short: Class L, D and I 20%

The Performance Fee accrued for the period ended 31 March 2019 amounted to nil for Jupiter Europa, nil for Jupiter Global Levered Absolute Return and nil for Jupiter US Equity Long Short.

Further details of the Performance Fee calculations are published in the Company’s prospectus which is available at www.jupiteram.com.

4. Aggregate Operating Fee To seek to protect the Shareholders from fluctuations in ordinary operating expenses, the Company shall pay to the Management Company

a fixed level of fee (the ‘Aggregate Operating Fee’), which will be determined as an annual percentage of the Net Asset Value of the Class of Shares for each Fund, and the Management Company will be responsible for paying all of the ordinary fees and expenses out of the Aggregate Operating Fee received by it, including (but not limited to) the following:

Save for the payment of the Aggregate Operating Fee, the Company shall have no obligation with respect to the ordinary operating expenses.

The Aggregate Operating Fee will accrue on a daily basis. The application of the Aggregate Operating Fee against capital or income is fund specific and further details are published in the Company’s prospectus which is available at www.jupiteram.com. The Aggregate Operating Fee is accrued at each calculation of the Net Asset Value and is disclosed in the relevant KIIDs or (for Hong Kong Investors) KFSs from time to time by comprising part of the ongoing charges of a Share Class.

• Management Company fees and expenses; • Depositary, fund accounting, transfer agency and fiduciary

fees: J.P. Morgan Bank Luxembourg S.A., acting as Administrator and Depositary, is entitled to receive depositary fees, fund accounting fees, transfer agency fees and fiduciary fees. The depositary fee consists of safekeeping, administration and transaction charges;

• Set up costs incurred in connection with the launch of a new Fund;

• Costs of operating special purpose subsidiaries;• Any fees and expenses involved in registering and maintaining

the registration of the Fund with any governmental agencies or stock exchanges in the Grand Duchy of Luxembourg and in any other country together with associated support fees;

• Paying agent fees;• Dividend/income distribution fees;• Costs of agents employed by the Company, Correspondents

and permanent representatives in places of registration;

• Financial and regulatory reporting costs;• Governmental charges, taxes and duties; • Costs related to the preparation and filing of tax or other reports

in respect of the operations of the Company or its Shareholders;• Costs related to the preparation and publication of data,

literature and shareholder communications, including the costs of preparing, printing and distributing prospectuses, Key Investor Information Documents (‘KIIDs’), Key Facts Statements (‘KFSs’) (for Hong Kong investors), explanatory memoranda, periodical reports or registration statements, and the costs of any reports to Shareholders;

• Directors’ remuneration, their insurance coverage and reasonable travelling costs and out-of-pocket expenses in connection with board meetings;

• Legal fees; and • Audit fees.

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Jupiter Europa – – – – 0.21% – – 0.25% 0.27% 0.27% – –





Jupiter Financial Innovation – – 0.20% – – – 0.22% – – – – –

Jupiter Flexible Income – – 0.20% – 0.16% 0.16% 0.22% – – – – –





Jupiter Global Emerging Markets Corporate Bond – – – – – 0.14% 0.20% – – – – –

Jupiter Global Emerging Markets Equity Unconstrained – – 0.20% – 0.16% – 0.22% – – – – –

Jupiter Global Emerging Markets Short Duration Bond – – – – 0.14% 0.14% 0.20% – – – – –







Jupiter US Equity Long Short – – 0.25% – 0.21% 0.21% 0.27% – – – – –

Further details of the Aggregate Operating Fee are published in the Company’s prospectus which is available at www.jupiteram.com.

4. Aggregate Operating Fee (continued) The Aggregate Operating Fee is calculated and accrued per Fund on the basis of the daily Net Asset Value of each Fund at each Valuation

Point and is payable monthly. The fee rates per annum charged and applicable to each Class of Shares during the period ended 31 March 2019 are as follows:

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5. Management Company Fee From 1 March 2019 the Management Company changed from Jupiter Unit Trust Managers Limited (‘JUTM’) to Jupiter Asset Management

International S.A. (‘JAMI’).

The list of the funds managed by the Management Company may be obtained, on request, at the registered office of the Management Company.

The Management Company is responsible on a day-to-day basis, under the supervision of the Board of Directors, for providing administration, marketing and investment management services in respect of all Funds.

The Management Company has delegated its investment management functions to Jupiter Asset Management Limited, the Investment Manager.

In the context of its administration functions, the Management Company has delegated its administration functions to J.P. Morgan Bank Luxembourg S.A., the Administrator.

In the context of its marketing function, the Management Company may enter into agreements with Distributors pursuant to which the Distributors agree to act as intermediaries or nominees for investors subscribing for Shares through their facilities.

The Management Company will monitor on a continual basis the activities of the third parties to which it has delegated functions. The agreements entered into between the Management Company and the relevant third parties provide that the Management Company can give at any time further instructions to such third parties, and that it can withdraw their mandate with immediate effect if this is in the interest of the Shareholders. The Management Company’s liability towards the Company is not affected by the fact that it has delegated certain functions to third parties.

The Company pays to the Management Company the Aggregate Operating Fee and the Management Company will be responsible for paying certain Company costs out of the Aggregate Operating Fee received by it. Refer to Note 4 for further information. Full details are published in the Company’s prospectus which is available at www.jupiteram.com.

6. Administration, Custodian and Depositary Fees J.P. Morgan Bank Luxembourg S.A. was appointed to perform central administration duties for the Company pursuant to a delegation of

such duties to it by the Management Company.

J.P. Morgan Bank Luxembourg S.A. as Administrator, Custodian and Depositary is entitled to receive custodian fees, fund accounting fees, transfer agency fees and fiduciary fees.

The custodian fee consists of safekeeping, administration and transaction charges. Safekeeping and administration charges are applied to the market value of the assets of the country of the underlying investments held in custody at the end of the billing period. The transaction charges are based on the number of transactions in a particular country. The safekeeping and administration fee rate varies according to the country of the underlying investments and decreases depending on the thresholds in a particular country.

The fund accounting fee is the sum of the base NAV calculation fee plus the total of all other fees, including but not limited to financial reporting, share class valuation, tax reporting and all other fees detailed in the fee schedule agreement. The base fee per Fund which may be paid to J.P. Morgan Bank Luxembourg S.A. in its capacity as Administrator is calculated as the greater of the minimum annual fee of €15,000 or an ad valorem fee (from 0.50 to 2.50 basis points) based upon the Fund’s month-end NAV.

The transfer agency fee is based on the number of transactions processed, the number of holdings (shareholder accounts), the number of new investor accounts opened and include fund/class set-up and annual maintenance fees, enhanced fund distribution support, platform connectivity fee and out-of-pocket expenses.

The fiduciary fee per Fund is calculated as the greater of the minimum annual fee or an ad valorem fee based upon the Fund’s month-end NAV.

These fees are included under the Aggregate Operating Fee. Refer to Note 4 for further details.

7. Auditors Fees and Terms of Engagement PricewaterhouseCoopers, Société cooperative have been appointed by the shareholders at their annual general meeting as Auditors of

the Company for the current accounting period and the shareholders have authorised the Board to agree with the Auditors on their terms of appointment.

The terms of engagement of the Auditors approved by the Board comprise, inter alia, the fees to which the Auditors are entitled and refer to the General Terms and Conditions published by the ‘Institut des Réviseurs d’Entreprises’ as being integral part of the terms of engagement.

The fees of the Auditors are included under the Aggregate Operating Fee. Refer to Note 4 for further details.

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8. Other Fees There are certain other fees that are payable in addition to the Aggregate Operating Fee, the Investment Management fees and any

performance fees.

Each Share Class bears the costs relating to certain transactions such as the costs of buying and selling underlying securities, costs charged by any financial institution or organisation in relation to swap agreements or over-the-counter transactions, bank charges relating to delivery, receipt of securities or to foreign exchange transactions and fees relating to collateral management, transaction costs, stock lending charges, interest on bank overdraft and any other extraordinary fees and expenses.

Each Share Class also bears any extraordinary expenses incurred due to external factors, some of which may not be reasonably foreseeable in the normal course of activity of the Company such as, without limitation, any litigation expenses or any tax, levy, duty or similar charge of fiscal nature imposed on the Company or its assets by virtue of a change of laws or regulations.

For so long as the Company and any of the Funds remain authorised by the Securities and Futures Commission (‘SFC’) in Hong Kong, the Company has undertaken that no marketing or advertising expenses will be paid by the Company. Any marketing and advertising expenses will instead be paid by the Investment Manager.

9. Directors’ Fees, Expenses and Interests Mr. Jacques Elvinger is a partner of the Luxembourg law firm of Elvinger Hoss Prussen, société anonyme, which provides legal services

to the Company.

The Chairman receives fees of €25,500 and each Director receives fees of €22,500 (including taxes) per annum. Mrs. Paula Moore and Mr Simon Rowson are employed by the Investment Manager and fees due to them are paid directly to JAML although JAML commenced a waiver of these fees with effect from 1 April 2016. In addition, all Directors are entitled to reimbursement by the Company of any expenses directly incurred in the execution of their duties as Directors.

Save as referred to above, no Director holds any shares in the Company nor has any interest in any transaction which, during the period under review, has been affected by the Company and is unusual in its nature or conditions, or is significant to the business of the Company.

Directors’ remuneration, insurance coverage and reasonable expenses directly incurred in the execution of their duties as Directors are included under the Aggregate Operating Fee. Refer to Note 4 for further details.

10. Taxe d’abonnement and Other Operational Taxes The Company is liable in Luxembourg to a tax (taxe d’abonnement), such tax being payable quarterly and calculated on the Net Asset

Value of the Company at the end of the relevant calendar quarter. The taxe d’abonnement is levied at a rate of 0.01% per annum on Funds or Classes reserved to Institutional Investors (Class A, C, E, F, I and N) and at 0.05% per annum on other Funds or Classes (Class D, L and Z). No such tax is payable in respect of the portion of the assets of each Fund invested in other Luxembourg collective investment undertakings which are subject to this tax. Taxe d’abonnement is included under the Aggregate Operating Fee, refer to Note 4 for further details.

Under current law and practice, the Company is not liable to Luxembourg taxes on income or capital gains, nor are dividends paid by the Company liable to any Luxembourg withholding tax.

Interest, dividends and capital gains on securities may be subject to withholding or capital gains taxes in certain countries.

Where the withholding tax in certain jurisdictions has been raised at a rate higher than the rate applicable to comparable domestic UCITS funds, the Company has launched a withholding tax reclaim with the national tax authorities of those countries, with no guarantee of success. If and when those tax reclaims are successful, the proceeds of tax reimbursement are recognised in the Statement of Operations and Changes in Net Assets as ‘Income from investment, net’.

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10. Taxe d’abonnement and Other Operational Taxes (continued)

Withholding tax reclaims accrued by the Company during the period ended 31 March 2019 amounted to:

Fund Fund currency Amount

Jupiter Asia Pacific Income USD 5,008

Jupiter China Select USD 272

Jupiter Dynamic Bond EUR 2,667,574

Jupiter Europa EUR 173,564

Jupiter European Growth EUR 7,552,290

Jupiter European Opportunities EUR 884,377

Jupiter Eurozone Equity EUR 847

Jupiter Financial Innovation (1) EUR 115,177

Jupiter Flexible Income EUR 5,400

Jupiter Global Absolute Return EUR 45,655

Jupiter Global Convertibles EUR 69,180

Jupiter Global Ecology Diversified EUR 6,024

Jupiter Global Ecology Growth EUR 17,370

Jupiter Global Emerging Markets Equity Unconstrained USD 778

Jupiter Global Levered Absolute Return Fund GBP 16,766

Jupiter Global Value USD 210,740

Jupiter New Europe EUR 11,917

Jupiter Strategic Total Return EUR 33,424

(1) Jupiter Global Financials was renamed to ‘Jupiter Financial Innovation’ as on 3 December 2018.

11. Transactions with Connected Parties All transactions with connected parties were carried out on an arm’s length basis. The Investment Manager and its affiliates, the Directors,

Management Company and other related agents of the Company are considered connected parties.

12. Use of Dealing Commission Up until 2 January 2018, the Investment Manager received goods and services paid for out of broker commissions which related to execution

and research services meeting the criteria laid down by the Hong Kong Securities and Futures Commission Code on Unit Trusts and Mutual Funds, and adhered to the prescriptive Rules of the UK’s Financial Conduct Authority, where the Investment Manager had reasonable grounds to be satisfied that it enhanced the quality of the Investment Manager’s service to the Company. The commission available to pay for such services was based on a proportion of the commission rate applicable to investment transactions as agreed between the Investment Manager and its participating brokers.

Execution and research services received by the Investment Manager under these arrangements assisted the Investment Manager in the provision of its investment management services to the Investment Manager’s clients (including the company) and did not impair compliance with the Investment Manager’s obligation to act in the best interests of its clients (including the Company) nor the Investment Manager’s ability to comply with its best execution obligations.

From 3 January 2018, the Investment Manager paid for research services from its own resources and its clients will take on no research costs at all. The Investment Manager considers this change demonstrates its commitment to embracing regulatory developments and represents a beneficial development for its clients.

Further information on such arrangements is available from the Investment Manager upon request by an investor.

There were no such benefits received or receivable by the Company or the Investment Manager during the period ended 31 March 2019.




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13. Swing Pricing The Funds adopted a partial swing pricing process except for Jupiter European Feeder which operates a full swing pricing process.

Under certain circumstances (for example, large volumes of deals) investment and/or disinvestment costs may have an adverse effect on the Shareholders’ interests in a Fund. In order to prevent this effect, the Investment Manager, as delegated by the Board of Directors, has the discretion to allow for the Net Asset Value per Share to be adjusted by effective dealing and other costs and fiscal charges which would be payable on the acquisition or disposal of assets in the relevant Fund if the net capital activity exceeds, as a consequence of the sum of all subscriptions, redemptions or switches in such a Fund, such threshold percentage (the ‘Threshold’) as may be determined from time to time by the Investment Manager, as delegated by the Board of Directors, of the Fund’s total Net Assets on a given Valuation Day.

If the net capital activity on a given Valuation Day leads to a net inflow of assets in the relevant Fund, the Net Asset Value used to process all subscriptions, redemptions or switches in such a Fund is adjusted upwards by a swing factor that shall be determined from time to time by the Investment Manager, as delegated by the Board of Directors.

If the net capital activity on a given Valuation Day leads to a net outflow of assets in the relevant Fund, the Net Asset Value used to process all subscriptions, redemptions or switches in such a Fund is adjusted downwards by a swing factor that shall be determined from time to time by the Investment Manager, as delegated by the Board of Directors.

The factor is calculated on a quarterly basis and reviewed by the Management Company.

The dilution adjustment is recorded as the ‘Net Realised Gains/(Losses) on Investments in securities’ in the Statement of Operations and Change in Net Assets.

The following Funds applied swing pricing as at 31 March 2019:

Fund/Share class

Shareclass

currency

UnswungNAV per share in share class

currency

SwungNAV per sharein share class

currency

Dilutionadjustment

per shareSwing

direction


Class Z EUR Acc EUR 12.48 12.47 0.01 Bid

Class Z GBP Acc GBP 15.13 15.11 0.02 Bid


Class A USD Acc HSC USD 9.97 9.96 0.01 Bid

Class D EUR A Inc Dist EUR 9.56 9.55 0.01 Bid

Class I EUR Acc EUR 10.8 10.79 0.01 Bid

Class I GBP Acc HSC GBP 11.14 11.12 0.02 Bid

Class I USD Acc HSC USD 11.42 11.40 0.02 Bid

Class L CHF Acc HSC CHF 9.66 9.65 0.01 Bid

Class L EUR Acc EUR 10.2 10.19 0.01 Bid

Class L EUR A Inc Dist EUR 9.53 9.52 0.01 Bid

Class L GBP Acc HSC GBP 10.53 10.51 0.02 Bid

Class L USD Acc HSC USD 10.8 10.79 0.01 Bid

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14. Cash and Short Term Deposits As at 31 March 2019, the following Funds have the following cash balances held by the Company directly with local Agents of the Company in

certain emerging markets:

Fund CurrencyAmount in

original currencyFund

currencyAmount in

Fund currency

Jupiter Asia Pacific Income INR 39,000,000 USD 563,543

KRW 17,404 USD 15

Jupiter China Select TWD 4,999 USD 162

Jupiter Dynamic Bond INR 270,000,001 EUR 3,474,196

MXN 1 EUR 0

Jupiter Europa HUF 72 EUR 0

Jupiter Financial Innovation HKD 2,706,005 EUR 306,965

Jupiter Global Emerging Markets Corporate Bond IDR 10,462,488,000 USD 734,596

Jupiter Global Emerging Markets Equity Unconstrained HKD 7,642 USD 973

INR 2,218,598 USD 32,058

KRW 21,675 USD 19

NGN 6,258,908 USD 17,359

PKR 720,836 USD 5,123

TRY 488,269 USD 86,393

Jupiter Global Emerging Markets Short Duration Bond IDR 4,184,995,200 USD 293,839

Jupiter India Select INR 7,767,574 USD 112,240

The holding of these cash amounts by non-residents are subject to local regulations. These cash balances are used to cover purchases and sales transactions of securities in the local market.

15. Statement of Changes in the Portfolio A listing of the statement of changes in the portfolio during the period is available upon request to any investor at the registered office of

the Company free of charge.

16. Overdraft Credit The Company (as ‘Customer’) and JPMorgan Chase Bank, N.A., acting through its London branch (as the ‘Bank’) have entered into global

account terms dated on or about 20 February 2014 (the ‘GAT’) pursuant to which Accounts are opened and operated as Collection Accounts.

Pursuant to the GAT and the Global Custody Agreement, the Bank may make available to the Funds amounts by way of overdrafts or other extensions of credit from 8 March 2014. Any such amounts and accrued interest thereon on any particular day shall immediately become a debt of such Fund towards the Bank, and any such Fund shall be liable to the repayment of any such amounts and accrued interest thereon on demand from the Bank. The overdraft balances bear interest at a rate of the Bank’s offered Rate plus at least 1.5% per annum.

The Custody Accounts are held by the Custodian (J.P. Morgan Bank Luxembourg S.A.) pursuant to a global custody agreement entered into on 29 November 2013 (the ‘Global Custody Agreement’) effective 8 March 2014 (as amended from time to time).

Pursuant to a Pledge Agreement effective from 3 March 2014, the Company (as ‘Pledgor’) has agreed, until satisfaction in full of all GAT Overdraft Liabilities attributable to each Fund, that each of its Funds, with full title guarantee and as security for the payment of all GAT Overdraft Liabilities attributable to such Fund, will grant in favour of the Bank as pledge over its Custody Accounts, which the Pledgor declares to be in its best corporate interest. The pledge granted under the Pledge Agreement (as amended from time to time) constitutes a second ranking pledge (gage de second rang), ranking immediately after any prior (first-ranking pledge over the Custody Accounts and/or the Pledged Assets granted by the Pledgor to the Custodian pursuant to the Global Custody Agreement or otherwise (the ‘Custodian Pledge’), if any. Pursuant to the amendment agreements related to the Pledge Agreement, Schedule A (Custody Accounts) of the second-ranking Account Pledge Agreement was amended.

Pursuant to the amendment agreements dated 6 June 2016, 10 June 2016, 29 June 2016, 1 March 2017, 5 September 2017 and 16 November 2018 Schedule A (Custody Accounts) and Schedule B (Collection Accounts) of the second ranking Account Pledge Agreement were amended.

Custody Accounts’ means all the securities accounts opened in the name of the Pledgor with the Custodian for and on behalf of each of its Funds as identified under Schedule A of the Pledge Agreement (including in each case any such future accounts opened in the name of the Pledgor for and on behalf of each of its Funds with the Custodian (the ‘Future Custody Accounts’).

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17. Jupiter European Fund (the ‘Master Fund’)+ and The Jupiter Global Fund – Jupiter European Feeder (the ‘Feeder Fund’)^

Jupiter European Feeder (the ‘Feeder Fund’) was launched on 28 July 2015 and is a feeder fund of Jupiter European Fund (the ‘Master Fund’), under the provisions of UCITS IV. The Master Fund is a unit trust organised under Section 237 of the UK Financial Services and Markets Act 2000 (as amended) and is authorised and supervised by the Financial Conduct Authority.

The investment objective of the Feeder Fund is to achieve long term capital growth. The Feeder Fund seeks to achieve its investment objective by investing substantially all of its assets in units of the Master Fund (ZM-Class € Accumulation and ZM-Class £ Accumulation).

The Feeder Fund will invest at least 85% of its net assets in units of the Master Fund (ZM-Class € Accumulation and ZM-Class £ Accumulation) whilst it may hold up to 15% of its assets in cash, money market securities, short term debt securities and other cash equivalents.

The Master Fund’s investment objective is to achieve long term capital growth by investing in companies quoted on a European Stock Exchange. The Manager of the Master Fund has the power to use derivatives but it is intended that these will only be used for efficient portfolio management and not for investment purposes.

The audited annual report and the unaudited semi-annual report of the Master Fund are available to the Shareholders on request from the Investment Manager electronically or in hard copies. The registered office of the Master Fund is The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, United Kingdom. The Master Fund’s accounting year begins on 1 July and ends on 30 June of each year.

As of 31 March 2019, the Feeder Fund holds 0.48% of the net asset value of the Master Fund, and 100.00% each of ZM-Class € Accumulation and ZM-Class £ Accumulation of the Master Fund.

+ Related Party Fund

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18. Transaction Costs For the period ended 31 March 2019, the Funds incurred transaction costs related to purchase or sale of transferable securities as follows:

Fund Amount in Fund currencyJupiter Asia Pacific Income $20,753 Jupiter China Select $3,636 Jupiter Dynamic Bond €626Jupiter Europa €121,090Jupiter European Feeder £2Jupiter European Growth €663,842Jupiter European Opportunities €101,709Jupiter Eurozone Equity €2,344Jupiter Financial Innovation €204,837Jupiter Flexible Income €16,603Jupiter Global Absolute Return €113,368Jupiter Global Convertibles €7Jupiter Global Ecology Diversified €135Jupiter Global Ecology Growth €1,460Jupiter Global Emerging Markets Equity Unconstrained $84,748 Jupiter Global Levered Absolute Return Fund £36,044Jupiter Global Value $155,381 Jupiter India Select $113,634 Jupiter Japan Select $16,831 Jupiter New Europe €4,984Jupiter Strategic Total Return €3,632Jupiter UK Dynamic Growth £3,695Jupiter US Equity Long Short $386,096

The above transaction costs include brokers’ fees, depositary’s transaction specific fees, stamp duty fees, or security transaction taxes, where applicable. These costs are directly linked to the acquisition or sale of investments, to the extent that such costs are shown separately on transaction confirmations.

The transaction costs consisting of brokers’ fees, stamp duty fees, or security transaction taxes, where applicable are included in the Statement of Net Assets as ‘ Investments in securities at cost’ and in the Statement of Operations and Change in Net Assets in ‘Net Change in Unrealised Gain/(Loss) on Investments’ in securities’ for the purchase of securities. For the sale of securities, they are netted from the ‘Due to brokers’ amount and from the ‘Net Realised Gains/(Losses) on Investments in securities’ in the Statement of Operations and Change in Net Assets.

205




19. Dividends Distributions

During the period ended 31 March 2019, the Company declared the following dividends:

Fund Share Class Ex-Date Pay Date

Rate per Sharein Class

CurrencyJupiter Dynamic Bond Class D USD M Inc HSC 31 October 2018 15 November 2018 USD 0.0049

Class I SGD M Inc HSC 31 October 2018 15 November 2018 SGD 0.3857

Class L AUD M Inc HSC 31 October 2018 15 November 2018 AUD 0.0783

Class L HKD M Inc Dist HSC 31 October 2018 15 November 2018 HKD 0.3774

Class L SGD M Inc HSC 31 October 2018 15 November 2018 SGD 0.0384

Class L USD M Inc HSC 31 October 2018 15 November 2018 USD 0.0382

Class D USD M Inc HSC 30 November 2018 14 December 2018 USD 0.0364

Class I SGD M Inc HSC 30 November 2018 14 December 2018 SGD 0.3556

Class L AUD M Inc HSC 30 November 2018 14 December 2018 AUD 0.0718

Class L HKD M Inc Dist HSC 30 November 2018 14 December 2018 HKD 0.3496

Class L SGD M Inc HSC 30 November 2018 14 December 2018 SGD 0.0354

Class L USD M Inc HSC 30 November 2018 14 December 2018 USD 0.0355

Class A USD Q Inc Dist HSC 31 December 2018 15 January 2019 USD 0.0920

Class C USD Q Inc HSC 31 December 2018 15 January 2019 USD 0.0959

Class D CHF Q Inc HSC 31 December 2018 15 January 2019 CHF 0.0862

Class D EUR Q Inc 31 December 2018 15 January 2019 EUR 0.0918

Class D EUR Q Inc Dist 31 December 2018 15 January 2019 EUR 0.0890

Class D GBP Q Inc HSC 31 December 2018 15 January 2019 GBP 0.0978

Class D USD M Inc HSC 31 December 2018 15 January 2019 USD 0.0211

Class D USD Q Inc HSC 31 December 2018 15 January 2019 USD 0.0984

Class I CHF Q Inc HSC 31 December 2018 15 January 2019 CHF 0.0952

Class I EUR Q Inc 31 December 2018 15 January 2019 EUR 0.1004

Class I GBP Q Inc HSC 31 December 2018 15 January 2019 GBP 0.1063

Class I SGD M Inc HSC 31 December 2018 15 January 2019 SGD 0.2052

Class I USD Q Inc HSC 31 December 2018 15 January 2019 USD 0.1066

Class L AUD M Inc HSC 31 December 2018 15 January 2019 AUD 0.0427

Class L CHF Q Inc HSC 31 December 2018 15 January 2019 CHF 0.0954

Class L EUR Q Inc 31 December 2018 15 January 2019 EUR 0.0992

Class L EUR Q Inc Dist 31 December 2018 15 January 2019 EUR 0.0899

Class L GBP Q Inc HSC 31 December 2018 15 January 2019 GBP 0.1049

Class L HKD M Inc Dist HSC 31 December 2018 15 January 2019 HKD 0.2025

Class L SGD M Inc HSC 31 December 2018 15 January 2019 SGD 0.0205

Class L USD M Inc HSC 31 December 2018 15 January 2019 USD 0.0206

Class L USD Q Inc HSC 31 December 2018 15 January 2019 USD 0.1051

Class N USD Q Inc Dist HSC 31 December 2018 15 January 2019 USD 0.0918

Class D USD M Inc HSC 31 January 2019 14 February 2019 USD 0.0391

206




19. Dividends Distributions (continued)



CurrencyJupiter Dynamic Bond Class I SGD M Inc HSC 31 January 2019 14 February 2019 SGD 0.3817

(continued) Class L AUD M Inc HSC 31 January 2019 14 February 2019 AUD 0.0772

Class L HKD M Inc Dist HSC 31 January 2019 14 February 2019 HKD 0.3756

Class L SGD M Inc HSC 31 January 2019 14 February 2019 SGD 0.0379

Class L USD M Inc HSC 31 January 2019 14 February 2019 USD 0.0383

Class D USD M Inc HSC 28 February 2019 14 March 2019 USD 0.0334

Class I SGD M Inc HSC 28 February 2019 14 March 2019 SGD 0.3254

Class L AUD M Inc HSC 28 February 2019 14 March 2019 AUD 0.0663

Class L HKD M Inc Dist HSC 28 February 2019 14 March 2019 HKD 0.3199

Class L SGD M Inc HSC 28 February 2019 14 March 2019 SGD 0.0324

Class L USD M Inc HSC 28 February 2019 14 March 2019 USD 0.0325

Class A USD Q Inc Dist HSC 29 March 2019 12 April 2019 USD 0.0891

Class C USD Q Inc HSC 29 March 2019 12 April 2019 USD 0.0930

Class D CHF Q Inc HSC 29 March 2019 12 April 2019 CHF 0.0842

Class D EUR Q Inc 29 March 2019 12 April 2019 EUR 0.0900

Class D EUR Q Inc Dist 29 March 2019 12 April 2019 EUR 0.0871

Class D GBP Q Inc HSC 29 March 2019 12 April 2019 GBP 0.0918

Class D USD M Inc HSC 29 March 2019 12 April 2019 USD 0.0231

Class D USD Q Inc HSC 29 March 2019 12 April 2019 USD 0.0955

Class I CHF Q Inc HSC 29 March 2019 12 April 2019 CHF 0.0930

Class I EUR Q Inc 29 March 2019 12 April 2019 EUR 0.0984

Class I GBP Q Inc HSC 29 March 2019 12 April 2019 GBP 0.0998

Class I SGD M Inc HSC 29 March 2019 12 April 2019 SGD 0.2256

Class I USD Q Inc HSC 29 March 2019 12 April 2019 USD 0.1036

Class L AUD M Inc HSC 29 March 2019 12 April 2019 AUD 0.0457

Class L CHF Q Inc HSC 29 March 2019 12 April 2019 CHF 0.0930

Class L EUR Q Inc 29 March 2019 12 April 2019 EUR 0.0971

Class L EUR Q Inc Dist 29 March 2019 12 April 2019 EUR 0.0879

Class L GBP Q Inc HSC 29 March 2019 12 April 2019 GBP 0.0983

Class L HKD M Inc Dist HSC 29 March 2019 12 April 2019 HKD 0.2200

Class L SGD M Inc HSC 29 March 2019 12 April 2019 SGD 0.0224

Class L USD M Inc HSC 29 March 2019 12 April 2019 USD 0.0225

Class L USD Q Inc HSC 29 March 2019 12 April 2019 USD 0.1018

Class N USD Q Inc Dist HSC 29 March 2019 12 April 2019 USD 0.0888

207




19. Dividends Distributions (continued)



CurrencyJupiter Asia Pacific Income Class D EUR Q Inc Dist 31 December 2018 15 January 2019 EUR 0.0712

Class D USD Q Inc Dist 31 December 2018 15 January 2019 USD 0.0800


Class L GBP Q Inc 31 December 2018 15 January 2019 GBP 0.1269

Class L SGD Q Inc Dist HSC 31 December 2018 15 January 2019 SGD 0.0728

Class L USD Q Inc Dist 31 December 2018 15 January 2019 USD 0.0752


Class D USD Q Inc Dist 29 March 2019 12 April 2019 USD 0.0930


Class L GBP Q Inc 29 March 2019 12 April 2019 GBP 0.1425

Class L SGD Q Inc Dist HSC 29 March 2019 12 April 2019 SGD 0.0850

Class L USD Q Inc Dist 29 March 2019 12 April 2019 USD 0.0873

Jupiter Flexible Income Class I EUR Q Inc 31 December 2018 15 January 2019 EUR 1.1704


Class I EUR Q Inc 29 March 2019 12 April 2019 EUR 1.1648


Jupiter Global Convertibles Class I EUR Q Inc Dist 31 December 2018 15 January 2019 EUR 0.0487

Class I EUR Q Inc Dist 29 March 2019 12 April 2019 EUR 0.0487


Class D GBP Q Inc Dist HSC 31 December 2018 15 January 2019 GBP 0.0494

Class I GBP Q Inc Dist HSC 31 December 2018 15 January 2019 GBP 0.0509

Class D GBP Q Inc Dist HSC 29 March 2019 12 April 2019 GBP 0.0661

Class I GBP Q Inc Dist HSC 29 March 2019 12 April 2019 GBP 0.0680





Class L EUR Q Inc Dist HSC 31 December 2018 15 January 2019 EUR 1.2530

Class L EUR Q Inc Dist HSC 29 March 2019 12 April 2019 EUR 1.3832

Class L USD M Dist 31 December 2018 15 January 2019 USD 0.3830

Class L USD M Dist 31 January 2019 14 February 2019 USD 0.4761

Class L USD M Dist 28 February 2019 14 March 2019 USD 0.4519

Class L USD M Dist 29 March 2019 12 April 2019 USD 0.4847

208




20. Cross-investments The value of the cross-investments of the Funds has not been deducted for the calculation of the combined total net assets of the

Company.

As at 31 March 2019, the total cross-investments between Funds amounts to EUR 81,423,075.

The details of the cross-investments between Funds are disclosed in the following table:

Sub-Fund Cross-investment Currency

Market Value (in Sub-Fund

currency)

Jupiter Dynamic Bond Jupiter Global Emerging Markets Corporate Bond Fund - Class I USD Acc EUR 73,966,145

Jupiter Flexible Income Jupiter Global Emerging Markets Corporate Bond Fund - Class L USD Q Inc Dist EUR 5,178,118

Jupiter Flexible Income Jupiter Japan Select - Class I JPY Acc EUR 1,620,291

Jupiter Flexible Income Jupiter Asia Pacific Income - Class D USD Q Inc Dist EUR 658,521

Total 81,423,075

The combined Total Net Assets at the end of the financial year would be EUR 11,997,715,015 without taking into account the cross-investments values.

21. Subsequent Events The Jupiter Strategic Total Return fund liquidated on 30 April 2019. The Jupiter New Europe fund will liquidate on 12 June 2019.

209


Additional Information

PEA Compliance NoteJupiter European Opportunities - French PEA restriction Jupiter European Opportunities has been eligible to be held within a French‘Plan d’Épargne en Actions’ (‘PEA’) since 6 July 2010. The Fund has undertaken, by virtue of the application of article 91, paragraph L of Annex II of the French ‘Code général des impôts’, to ensure that at least 75% of the net assets of the Fund are permanently invested in the eligible securities mentioned in paragraphs a, b and c of section 1° of article L.221-31 of the French ‘Code monétaire et financier’.

At all times the Fund was invested in more than 75% of PEA eligible assets. As at the date of this report, the Fund had 92.93% in PEA eligible assets.

UK Tax Reporting Fund RegimeAll Funds are Reporting Funds for UK taxation purposes for the period ended 31 March 2019. Tax reporting information for the year ended 30 September 2018 in respect of these Funds is available at www.jupiteram.com.

Securities Financing Transaction Regulation (SFTR)Currently, none of the sub funds of The Jupiter Global Fund make use of the financial instruments to which this regulation pertains. Further details are published in the Company’s prospectus which is available at www.jupiteram.com.

■ Additional Information (not forming part of the Notes to the Financial Statements)

210

■ Information intended for investors in Hong Kong


Information for Investors in Hong Kong

Year/Period End Date: Six month period ended31 March 2019

Year ended30 September 2018



FundHong Kong Registration

/Launch Date

Highest Issue Price

Lowest Redemption

Price

Highest Issue Price

Lowest Redemption

Price

Highest Issue Price

Lowest Redemption

Price

Highest Issue Price

Lowest Redemption

Price

Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 16.79 14.53 17.59 16.09 16.39 13.09 14.62 13.42Class D USD Acc 15 February 2018 10.13 8.77 10.34 9.41 – – – –Class L GBP Q Inc 23 November 2009 22.76 19.93 25.04 22.91 23.88 19.74 22.42 18.62Class L USD Acc 30 September 2005 29.31 25.46 30.98 27.35 28.96 23.28 26.05 21.63Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 16.49 13.36 19.99 16.75 17.19 12.97 14.76 11.42Class L GBP A Inc 11 December 2009 19.31 15.63 23.68 19.84 20.48 15.45 17.67 13.68Class L USD Acc 11 December 2009 12.37 10.02 14.99 11.20 12.89 9.73 11.07 8.57Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 9.79 9.12 9.57 8.89 10.23 9.41 9.92 9.23Class D CHF Q Inc HSC 26 September 2014 8.31 7.81 8.53 7.77 9.31 8.45 9.22 8.73Class D EUR Acc 11 April 2013 12.51 11.88 12.47 11.99 12.45 12.05 12.17 11.51Class D EUR Q Inc 16 April 2013 9.80 9.40 10.27 9.52 10.41 10.18 10.45 10.05Class D EUR Q Inc Dist 1 September 2014 9.50 9.10 9.94 9.22 10.09 9.86 10.12 9.73Class D GBP Acc HSC 3 April 2013 15.27 13.73 14.65 13.85 15.15 13.67 16.90 14.23Class D GBP Q Inc HSC 26 March 2013 12.02 10.92 12.12 11.12 12.72 11.42 14.97 12.25Class D USD Acc HSC 12 April 2013 11.86 10.84 11.05 10.12 11.83 10.54 11.07 10.13Class D USD M Inc HSC 26 October 2018 9.27 8.65 – – – – – –Class D USD Q Inc HSC 4 April 2013 9.42 8.70 9.22 8.36 10.18 8.87 9.91 8.89Class I CHF Acc HSC 12 April 2017 8.98 8.36 8.77 8.15 9.38 8.63 – –Class I CHF Q Inc HSC 8 May 2012 9.18 8.63 9.41 8.58 10.28 9.33 10.18 9.64Class I EUR Acc 5 December 2012 13.07 12.41 13.02 12.52 13.01 12.58 12.71 12.01Class I EUR Q Inc 8 May 2012 10.72 10.28 11.22 10.41 11.38 11.13 11.42 10.99Class I GBP Q Inc HSC 8 May 2012 13.06 11.86 13.16 12.08 13.83 12.41 16.27 13.31Class I SEK Acc HSC 14 July 2017 9.70 9.22 10.54 9.16 10.61 10.40 – –Class I SGD M Inc HSC 13 July 2018 66.86 61.33 63.83 61.24 – – – –Class I USD Acc HSC 15 January 2016 10.23 9.33 9.52 8.72 10.19 9.08 9.48 8.72Class I USD Q Inc HSC 8 May 2012 10.22 9.42 9.99 9.06 11.03 9.61 10.72 9.63Class L AUD Acc HSC 4 December 2014 14.97 13.78 15.30 13.88 16.42 14.98 15.25 12.93Class L AUD M Inc HSC 29 December 2014 13.05 12.21 14.11 12.33 15.38 13.95 14.48 12.45Class L CHF Acc HSC 17 May 2013 10.14 9.48 10.03 9.27 10.76 9.87 10.49 9.79Class L CHF Q Inc HSC 8 May 2012 9.16 8.64 9.52 8.63 10.37 9.41 10.27 9.73Class L EUR Acc 10 May 2013 11.72 11.15 11.81 11.27 11.83 11.50 11.63 11.04Class L EUR Q Inc 8 May 2012 10.56 10.15 11.18 10.29 11.33 11.10 11.37 10.94Class L EUR Q Inc Dist 24 January 2014 9.57 9.20 10.13 9.32 10.26 10.05 10.30 9.91Class L GBP Acc HSC 5 September 2016 12.08 10.89 11.71 10.99 12.16 10.97 11.94 11.47Class L GBP QInc HSC 8 May 2012 12.85 11.69 13.09 11.95 13.75 12.34 16.19 13.23Class L HKD Acc HSC 5 April 2018 11.71 10.81 11.14 10.25 – – – –Class L HKD M Inc Dist HSC 5 April 2018 11.30 10.60 11.00 10.25 – – – –Class L SEK Acc HSC 6 November 2014 10.27 9.80 11.29 9.75 11.38 10.62 11.31 10.70Class L SGD Acc HSC 12 March 2014 7.79 7.05 7.36 6.99 7.74 7.10 7.51 6.67Class L SGD M Inc HSC 14 March 2014 6.64 6.10 6.61 6.10 7.05 6.43 6.97 6.34Class L USD Acc HSC 30 April 2013 11.24 10.30 10.58 9.67 11.41 10.11 10.77 9.82Class L USD M Inc HSC 13 March 2014 9.03 8.42 8.96 8.11 9.88 8.61 9.61 8.65Class L USD Q Inc HSC 8 May 2012 10.04 9.29 9.93 8.99 10.95 9.54 10.66 9.57

Prices are in Fund base currency.

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Year/Period End Date: Year ended30 September 2015





/Launch Date

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Highest Issue Price

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Highest Issue Price

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Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 – – – – – – – –Class D USD Acc 15 February 2018 – – – – – – – –Class L GBP Q Inc 23 November 2009 24.00 18.66 23.60 19.55 21.24 18.50 19.51 15.52Class L USD Acc 30 September 2005 27.90 21.68 27.33 22.64 24.61 21.44 22.61 17.98Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 17.89 12.42 15.08 12.83 13.18 9.68 11.05 7.35Class L GBP A Inc 11 December 2009 21.42 14.88 18.19 15.47 16.00 11.75 13.47 8.99Class L USD Acc 11 December 2009 13.41 9.32 11.31 9.62 9.88 7.26 8.27 5.53Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 10.59 8.25 8.37 8.25 – – – –Class D CHF Q Inc HSC 26 September 2014 10.42 8.20 8.28 8.27 – – – –Class D EUR Acc 11 April 2013 11.86 11.07 11.23 10.24 10.25 9.88 – –Class D EUR Q Inc 16 April 2013 10.69 10.17 10.53 9.97 10.19 9.78 – –Class D EUR Q Inc Dist 1 September 2014 10.35 9.85 10.02 9.93 – – – –Class D GBP Acc HSC 3 April 2013 16.96 14.04 14.48 12.19 12.37 11.64 – –Class D GBP Q Inc HSC 26 March 2013 15.32 12.94 13.49 11.89 12.20 11.49 – –Class D USD Acc HSC 12 April 2013 11.23 8.61 8.83 7.48 7.92 7.43 – –Class D USD M Inc HSC 26 October 2018 – – – – – – – –Class D USD Q Inc HSC 4 April 2013 10.25 8.01 8.24 7.36 7.99 7.45 – –Class I CHF Acc HSC 12 April 2017 – – – – – – – –Class I CHF Q Inc HSC 8 May 2012 11.50 9.05 9.27 8.77 8.98 8.57 8.71 8.33Class I EUR Acc 5 December 2012 12.38 11.55 11.71 10.68 10.69 10.03 – –Class I EUR Q Inc 8 May 2012 11.68 11.11 11.49 10.82 11.08 10.41 10.55 10.00Class I GBP Q Inc HSC 8 May 2012 16.64 14.06 14.66 12.84 13.41 12.39 13.29 12.35Class I SEK Acc HSC 14 July 2017 – – – – – – – –Class I SGD M Inc HSC 13 July 2018 – – – – – – – –Class I USD Acc HSC 15 January 2016 – – – – – – – –Class I USD Q Inc HSC 8 May 2012 11.10 8.66 8.92 7.93 8.62 7.92 8.51 7.71Class L AUD Acc HSC 4 December 2014 15.34 12.88 – – – – – –Class L AUD M Inc HSC 29 December 2014 15.18 12.56 – – – – – –Class L CHF Acc HSC 17 May 2013 11.33 8.84 8.96 8.14 8.29 7.87 – –Class L CHF Q Inc HSC 8 May 2012 11.62 9.14 9.35 8.77 8.97 8.57 8.68 8.33Class L EUR Acc 10 May 2013 11.46 10.73 10.89 10.01 10.02 9.67 – –Class L EUR Q Inc 8 May 2012 11.64 11.08 11.44 10.82 11.07 10.41 10.53 10.00Class L EUR Q Inc Dist 24 January 2014 10.55 10.03 10.35 9.96 – – – –Class L GBP Acc HSC 5 September 2016 – – – – – – – –Class L GBP QInc HSC 8 May 2012 16.56 14.00 14.57 12.83 13.38 12.37 13.25 12.34Class L HKD Acc HSC 5 April 2018 – – – – – – – –Class L HKD M Inc Dist HSC 5 April 2018 – – – – – – – –Class L SEK Acc HSC 6 November 2014 11.47 10.49 – – – – – –Class L SGD Acc HSC 12 March 2014 7.58 6.25 6.41 5.66 – – – –Class L SGD M Inc HSC 14 March 2014 7.33 6.14 6.29 5.68 – – – –Class L USD Acc HSC 30 April 2013 10.96 8.44 8.66 7.39 7.84 7.35 – –Class L USD M Inc HSC 13 March 2014 9.99 7.81 8.02 7.17 – – – –Class L USD Q Inc HSC 8 May 2012 11.03 8.62 8.86 7.92 8.61 7.91 8.49 7.71


212








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Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 – – – – – –Class D USD Acc 15 February 2018 – – – – – –Class L GBP Q Inc 23 November 2009 21.28 16.17 18.77 15.07 – – Class L USD Acc 30 September 2005 24.65 18.73 21.70 17.41 18.38 8.74 Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 15.17 8.06 13.60 11.38 – – Class L GBP A Inc 11 December 2009 18.60 9.86 17.59 13.96 – – Class L USD Acc 11 December 2009 11.42 6.06 10.79 8.56 – – Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 – – – – – –Class D CHF Q Inc HSC 26 September 2014 – – – – – –Class D EUR Acc 11 April 2013 – – – – – –Class D EUR Q Inc 16 April 2013 – – – – – –Class D EUR Q Inc Dist 1 September 2014 – – – – – –Class D GBP Acc HSC 3 April 2013 – – – – – –Class D GBP Q Inc HSC 26 March 2013 – – – – – –Class D USD Acc HSC 12 April 2013 – – – – – –Class D USD M Inc HSC 26 October 2018 – – – – – –Class D USD Q Inc HSC 4 April 2013 – – – – – –Class I CHF Acc HSC 12 April 2017 – – – – – –Class I CHF Q Inc HSC 8 May 2012 – – – – – – Class I EUR Acc 5 December 2012 – – – – – –Class I EUR Q Inc 8 May 2012 – – – – – – Class I GBP Q Inc HSC 8 May 2012 – – – – – – Class I SEK Acc HSC 14 July 2017 – – – – – –Class I SGD M Inc HSC 13 July 2018 – – – – – –Class I USD Acc HSC 15 January 2016 – – – – – –Class I USD Q Inc HSC 8 May 2012 – – – – – – Class L AUD Acc HSC 4 December 2014 – – – – – –Class L AUD M Inc HSC 29 December 2014 – – – – – –Class L CHF Acc HSC 17 May 2013 – – – – – –Class L CHF Q Inc HSC 8 May 2012 – – – – – – Class L EUR Acc 10 May 2013 – – – – – –Class L EUR Q Inc 8 May 2012 – – – – – – Class L EUR Q Inc Dist 24 January 2014 – – – – – –Class L GBP Acc HSC 5 September 2016 – – – – – –Class L GBP QInc HSC 8 May 2012 – – – – – – Class L HKD Acc HSC 5 April 2018 – – – – – –Class L HKD M Inc Dist HSC 5 April 2018 – – – – – –Class L SEK Acc HSC 6 November 2014 – – – – – –Class L SGD Acc HSC 12 March 2014 – – – – – –Class L SGD M Inc HSC 14 March 2014 – – – – – –Class L USD Acc HSC 30 April 2013 – – – – – –Class L USD M Inc HSC 13 March 2014 – – – – – –Class L USD Q Inc HSC 8 May 2012 – – – – – –


213









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Highest Issue Price

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Jupiter European Growth 18 August 2006Class D EUR Acc 22 January 2014 17.50 14.66 17.92 14.93 15.44 12.01 14.68 11.89Class D EUR A Inc Dist 1 September 2014 16.58 13.90 17.10 14.25 14.88 11.57 14.30 11.58Class D GBP Acc 27 January 2014 22.09 18.51 22.62 18.85 19.51 15.16 18.53 15.01Class D USD Acc HSC 16 January 2014 15.89 13.66 14.02 12.54 14.18 10.99 14.06 10.60Class I EUR Acc 18 August 2006 47.85 40.10 49.00 40.82 42.21 32.82 40.09 32.49Class L EUR Acc 18 August 2006 36.51 30.54 37.42 31.27 32.55 25.43 31.30 25.32Class L EUR A Inc Dist 1 September 2014 16.55 13.84 16.96 14.18 14.79 11.56 14.26 11.54Class L GBP A Inc 30 July 2008 38.37 32.10 39.32 32.86 34.28 26.79 33.06 26.76Class L HKD Acc HSC 5 April 2018 12.64 10.82 12.85 10.37 – – – –Class L USD Acc HSC 2 October 2013 16.47 14.13 14.60 13.05 14.85 11.56 14.89 11.21Jupiter European Opportunities 18 August 2006Class D EUR Acc 30 October 2014 13.26 11.03 13.72 12.62 13.49 10.70 12.78 10.04Class I EUR Acc 18 August 2006 29.13 24.22 30.12 27.70 29.61 23.49 28.05 22.04Class L EUR Acc 18 August 2006 24.22 20.09 25.18 23.12 24.88 19.84 23.86 18.72Class L GBP A Inc 2 January 2008 20.14 16.70 21.06 19.34 20.89 16.65 20.22 15.86Jupiter Financial Innovation* 2 November 2006Class D EUR Acc 9 March 2017 12.08 9.51 12.36 10.43 10.80 9.72 – –Class D GBP Acc 4 November 2014 19.85 15.62 20.31 17.14 17.75 14.16 15.84 12.07Class D USD Acc 17 April 2014 12.28 9.67 11.71 10.61 10.99 8.76 9.81 7.47Class L EUR Acc 2 November 2006 17.61 13.83 18.03 15.28 15.88 12.75 14.37 10.93Class L GBP A Inc 2 November 2006 22.35 17.56 22.90 19.41 20.40 16.37 18.58 14.12Class L USD Acc 11 July 2007 11.46 9.00 10.97 9.94 10.33 8.29 9.35 7.11Class L USD Acc HSC 17 January 2018 11.42 9.12 10.25 9.21 – – – –Jupiter Global Convertibles 1 October 2010Class D EUR Acc 17 December 2014 11.47 10.79 11.88 11.40 11.50 10.74 10.83 9.94Class D EUR A Inc 24 February 2017 10.07 9.47 10.60 10.09 10.34 10.00 – –Class D GBP A Inc HSC 10 June 2014 12.91 11.68 13.39 12.53 13.39 11.75 14.91 12.03Class D USD A Inc HSC 24 February 2017 9.26 8.67 9.17 8.51 9.56 8.53 – –Class I CHF Acc HSC 1 October 2010 11.56 10.91 11.72 11.09 12.11 11.32 11.48 10.47Class I EUR Acc 1 October 2010 13.80 12.99 14.29 13.71 13.84 12.92 13.02 11.95Class I GBP A Inc HSC 1 October 2010 14.51 13.12 15.03 14.07 15.04 13.19 17.07 13.77Class I USD Acc HSC 1 October 2010 12.73 11.91 12.40 11.51 12.84 11.46 11.97 10.52Class L CHF Acc HSC 1 October 2010 10.82 10.19 11.03 10.42 11.46 10.70 10.95 10.02Class L EUR Acc 1 October 2010 12.93 12.14 13.47 12.85 13.08 12.29 12.41 11.44Class L GBP A Inc HSC 1 October 2010 14.06 12.74 14.71 13.70 14.85 13.09 16.86 13.50Class L USD Acc HSC 1 October 2010 11.87 11.13 11.70 10.83 12.17 10.83 11.47 10.06Jupiter Global Ecology Growth 30 September 2005Class D EUR A Inc Dist 1 September 2014 12.61 10.67 13.06 11.99 12.72 10.62 11.59 9.38Class L EUR Acc 30 September 2005 14.84 12.52 15.36 14.09 14.97 12.55 13.73 11.09Class L EUR A Inc Dist 1 September 2014 12.42 10.48 12.86 11.80 12.53 10.51 11.49 9.28Class L GBP A Inc 14 August 2007 16.21 13.67 16.77 15.40 16.35 13.71 15.00 12.11Class L USD Acc 9 May 2008 9.65 8.14 9.98 9.16 9.73 8.16 8.92 7.20Jupiter Global Emerging Markets Equity Unconstrained 20 March 2017

Class D USD Acc 20 March 2017 11.04 9.31 13.78 10.00 13.07 9.57 – –Class L USD Acc 20 March 2017 10.70 9.04 13.48 9.73 12.81 9.44 – –


* Jupiter Global Financials was renamed to ‘Jupiter Financial Innovation’ as on 3 December 2018.

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Price

Jupiter European Growth 18 August 2006Class D EUR Acc 22 January 2014 14.26 9.20 10.47 9.55 – – – –Class D EUR A Inc Dist 1 September 2014 14.01 9.04 10.23 10.00 – – – –Class D GBP Acc 27 January 2014 18.01 11.62 13.22 11.63 – – – –Class D USD Acc HSC 16 January 2014 13.32 7.31 8.26 7.01 – – – –Class I EUR Acc 18 August 2006 38.94 25.12 28.60 24.45 25.60 21.29 21.73 14.66Class L EUR Acc 18 August 2006 30.49 19.79 22.58 19.41 20.34 17.02 17.40 11.82Class L EUR A Inc Dist 1 September 2014 13.92 9.03 10.22 10.00 – – – –Class L GBP A Inc 30 July 2008 32.26 20.94 24.00 20.63 21.70 18.15 18.72 12.73Class L HKD Acc HSC 5 April 2018 – – – – – – – –Class L USD Acc HSC 2 October 2013 14.14 7.79 8.81 7.21 – – – –Jupiter European Opportunities 18 August 2006Class D EUR Acc 30 October 2014 13.33 10.00 – – – – – –Class I EUR Acc 18 August 2006 29.25 20.39 23.28 19.88 20.66 16.81 17.22 12.39Class L EUR Acc 18 August 2006 24.95 17.50 20.04 17.20 17.88 14.64 15.02 10.89Class L GBP A Inc 2 January 2008 21.24 14.89 17.22 14.77 15.48 12.67 13.10 9.50Jupiter Financial Innovation* 2 November 2006Class D EUR Acc 9 March 2017 – – – – – – – –Class D GBP Acc 4 November 2014 16.37 12.52 – – – – – –Class D USD Acc 17 April 2014 10.13 7.22 7.85 7.12 – – – –Class L EUR Acc 2 November 2006 14.90 10.66 11.60 10.18 10.57 8.28 8.32 6.45Class L GBP A Inc 2 November 2006 19.35 13.84 15.60 13.69 14.53 11.38 11.74 9.34Class L USD Acc 11 July 2007 9.70 6.94 7.55 6.63 6.88 5.39 5.42 4.19Class L USD Acc HSC 17 January 2018 – – – – – – – –Jupiter Global Convertibles 1 October 2010Class D EUR Acc 17 December 2014 10.73 10.00 – – – – – –Class D EUR A Inc 24 February 2017 – – – – – – – –Class D GBP A Inc HSC 10 June 2014 15.13 11.94 12.66 12.27 – – – –Class D USD A Inc HSC 24 February 2017 – – – – – – – –Class I CHF Acc HSC 1 October 2010 12.29 9.35 9.78 9.20 9.28 8.40 8.49 7.62Class I EUR Acc 1 October 2010 12.90 11.58 12.17 11.58 11.67 10.33 10.48 9.52Class I GBP A Inc HSC 1 October 2010 17.32 13.66 14.48 12.85 13.11 11.77 12.73 10.36Class I USD Acc HSC 1 October 2010 12.07 8.97 9.39 8.42 8.99 7.87 8.35 6.93Class L CHF Acc HSC 1 October 2010 11.85 9.03 9.46 8.96 9.04 8.25 8.38 7.56Class L EUR Acc 1 October 2010 12.42 11.21 11.81 11.29 11.42 10.15 10.31 9.44Class L GBP A Inc HSC 1 October 2010 17.03 13.51 14.31 12.81 12.98 11.71 12.62 10.44Class L USD Acc HSC 1 October 2010 11.63 8.67 9.08 8.20 8.79 7.71 8.23 6.87Jupiter Global Ecology Growth 30 September 2005Class D EUR A Inc Dist 1 September 2014 12.27 9.08 10.13 9.82 – – – –Class L EUR Acc 30 September 2005 14.59 10.83 12.09 10.61 10.79 8.53 9.20 7.24Class L EUR A Inc Dist 1 September 2014 12.21 9.07 10.13 9.82 – – – –Class L GBP A Inc 14 August 2007 15.93 11.83 13.21 11.59 11.78 9.33 10.07 7.92Class L USD Acc 9 May 2008 9.48 7.03 7.86 6.89 7.00 5.54 5.98 4.70Jupiter Global Emerging Markets Equity Unconstrained 20 March 2017

Class D USD Acc 20 March 2017 – – – – – – – –Class L USD Acc 20 March 2017 – – – – – – – –



215








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Jupiter European Growth 18 August 2006Class D EUR Acc 22 January 2014 – – – – – –Class D EUR A Inc Dist 1 September 2014 – – – – – –Class D GBP Acc 27 January 2014 – – – – – –Class D USD Acc HSC 16 January 2014 – – – – – –Class I EUR Acc 18 August 2006 19.67 14.63 17.65 13.25 13.69 8.92 Class L EUR Acc 18 August 2006 15.96 11.81 14.35 10.86 11.22 7.34 Class L EUR A Inc Dist 1 September 2014 – – – – – –Class L GBP A Inc 30 July 2008 17.41 12.88 15.65 11.85 11.15 6.60 Class L HKD Acc HSC 5 April 2018 – – – – – –Class L USD Acc HSC 2 October 2013 – – – – – –Jupiter European Opportunities 18 August 2006Class D EUR Acc 30 October 2014 – – – – – –Class I EUR Acc 18 August 2006 16.36 12.30 14.67 11.98 12.77 8.69 Class L EUR Acc 18 August 2006 14.45 10.81 13.00 10.69 11.41 7.79 Class L GBP A Inc 2 January 2008 12.67 9.48 11.45 9.42 9.07 6.10 Jupiter Financial Innovation* 2 November 2006Class D EUR Acc 9 March 2017 – – – – – –Class D GBP Acc 4 November 2014 – – – – – –Class D USD Acc 17 April 2014 – – – – – –Class L EUR Acc 2 November 2006 9.15 6.70 8.75 7.35 8.13 5.07 Class L GBP A Inc 2 November 2006 13.77 10.01 13.13 10.97 12.13 7.41 Class L USD Acc 11 July 2007 5.95 4.34 5.68 4.77 5.32 3.31 Class L USD Acc HSC 17 January 2018 – – – – – –Jupiter Global Convertibles 1 October 2010Class D EUR Acc 17 December 2014 – – – – – –Class D EUR A Inc 24 February 2017 – – – – – –Class D GBP A Inc HSC 10 June 2014 – – – – – –Class D USD A Inc HSC 24 February 2017 – – – – – –Class I CHF Acc HSC 1 October 2010 – – – – – – Class I EUR Acc 1 October 2010 – – – – – – Class I GBP A Inc HSC 1 October 2010 – – – – – – Class I USD Acc HSC 1 October 2010 – – – – – – Class L CHF Acc HSC 1 October 2010 – – – – – – Class L EUR Acc 1 October 2010 – – – – – – Class L GBP A Inc HSC 1 October 2010 – – – – – – Class L USD Acc HSC 1 October 2010 – – – – – – Jupiter Global Ecology Growth 30 September 2005Class D EUR A Inc Dist 1 September 2014 – – – – – –Class L EUR Acc 30 September 2005 9.33 7.26 8.66 7.21 8.78 5.28 Class L EUR A Inc Dist 1 September 2014 – – – – – –Class L GBP A Inc 14 August 2007 10.17 7.93 9.49 7.92 8.16 5.26 Class L USD Acc 9 May 2008 8.05 4.71 5.63 4.69 8.07 4.31 Jupiter Global Emerging Markets Equity Unconstrained 20 March 2017

Class D USD Acc 20 March 2017 – – – – – –Class L USD Acc 20 March 2017 – – – – – –



216









/Launch Date

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Price

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Price

Highest Issue Price

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Price

Highest Issue Price

Lowest Redemption

Price

Jupiter Global Emerging Markets Short Duration BondClass I EUR Acc HSC 20 February 2018 115.15 110.38 – – – – – –Class I GBP A Inc HSC 21 August 2018 136.71 125.16 – – – – – –Class I USD Acc 5 September 2017 104.76 100.36 – – – – – –Class L EUR Q Inc Dist HSC 3 October 2018 115.87 111.42 – – – – – –Class L USD M Inc Dist 3 December 2018 102.56 99.85 – – – – – –Jupiter Global Value 11 September 2009Class D EUR Acc 19 December 2017 12.33 10.77 12.74 11.80 – – – –Class D GBP Acc 14 November 2016 17.56 15.36 18.16 15.67 15.88 12.51 – –Class D USD Acc 27 April 2018 9.70 8.48 10.33 9.38 – – – –Class I GBP Acc 25 October 2016 17.08 14.94 17.66 15.25 15.44 11.95 – –Class L EUR Acc 11 September 2009 29.40 25.68 30.56 26.44 26.82 20.89 22.17 18.75Class L GBP A Inc 15 January 2010 28.48 24.86 29.90 25.87 26.23 20.55 22.04 18.65Class L USD Acc 11 September 2009 20.06 17.51 21.39 18.03 18.29 14.25 15.13 12.79Jupiter India Select 2 May 2008Class D EUR Acc 1 April 2016 14.00 11.00 17.81 15.07 16.80 12.32 14.15 11.09Class D GBP Acc 5 April 2017 11.32 8.90 14.41 12.18 13.58 12.29 – –Class D USD Acc 4 November 2014 12.33 9.69 15.68 10.89 14.78 10.85 12.46 8.59Class L EUR Acc 25 May 2011 19.35 15.28 24.93 21.05 23.58 17.43 20.08 13.92Class L GBP A Inc 19 January 2010 23.03 18.19 29.67 25.05 28.07 20.75 23.90 16.56Class L USD A Inc 2 May 2008 186.05 146.96 239.70 165.20 226.69 167.58 192.99 133.80Jupiter Japan Select 1 July 2009Class D EUR Acc 30 March 2015 14.14 12.06 15.48 12.74 12.86 10.91 11.31 8.88Class D USD Acc 30 October 2014 14.66 12.51 16.05 13.21 13.33 11.31 11.72 9.20Class L EUR Acc 27 July 2009 26.39 22.47 29.04 23.97 24.18 20.65 21.43 16.89Class L GBP A Inc 1 July 2009 30.16 25.68 33.30 27.48 27.80 23.73 24.69 19.48Class L USD Acc 1 July 2009 19.04 16.21 20.95 17.29 17.44 14.90 15.46 12.19Jupiter New Europe 5 November 2007Class L EUR Acc 5 November 2007 8.69 7.57 8.99 7.30 8.12 6.65 6.89 4.90Class L GBP A Inc 5 November 2007 10.92 9.50 11.61 9.44 10.68 8.75 9.24 6.58Class L USD Acc 29 November 2007 6.20 5.40 6.41 5.68 5.80 4.74 4.92 3.50


217









/Launch Date

Highest Issue Price

Lowest Redemption

Price

Highest Issue Price

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Price

Highest Issue Price

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Price

Highest Issue Price

Lowest Redemption

Price

Jupiter Global Emerging Markets Short Duration BondClass I EUR Acc HSC 20 February 2018 – – – – – – – –Class I GBP A Inc HSC 21 August 2018 – – – – – – – –Class I USD Acc 5 September 2017 – – – – – – – –Class L EUR Q Inc Dist HSC 3 October 2018 – – – – – – – –Class L USD M Inc Dist 3 December 2018 – – – – – – – –Jupiter Global Value 11 September 2009Class D EUR Acc 19 December 2017 – – – – – – – –Class D GBP Acc 14 November 2016 – – – – – – – –Class D USD Acc 27 April 2018 – – – – – – – –Class I GBP Acc 25 October 2016 – – – – – – – –Class L EUR Acc 11 September 2009 23.06 19.70 22.72 19.82 20.51 17.27 18.18 14.55Class L GBP A Inc 15 January 2010 23.09 19.72 22.90 19.97 20.70 17.42 18.49 14.80Class L USD Acc 11 September 2009 15.73 13.44 15.49 13.51 13.98 11.77 12.39 9.91Jupiter India Select 2 May 2008Class D EUR Acc 1 April 2016 – – – – – – – –Class D GBP Acc 5 April 2017 – – – – – – – –Class D USD Acc 4 November 2014 11.62 9.61 – – – – – –Class L EUR Acc 25 May 2011 19.02 15.27 16.26 10.18 13.68 8.76 13.60 10.26Class L GBP A Inc 19 January 2010 22.63 18.16 19.36 12.10 16.26 10.41 16.16 12.19Class L USD A Inc 2 May 2008 183.05 146.91 156.53 97.89 131.56 84.26 130.80 98.68Jupiter Japan Select 1 July 2009Class D EUR Acc 30 March 2015 11.51 9.71 – – – – – –Class D USD Acc 30 October 2014 11.93 9.75 – – – – – –Class L EUR Acc 27 July 2009 22.02 17.41 19.89 17.32 19.88 14.70 16.41 14.18Class L GBP A Inc 1 July 2009 25.37 20.08 23.06 20.08 23.14 17.11 19.29 16.62Class L USD Acc 1 July 2009 15.88 12.57 14.35 12.50 14.34 10.60 11.84 10.24Jupiter New Europe 5 November 2007Class L EUR Acc 5 November 2007 7.28 5.07 7.84 5.97 8.32 6.78 7.90 5.84Class L GBP A Inc 5 November 2007 9.92 6.91 11.07 8.42 11.95 9.74 11.34 8.38Class L USD Acc 29 November 2007 5.20 3.62 5.61 4.26 5.95 4.85 5.65 4.18


218








/Launch Date

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Price

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Price

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Lowest Redemption

Price

Jupiter Global Emerging Markets Short Duration BondClass I EUR Acc HSC 20 February 2018 – – – – – –Class I GBP A Inc HSC 21 August 2018 – – – – – –Class I USD Acc 5 September 2017 – – – – – –Class L EUR Q Inc Dist HSC 3 October 2018 – – – – – –Class L USD M Inc Dist 3 December 2018 – – – – – –Jupiter Global Value 11 September 2009Class D EUR Acc 19 December 2017 – – – – – –Class D GBP Acc 14 November 2016 – – – – – –Class D USD Acc 27 April 2018 – – – – – –Class I GBP Acc 25 October 2016 – – – – – –Class L EUR Acc 11 September 2009 17.28 14.63 16.00 13.60 10.14 9.99 Class L GBP A Inc 15 January 2010 17.74 15.02 16.53 14.04 – – Class L USD Acc 11 September 2009 11.77 9.96 10.89 9.26 10.25 9.95 Jupiter India Select 2 May 2008Class D EUR Acc 1 April 2016 – – – – – –Class D GBP Acc 5 April 2017 – – – – – –Class D USD Acc 4 November 2014 – – – – – –Class L EUR Acc 25 May 2011 16.02 12.85 – – – – Class L GBP A Inc 19 January 2010 20.21 15.27 19.03 14.63 – – Class L USD A Inc 2 May 2008 163.74 123.53 154.10 108.23 115.76 48.74 Jupiter Japan Select 1 July 2009Class D EUR Acc 30 March 2015 – – – – – –Class D USD Acc 30 October 2014 – – – – – –Class L EUR Acc 27 July 2009 18.19 14.81 16.37 10.87 10.67 10.00 Class L GBP A Inc 1 July 2009 21.45 17.46 19.40 16.71 11.32 9.82 Class L USD Acc 1 July 2009 13.13 10.69 11.82 10.18 11.15 9.78 Jupiter New Europe 5 November 2007Class L EUR Acc 5 November 2007 9.18 6.17 8.20 5.65 6.20 3.04 Class L GBP A Inc 5 November 2007 13.36 8.90 11.85 8.14 8.93 4.34 Class L USD Acc 29 November 2007 6.61 4.39 5.88 4.04 4.45 2.17


219









/Launch DateSemi-Annual

Performance %Annual

Performance %Annual

Performance %Annual

Performance %

Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 3.39 3.25 9.59 9.50Class D USD Acc 15 February 2018 3.90 (2.50) – –Class L GBP Q Inc 23 November 2009 3.00 2.41 8.71 29.99Class L USD Acc 30 September 2005 3.53 (0.21) 12.27 10.88Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 5.85 (4.93) 13.68 8.89Class L GBP A Inc 11 December 2009 2.21 (4.36) 16.51 27.06Class L USD Acc 11 December 2009 2.73 (6.83) 20.36 8.28Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 3.51 (3.30) 1.11 4.25Class D CHF Q Inc HSC 26 September 2014 3.47 (3.25) 1.04 4.30Class D EUR Acc 11 April 2013 3.83 (2.83) 1.64 5.00Class D EUR Q Inc 16 April 2013 3.73 (2.71) 1.62 4.89Class D EUR Q Inc Dist 1 September 2014 3.68 (2.72) 1.56 5.03Class D GBP Acc HSC 3 April 2013 4.41 (1.89) 2.34 5.71Class D GBP Q Inc HSC 26 March 2013 4.37 (1.82) 2.32 5.77Class D USD Acc HSC 12 April 2013 5.31 (0.39) 3.26 5.96Class D USD M Inc HSC 26 October 2018 5.23 – – –Class D USD Q Inc HSC 4 April 2013 5.32 (0.41) 3.32 5.98Class I CHF Acc HSC 12 April 2017 3.52 (3.30) – –Class I CHF Q Inc HSC 8 May 2012 3.52 (3.24) 1.11 4.37Class I EUR Acc 5 December 2012 3.82 (2.79) 1.65 5.04Class I EUR Q Inc 8 May 2012 3.77 (2.70) 1.62 5.03Class I GBP Q Inc HSC 8 May 2012 4.46 (1.90) 2.44 5.74Class I SEK Acc HSC 14 July 2017 3.77 (2.93) 0.14 –Class I SGD M Inc HSC 13 July 2018 4.90 (0.66) – –Class I USD Acc HSC 15 January 2016 5.34 (0.37) 3.41 5.50Class I USD Q Inc HSC 8 May 2012 5.33 (0.34) 3.36 6.11Class L AUD Acc HSC 4 December 2014 4.69 (1.05) 3.21 6.55Class L AUD M Inc HSC 29 December 2014 4.67 (1.02) 3.20 6.50Class L CHF Acc HSC 17 May 2013 3.10 (4.02) 0.35 3.45Class L CHF Q Inc HSC 8 May 2012 3.01 (4.02) 0.31 3.53Class L EUR Acc 10 May 2013 3.36 (3.50) 0.86 4.12Class L EUR Q Inc 8 May 2012 3.40 (3.55) 0.89 4.18Class L EUR Q Inc Dist 24 January 2014 3.33 (3.52) 0.82 4.21Class L GBP Acc HSC 5 September 2016 4.04 (2.66) 1.50 0.10Class L GBP Q Inc HSC 8 May 2012 4.02 (2.65) 1.53 4.88Class L HKD Acc HSC 5 April 2018 4.39 (1.37) – –Class L HKD M Inc Dist HSC 5 April 2018 4.39 (3.27) – –Class L SEK Acc HSC 6 November 2014 3.35 (3.70) 0.65 3.86Class L SGD Acc HSC 12 March 2014 4.50 (1.73) 2.13 5.81Class L SGD M Inc HSC 14 March 2014 4.52 (1.80) 2.13 5.79Class L USD Acc HSC 30 April 2013 4.92 (1.15) 2.53 5.15Class L USD M Inc HSC 13 March 2014 4.94 (1.14) 2.53 5.20Class L USD Q Inc HSC 8 May 2012 4.91 (1.18) 2.53 5.19

The first performance figure shown for a new fund or new class is from launch date to the next financial year end date and is not for a full financial year.

220









/Launch DateAnnual

Performance %Annual

Performance %Annual

Performance %Annual

Performance %

Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 – – – –Class D USD Acc 15 February 2018 – – – –Class L GBP Q Inc 23 November 2009 (4.44) 9.53 4.56 11.71Class L USD Acc 30 September 2005 (10.28) 9.72 4.37 15.88Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 4.65 15.11 27.41 22.42Class L GBP A Inc 11 December 2009 (0.78) 7.09 33.62 12.34Class L USD Acc 11 December 2009 (6.67) 7.25 33.10 16.75Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 2.99 0.50 – –Class D CHF Q Inc HSC 26 September 2014 3.05 (0.18) – –Class D EUR Acc 11 April 2013 3.76 8.98 2.50 –Class D EUR Q Inc 16 April 2013 3.82 8.94 (0.20) –Class D EUR Q Inc Dist 1 September 2014 3.91 (0.36) – –Class D GBP Acc HSC 3 April 2013 4.17 9.10 3.30 –Class D GBP Q Inc HSC 26 March 2013 4.20 9.03 0.70 –Class D USD Acc HSC 12 April 2013 4.05 8.81 2.20 –Class D USD M Inc HSC 26 October 2018 – – – –Class D USD Q Inc HSC 4 April 2013 3.98 8.93 0.50 –Class I CHF Acc HSC 12 April 2017 – – – –Class I CHF Q Inc HSC 8 May 2012 2.99 8.50 9.57 3.90Class I EUR Acc 5 December 2012 3.86 8.98 6.90 –Class I EUR Q Inc 8 May 2012 3.89 8.90 10.09 4.10Class I GBP Q Inc HSC 8 May 2012 4.23 9.09 10.34 4.20Class I SEK Acc HSC 14 July 2017 – – – –Class I SGD M Inc HSC 13 July 2018 – – – –Class I USD Acc HSC 15 January 2016 – – – –Class I USD Q Inc HSC 8 May 2012 4.02 8.95 10.01 4.10Class L AUD Acc HSC 4 December 2014 3.85 – – –Class L AUD M Inc HSC 29 December 2014 3.56 – – –Class L CHF Acc HSC 17 May 2013 2.23 7.59 0.10 –Class L CHF Q Inc HSC 8 May 2012 2.30 7.61 8.93 3.80Class L EUR Acc 10 May 2013 3.05 8.08 0.20 –Class L EUR Q Inc 8 May 2012 2.98 8.13 9.26 4.00Class L EUR Q Inc Dist 24 January 2014 2.93 3.69 – –Class L GBP Acc HSC 5 September 2016 – – – –Class L GBP Q Inc HSC 8 May 2012 3.51 8.20 9.45 4.10Class L HKD Acc HSC 5 April 2018 – – – –Class L HKD M Inc Dist HSC 5 April 2018 – – – –Class L SEK Acc HSC 6 November 2014 2.68 – – –Class L SGD Acc HSC 12 March 2014 3.69 2.90 – –Class L SGD M Inc HSC 14 March 2014 3.76 2.97 – –Class L USD Acc HSC 30 April 2013 3.21 8.02 1.00 –Class L USD M Inc HSC 13 March 2014 3.23 2.99 – –Class L USD Q Inc HSC 8 May 2012 3.31 7.99 9.19 4.00


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/Launch DateAnnual

Performance %Annual

Performance %Annual

Performance %

Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 – – –Class D USD Acc 15 February 2018 – – –Class L GBP Q Inc 23 November 2009 (10.03) 17.70 –Class L USD Acc 30 September 2005 (11.80) 18.64 34.68Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 (38.65) (0.40) –Class L GBP A Inc 11 December 2009 (38.17) 4.80 –Class L USD Acc 11 December 2009 (39.36) 2.40 –Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 – – –Class D CHF Q Inc HSC 26 September 2014 – – –Class D EUR Acc 11 April 2013 – – –Class D EUR Q Inc 16 April 2013 – – –Class D EUR Q Inc Dist 1 September 2014 – – –Class D GBP Acc HSC 3 April 2013 – – –Class D GBP Q Inc HSC 26 March 2013 – – –Class D USD Acc HSC 12 April 2013 – – –Class D USD M Inc HSC 26 October 2018 – – –Class D USD Q Inc HSC 4 April 2013 – – –Class I CHF Acc HSC 12 April 2017 – – –Class I CHF Q Inc HSC 8 May 2012 – – –Class I EUR Acc 5 December 2012 – – –Class I EUR Q Inc 8 May 2012 – – –Class I GBP Q Inc HSC 8 May 2012 – – –Class I SEK Acc HSC 14 July 2017 – – –Class I SGD M Inc HSC 13 July 2018 – – –Class I USD Acc HSC 15 January 2016 – – –Class I USD Q Inc HSC 8 May 2012 – – –Class L AUD Acc HSC 4 December 2014 – – –Class L AUD M Inc HSC 29 December 2014 – – –Class L CHF Acc HSC 17 May 2013 – – –Class L CHF Q Inc HSC 8 May 2012 – – –Class L EUR Acc 10 May 2013 – – –Class L EUR Q Inc 8 May 2012 – – –Class L EUR Q Inc Dist 24 January 2014 – – –Class L GBP Acc HSC 5 September 2016 – – –Class L GBP Q Inc HSC 8 May 2012 – – –Class L HKD Acc HSC 5 April 2018 – – –Class L HKD M Inc Dist HSC 5 April 2018 – – –Class L SEK Acc HSC 6 November 2014 – – –Class L SGD Acc HSC 12 March 2014 – – –Class L SGD M Inc HSC 14 March 2014 – – –Class L USD Acc HSC 30 April 2013 – – –Class L USD M Inc HSC 13 March 2014 – – –Class L USD Q Inc HSC 8 May 2012 – – –


222










Performance %Annual

Performance %Annual

Performance %Annual

Performance %

Jupiter European Growth 18 August 2006Class D EUR Acc 22 January 2014 (4.87) 16.79 16.34 (0.54)Class D EUR A Inc Dist 1 September 2014 (4.89) 16.82 16.28 (0.46)Class D GBP Acc 27 January 2014 (8.27) 17.53 19.17 16.11Class D USD Acc HSC 16 January 2014 (3.48) 19.57 17.85 -Class I EUR Acc 18 August 2006 (4.88) 16.83 16.37 (0.45)Class L EUR Acc 18 August 2006 (5.27) 15.90 15.42 (1.23)Class L EUR A Inc Dist 1 September 2014 (5.27) 15.94 15.39 (1.24)Class L GBP A Inc 30 July 2008 (8.59) 16.61 18.25 15.30Class L HKD Acc HSC 5 April 2018 (4.36) 14.58 – –Class L USD Acc HSC 2 October 2013 (3.83) 18.68 16.97 (0.72)Jupiter European Opportunities 18 August 2006Class D EUR Acc 30 October 2014 (4.54) (0.97) 17.53 (0.79)Class I EUR Acc 18 August 2006 (4.55) (0.96) 17.54 (0.72)Class L EUR Acc 18 August 2006 (4.93) (1.75) 16.57 (1.50)Class L GBP A Inc 2 January 2008 (8.25) (1.14) 19.46 15.02Jupiter Financial Innovation* 2 November 2006Class D EUR Acc 9 March 2017 (6.52) 14.68 5.60 –Class D GBP Acc 4 November 2014 (9.85) 15.34 21.68 20.94Class D USD Acc 17 April 2014 (9.40) 12.37 25.64 3.06Class L EUR Acc 2 November 2006 (6.91) 13.80 17.86 2.73Class L GBP A Inc 2 November 2006 (10.15) 14.43 20.77 19.87Class L USD Acc 11 July 2007 (9.70) 11.58 24.56 2.35Class L USD Acc HSC 17 January 2018 (5.61) 16.21 – –Jupiter Global Convertibles 1 October 2010Class D EUR Acc 17 December 2014 (2.18) (0.09) 6.68 5.17Class D EUR A Inc 24 February 2017 (2.18) (0.13) 3.58 –Class D GBP A Inc HSC 10 June 2014 (1.70) 0.85 7.44 5.57Class D USD A Inc HSC 24 February 2017 (0.67) 2.29 4.75 –Class I CHF Acc HSC 1 October 2010 (2.44) (0.61) 6.27 4.54Class I EUR Acc 1 October 2010 (2.17) (0.07) 6.79 5.19Class I GBP A Inc HSC 1 October 2010 (1.59) 0.86 7.48 5.54Class I USD Acc HSC 1 October 2010 (0.69) 2.42 8.49 6.14Class L CHF Acc HSC 1 October 2010 (2.85) (1.44) 5.41 3.68Class L EUR Acc 1 October 2010 (2.55) (0.92) 6.00 4.31Class L GBP A Inc HSC 1 October 2010 (2.04) 0.03 6.70 4.65Class L USD Acc HSC 1 October 2010 (1.11) 1.51 7.62 5.29Jupiter Global Ecology Growth 30 September 2005Class D EUR A Inc Dist 1 September 2014 (1.58) 2.06 12.98 9.90Class L EUR Acc 30 September 2005 (2.08) 1.02 11.85 8.67Class L EUR A Inc Dist 1 September 2014 (2.09) 0.97 11.89 8.79Class L GBP A Inc 14 August 2007 (5.48) 1.62 14.62 26.84Class L USD Acc 9 May 2008 (5.09) (0.88) 18.32 8.28Jupiter Global Emerging Markets Equity Unconstrained

20 March 2017

Class D USD Acc 20 March 2017 4.86 (18.53) 22.03 –Class L USD Acc 20 March 2017 4.50 (19.14) 21.02 –



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/Launch DateAnnual

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Performance %Annual

Performance %Annual

Performance %

Jupiter European Growth 18 August 2006Class D EUR Acc 22 January 2014 25.68 2.80 – –Class D EUR A Inc Dist 1 September 2014 25.68 1.00 – –Class D GBP Acc 27 January 2014 19.21 1.00 – –Class D USD Acc HSC 16 January 2014 25.48 4.00 – –Class I EUR Acc 18 August 2006 25.73 12.11 15.45 42.44Class L EUR Acc 18 August 2006 24.74 11.22 14.52 41.37Class L EUR A Inc Dist 1 September 2014 24.84 0.90 – –Class L GBP A Inc 30 July 2008 18.26 3.61 20.02 30.29Class L HKD Acc HSC 5 April 2018 – – – –Class L USD Acc HSC 2 October 2013 24.59 11.00 – –Jupiter European Opportunities 18 August 2006Class D EUR Acc 30 October 2014 14.40 – – –Class I EUR Acc 18 August 2006 10.72 12.23 18.48 32.27Class L EUR Acc 18 August 2006 9.81 11.38 17.55 31.24Class L GBP A Inc 2 January 2008 4.11 3.72 23.15 21.04Jupiter Financial Innovation* 2 November 2006Class D EUR Acc 9 March 2017 – – – –Class D GBP Acc 4 November 2014 4.10 – – –Class D USD Acc 17 April 2014 0.10 (2.10) – –Class L EUR Acc 2 November 2006 11.59 12.44 23.61 22.55Class L GBP A Inc 2 November 2006 5.85 4.70 29.38 13.18Class L USD Acc 11 July 2007 (0.64) 4.91 29.06 17.40Class L USD Acc HSC 17 January 2018 – – – –Jupiter Global Convertibles 1 October 2010Class D EUR Acc 17 December 2014 2.50 – – –Class D EUR A Inc 24 February 2017 – – – –Class D GBP A Inc HSC 10 June 2014 3.36 (1.80) – –Class D USD A Inc HSC 24 February 2017 – – – –Class I CHF Acc HSC 1 October 2010 2.41 2.65 10.65 7.23Class I EUR Acc 1 October 2010 3.10 3.11 11.02 7.96Class I GBP A Inc HSC 1 October 2010 3.27 3.21 11.32 10.58Class I USD Acc HSC 1 October 2010 3.21 2.96 11.01 7.92Class L CHF Acc HSC 1 October 2010 1.60 1.90 9.75 6.24Class L EUR Acc 1 October 2010 2.34 2.30 10.03 7.09Class L GBP A Inc HSC 1 October 2010 2.58 2.40 10.38 8.58Class L USD Acc HSC 1 October 2010 2.45 2.05 10.23 6.83Jupiter Global Ecology Growth 30 September 2005Class D EUR A Inc Dist 1 September 2014 3.49 (1.14) – –Class L EUR Acc 30 September 2005 2.71 9.78 20.00 19.33Class L EUR A Inc Dist 1 September 2014 2.53 (1.20) – –Class L GBP A Inc 14 August 2007 (2.59) 2.24 25.48 10.00Class L USD Acc 9 May 2008 (8.60) 2.44 25.43 14.13Jupiter Global Emerging Markets Equity Unconstrained

20 March 2017

Class D USD Acc 20 March 2017 – – – –Class L USD Acc 20 March 2017 – – – –



224








/Launch DateAnnual

Performance %Annual

Performance %Annual

Performance %

Jupiter European Growth 18 August 2006Class D EUR Acc 22 January 2014 – – –Class D EUR A Inc Dist 1 September 2014 – – –Class D GBP Acc 27 January 2014 – – –Class D USD Acc HSC 16 January 2014 – – –Class I EUR Acc 18 August 2006 (13.03) 27.83 7.97Class L EUR Acc 18 August 2006 (13.70) 26.83 7.16Class L EUR A Inc Dist 1 September 2014 – – –Class L GBP A Inc 30 July 2008 (12.99) 19.46 22.93Class L HKD Acc HSC 5 April 2018 – – –Class L USD Acc HSC 2 October 2013 – – –Jupiter European Opportunities 18 August 2006Class D EUR Acc 30 October 2014 – – –Class I EUR Acc 18 August 2006 (10.30) 13.69 2.85Class L EUR Acc 18 August 2006 (11.00) 12.75 2.17Class L GBP A Inc 2 January 2008 (10.22) 6.31 16.93Jupiter Financial Innovation* 2 November 2006Class D EUR Acc 9 March 2017 – – –Class D GBP Acc 4 November 2014 – – –Class D USD Acc 17 April 2014 – – –Class L EUR Acc 2 November 2006 (19.28) 2.71 16.64Class L GBP A Inc 2 November 2006 (18.61) (3.20) 33.37Class L USD Acc 11 July 2007 (20.11) (4.63) 17.55Class L USD Acc HSC 17 January 2018 – – –Jupiter Global Convertibles 1 October 2010Class D EUR Acc 17 December 2014 – – –Class D EUR A Inc 24 February 2017 – – –Class D GBP A Inc HSC 10 June 2014 – – –Class D USD A Inc HSC 24 February 2017 – – –Class I CHF Acc HSC 1 October 2010 – – –Class I EUR Acc 1 October 2010 – – –Class I GBP A Inc HSC 1 October 2010 – – –Class I USD Acc HSC 1 October 2010 – – –Class L CHF Acc HSC 1 October 2010 – – –Class L EUR Acc 1 October 2010 – – –Class L GBP A Inc HSC 1 October 2010 – – –Class L USD Acc HSC 1 October 2010 – – –Jupiter Global Ecology Growth 30 September 2005Class D EUR A Inc Dist 1 September 2014 – – –Class L EUR Acc 30 September 2005 (7.75) 8.11 (12.56)Class L EUR A Inc Dist 1 September 2014 – – –Class L GBP A Inc 14 August 2007 (6.82) 1.33 (5.76)Class L USD Acc 9 May 2008 (8.74) 0.56 (10.38)Jupiter Global Emerging Markets Equity Unconstrained

20 March 2017

Class D USD Acc 20 March 2017 – – –Class L USD Acc 20 March 2017 – – –



225










Performance %Annual

Performance %Annual

Performance %Annual

Performance %

Jupiter Global Emerging Markets Short Duration BondClass I EUR Acc HSC 20 February 2018 2.55 – – –Class I GBP A Inc HSC 21 August 2018 3.19 – – –Class I USD Acc 5 September 2017 4.16 – – –Class L EUR Q Inc Dist HSC 3 October 2018 2.27 – – –Class L USD M Inc Dist 3 December 2018 3.77 – – –Jupiter Global Value 11 September 2009Class D EUR Acc 19 December 2017 (5.44) 6.70 – –Class D GBP Acc 14 November 2016 (8.74) 13.73 18.70 –Class D USD Acc 27 April 2018 (8.32) (2.70) – –Class I GBP Acc 25 October 2016 (8.75) 13.86 15.40 –Class L EUR Acc 11 September 2009 (5.81) 12.20 17.62 8.73Class L GBP A Inc 15 January 2010 (9.09) 12.87 20.54 26.92Class L USD Acc 11 September 2009 (8.65) 9.95 24.42 8.25Jupiter India Select 2 May 2008Class D EUR Acc 1 April 2016 16.76 (19.15) 7.40 23.00Class D GBP Acc 5 April 2017 12.65 (18.66) (5.70) –Class D USD Acc 4 November 2014 13.22 (20.74) 13.65 18.30Class L EUR Acc 25 May 2011 16.11 (19.96) 6.31 16.89Class L GBP A Inc 19 January 2010 12.05 (19.51) 8.95 36.49Class L USD A Inc 2 May 2008 12.62 (21.54) 12.46 16.29Jupiter Japan Select 1 July 2009Class D EUR Acc 30 March 2015 (3.52) 12.62 9.04 11.91Class D USD Acc 30 October 2014 (6.40) 10.38 15.45 11.41Class L EUR Acc 27 July 2009 (3.94) 11.75 8.27 11.07Class L GBP A Inc 1 July 2009 (7.29) 12.40 10.99 29.58Class L USD Acc 1 July 2009 (6.82) 9.53 14.54 10.55Jupiter New Europe 5 November 2007Class L EUR Acc 5 November 2007 6.49 0.12 17.82 19.54Class L GBP A Inc 5 November 2007 2.80 0.68 20.70 39.70Class L USD Acc 29 November 2007 3.33 (2.07) 24.77 19.16


226









/Launch DateAnnual

Performance %Annual

Performance %Annual

Performance %Annual

Performance %

Jupiter Global Emerging Markets Short Duration BondClass I EUR Acc HSC 20 February 2018 – – – –Class I GBP A Inc HSC 21 August 2018 – – – –Class I USD Acc 5 September 2017 – – – –Class L EUR Q Inc Dist HSC 3 October 2018 – – – –Class L USD M Inc Dist 3 December 2018 – – – –Jupiter Global Value 11 September 2009Class D EUR Acc 19 December 2017 – – – –Class D GBP Acc 14 November 2016 – – – –Class D USD Acc 27 April 2018 – – – –Class I GBP Acc 25 October 2016 – – – –Class L EUR Acc 11 September 2009 2.72 16.13 6.51 25.18Class L GBP A Inc 15 January 2010 (2.60) 8.19 11.64 15.29Class L USD Acc 11 September 2009 (8.49) 8.40 11.30 19.88Jupiter India Select 2 May 2008Class D EUR Acc 1 April 2016 – – – –Class D GBP Acc 5 April 2017 – – – –Class D USD Acc 4 November 2014 2.20 – – –Class L EUR Acc 25 May 2011 20.23 64.59 (23.61) 2.49Class L GBP A Inc 19 January 2010 13.91 53.54 (19.98) (5.45)Class L USD A Inc 2 May 2008 7.01 53.70 (20.19) (1.85)Jupiter Japan Select 1 July 2009Class D EUR Acc 30 March 2015 (11.00) – – –Class D USD Acc 30 October 2014 3.40 – – –Class L EUR Acc 27 July 2009 12.29 5.22 21.25 2.77Class L GBP A Inc 1 July 2009 6.41 (2.00) 27.01 (5.22)Class L USD Acc 1 July 2009 – (1.86) 26.67 (1.69)Jupiter New Europe 5 November 2007Class L EUR Acc 5 November 2007 (15.98) (8.89) 1.64 18.31Class L GBP A Inc 5 November 2007 (20.34) (15.12) 6.54 9.00Class L USD Acc 29 November 2007 (25.33) (15.20) 6.22 13.26


227








/Launch DateAnnual

Performance %Annual

Performance %Annual

Performance %

Jupiter Global Emerging Markets Short Duration BondClass I EUR Acc HSC 20 February 2018 – – –Class I GBP A Inc HSC 21 August 2018 – – –Class I USD Acc 5 September 2017 – – –Class L EUR Q Inc Dist HSC 3 October 2018 – – –Class L USD M Inc Dist 3 December 2018 – – –Jupiter Global Value 11 September 2009Class D EUR Acc 19 December 2017 – – –Class D GBP Acc 14 November 2016 – – –Class D USD Acc 27 April 2018 – – –Class I GBP Acc 25 October 2016 – – –Class L EUR Acc 11 September 2009 (1.24) 11.44 1.40Class L GBP A Inc 15 January 2010 (0.24) (0.50) –Class L USD Acc 11 September 2009 (2.29) 3.14 1.80Jupiter India Select 2 May 2008Class D EUR Acc 1 April 2016 – – –Class D GBP Acc 5 April 2017 – – –Class D USD Acc 4 November 2014 – – –Class L EUR Acc 25 May 2011 (3.70) – –Class L GBP A Inc 19 January 2010 (17.22) 19.60 –Class L USD A Inc 2 May 2008 (18.90) 33.12 34.48Jupiter Japan Select 1 July 2009Class D EUR Acc 30 March 2015 – – –Class D USD Acc 30 October 2014 – – –Class L EUR Acc 27 July 2009 1.23 9.93 3.70Class L GBP A Inc 1 July 2009 2.17 3.55 12.10Class L USD Acc 1 July 2009 0.18 2.18 9.90Jupiter New Europe 5 November 2007Class L EUR Acc 5 November 2007 (19.35) 31.90 (2.36)Class L GBP A Inc 5 November 2007 (18.58) 25.10 11.78Class L USD Acc 29 November 2007 (20.21) 23.06 –


5649-05-19

The Jupiter Global FundSociété d’Investissement à Capital Variable (SICAV)

Annual Review and Audited Financial Statements

For the year ended 30 September 2018

R.C.S. B 110.737R.C.S. B 110.737

3



Contents

Contents Investment Objectives 4

Management, Administration and Independent Auditor 6

Board of Directors’ Report 7

Report of the Depositary 10

Independent Auditor’s Report 11

Statement of Net Assets 14

Statement of Operations and Changes in Net Assets 19

Statement of Changes in Shares Issued 24

Statistical Information 29

Review of Portfolios and Schedule of Investments ■ Jupiter Asia Pacific Income 35 ■ Jupiter China Select 40 ■ Jupiter Dynamic Bond 45 ■ Jupiter Europa (1) 66 ■ Jupiter European Feeder (1) 82 ■ Jupiter European Growth 85 ■ Jupiter European Opportunities 90 ■ Jupiter Eurozone Equity (1), (2) 95 ■ Jupiter Flexible Income (1), (3) 100 ■ Jupiter Global Absolute Return (1) 114 ■ Jupiter Global Convertibles 128 ■ Jupiter Global Ecology Diversified (1) 138 ■ Jupiter Global Ecology Growth 149 ■ Jupiter Global Emerging Markets Corporate Bond (1) 154 ■ Jupiter Global Emerging Markets Equity Unconstrained 165 ■ Jupiter Global Emerging Markets Short Duration Bond (1) 170 ■ Jupiter Global Financials 181 ■ Jupiter Global Levered Absolute Return (1), (4) 187 ■ Jupiter Global Value 200 ■ Jupiter India Select 204 ■ Jupiter Japan Select 210 ■ Jupiter New Europe 213 ■ Jupiter Strategic Total Return (1) 217 ■ Jupiter UK Dynamic Growth (1) 228

Notes to the Financial Statements 233

Additional Information 251

Information for Investors in Hong Kong 254

Notice of Meeting 272

Proxy Form

Subscriptions cannot be received on the basis of this report. Subscriptions can only be accepted on the basis of the current prospectus accompanied by the key investor information document or (for Hong Kong investors) key fact statements of the respective funds, supplemented by the latest annual report and semi-annual report if published thereafter.

(1) This Fund is not authorised in Hong Kong and not available to Hong Kong residents.(2) Jupiter Eurozone Equity was launched on 29 August 2018.(3) Jupiter Flexible Income was launched on 19 September 2018.(4) Jupiter Global Levered Absolute Return was launched on 19 October 2017.

4




The Jupiter Global Fund – Jupiter Asia Pacific Income (‘Jupiter Asia Pacific Income’)

The investment objective of Jupiter Asia Pacific Income is to achieve long-term capital growth and income by investing primarily in quoted companies in any economic sector involved directly or indirectly in the Asian and Pacific Region (excluding Japan).

The Jupiter Global Fund – Jupiter China Select (‘Jupiter China Select’)

The investment objective of Jupiter China Select is to achieve long-term capital growth by investing in companies in any economic sector involved directly or indirectly in Greater China.

The Jupiter Global Fund – Jupiter Dynamic Bond(‘Jupiter Dynamic Bond’)

The investment objective of Jupiter Dynamic Bond is to achieve a high income with the prospect of capital growth from a portfolio of investments in global fixed interest securities.

The Jupiter Global Fund – Jupiter Europa (‘Jupiter Europa’)

The investment objective of Jupiter Europa is to generate positive long-term returns across varying market conditions principally from a portfolio of investments in European equities and equity related securities.

The Jupiter Global Fund – Jupiter European Feeder (‘Jupiter European Feeder’)

The investment objective of Jupiter European Feeder is to achieve long-term capital growth principally through investment in the Jupiter European Master Fund.

The Jupiter Global Fund – Jupiter European Growth (‘Jupiter European Growth’)

The investment objective of Jupiter European Growth is to achieve long-term capital growth by exploiting special investment opportunities in Europe.

The Jupiter Global Fund – Jupiter European Opportunities (‘Jupiter European Opportunities’)

The investment objective of Jupiter European Opportunities is to achieve long-term capital growth from investments in companies quoted on a European Stock Exchange.

The Jupiter Global Fund – Jupiter Eurozone Equity(‘Jupiter Eurozone Equity)

The investment objective of Jupiter Eurozone Equity to achieve capital growth over the long term (that is, three to five years).

The Jupiter Global Fund – Jupiter Flexible Income(‘Jupiter Flexible Income)

The investment objective of Jupiter Flexible Income to provide regular income together with the prospect of capital growth over the long term (three to five years).

The Jupiter Global Fund – Jupiter Global Absolute Return(‘Jupiter Global Absolute Return’)

The investment objective of Jupiter Global Absolute Return is to generate absolute return over a three year rolling period, independent of market conditions, by investing on a global basis.

The Jupiter Global Fund – Jupiter Global Convertibles(‘Jupiter Global Convertibles’)

The investment objective of Jupiter Global Convertibles is to achieve long-term capital growth through investment on a global basis in a diversified portfolio of convertible securities.

The Jupiter Global Fund – Jupiter Global Ecology Diversified (‘Jupiter Global Ecology Diversified’)

The investment objective of Jupiter Global Ecology Diversified is to generate long-term capital appreciation and income investing primarily in global equity and fixed income securities.

The Jupiter Global Fund – Jupiter Global Ecology Growth(‘Jupiter Global Ecology Growth’)

The investment objective of Jupiter Global Ecology Growth is to generate long-term capital growth from investment worldwide in companies that are responding positively to the challenge of environmental sustainability and climate change.

5




The Jupiter Global Fund – Jupiter Global Emerging Markets Corporate Bond(‘Jupiter Global Emerging Markets Corporate Bond’)

The investment objective of Jupiter Global Emerging Markets Corporate Bond is to achieve long term income and capital growth through investment in fixed interest securities of issuers exposed directly or indirectly to emerging market economies worldwide.


The investment objective of Jupiter Global Emerging Markets Unconstrained is to achieve long-term capital growth through investment in equity and equity-related securities of companies exposed directly or indirectly to emerging market economies worldwide.

The Jupiter Global Fund – Jupiter Global Emerging Markets Short Duration Bond (‘Jupiter Global Emerging Markets Short Duration Bond’)

The investment objective of Jupiter Global Emerging Markets Short Duration Bond is to achieve long term income and capital growth by investing in a portfolio of debt securities from emerging market countries that have, on average, short durations.

The Jupiter Global Fund – Jupiter Global Financials (‘Jupiter Global Financials’)

The investment objective of Jupiter Global Financials is to achieve long-term capital growth principally through investment in equities of financial sector companies on an international basis.

The Jupiter Global Fund – Jupiter Global Levered Absolute Return (‘Jupiter Global Levered Absolute Return’)

The investment objective of Jupiter Global Levered Absolute Return is to generate absolute return over a three year rolling period, independent of market conditions, by investing on a global basis.

The Jupiter Global Fund – Jupiter Global Value (‘Jupiter Global Value’)

The investment objective of Jupiter Global Value is to achieve long-term total return principally through investment in equities on an international basis.

The Jupiter Global Fund – Jupiter India Select(‘Jupiter India Select’)

The investment objective of Jupiter India Select is to achieve long-term capital growth through investment primarily in India and selected opportunities in Pakistan, Bangladesh, Sri Lanka, Bhutan, Nepal and the Maldives.

The Jupiter Global Fund – Jupiter Japan Select (‘Jupiter Japan Select’)

The investment objective of Jupiter Japan Select is to achieve long-term capital growth through investing primarily in Japan and in selected opportunities in Asia.

The Jupiter Global Fund – Jupiter New Europe (‘Jupiter New Europe’)

The investment objective of Jupiter New Europe is to achieve long-term capital growth through investment primarily in Central and Eastern Europe, Russia and Turkey and, in addition, investment in non-European former member states of the Union of Soviet Socialist Republics (‘USSR’).

The Jupiter Global Fund – Jupiter Strategic Total Return(‘Jupiter Strategic Total Return’)

The investment objective of the Jupiter Strategic Total Return is to generate positive long-term returns across varying market conditions from an actively managed portfolio of different asset classes, including equities, bonds, convertible bonds, currencies and money market securities on an international basis.

The Jupiter Global Fund – Jupiter UK Dynamic Growth (‘Jupiter UK Dynamic Growth’)

The investment objective of the Jupiter UK Dynamic Growth is to generate long-term capital appreciation through investing primarily in UK securities.

6



■ Management, Administration and Independent Auditor

Directors Adrian Creedy (retired as Chairman and Director 30 June 2018)Garth Lorimer Turner (appointed Chairman 1 July 2018)*Jacques Elvinger*Patrick Zurstrassen*Paula MooreSimon Rowson (appointed 1 July 2018)

Registered Office The Jupiter Global Fund6, route de TrèvesSenningerbergL-2633 Luxembourg

Depositary, Paying Agent and Administrator

J.P. Morgan Bank Luxembourg S.A.6, route de TrèvesSenningerbergL-2633 Luxembourg

Management Company Jupiter Unit Trust Managers LimitedThe Zig Zag Building70 Victoria StreetLondon SW1E 6SQ United Kingdom

Independent Auditors PricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorL-2182 Luxembourg

Legal Advisers Elvinger Hoss Prussen, société anonyme2, Place Winston ChurchillL-1340 Luxembourg

Investment Manager Jupiter Asset Management LimitedThe Zig Zag Building70 Victoria StreetLondon SW1E 6SQUnited Kingdom

Authorised and regulated by the Financial Conduct Authority

Distributor Jupiter Asset Management LimitedThe Zig Zag Building70 Victoria StreetLondon SW1E 6SQUnited Kingdom

UK Representative Jupiter Asset Management LimitedThe Zig Zag Building70 Victoria StreetLondon SW1E 6SQUnited Kingdom

Swiss Representative BNP Paribas Securities Services, Parissuccursale de ZurichSelnaustrasse 168002 Zurich Switzerland

Hong Kong Representative JPMorgan Chase Bank, N.A. Hong Kong Branch21/F, JPMorgan Tower138 Shatin Rural Committee Road Shatin, New TerritoriesHong Kong

*Independent

7



■ Board of Directors’ Report

The Board presents the Annual Review and Audited Financial Statements of the Company for the year ended 30 September 2018.

Structure of the Company

The Jupiter Global Fund (the ‘Company’) is an open-ended investment company which qualifies as an Undertaking for Collective Investment in Transferable Securities (‘UCITS’) for the purposes of the UCITS Directive and the Company is registered pursuant to Part I of the Law of 17 December 2010 on undertakings for collective investment, as amended. This registration does not imply approval by any Luxembourg authority of the contents of the Company’s prospectus (the ‘Prospectus’) or the portfolio of securities held by the Company. Any representation to the contrary is unauthorised and unlawful. The Company was incorporated under the laws of the Grand Duchy of Luxembourg as a Société d’Investissement à Capital Variable (‘SICAV’) on 22 September 2005 for an unlimited duration and it is registered with the Luxembourg Register of Commerce under number B 110.737.

The board of directors of the Company (the ‘Board’) has designated Jupiter Unit Trust Managers Limited (‘JUTM’) as Management Company of the Company to perform investment management, administration and marketing functions for the Company. JUTM is authorised as a management company managing UCITS governed by the UCITS Directive and is authorised and regulated by the Financial Conduct Authority of the United Kingdom.

The Management Company has delegated (i) its investment management functions to Jupiter Asset Management Limited (‘JAML’), (ii) its administration functions to J.P. Morgan Bank Luxembourg S.A. (‘JPMBL’) (who has also been appointed as depositary of the Company by the Company), and (iii) its marketing functions to JAML. JUTM’s liability towards the Company is not affected by the fact that it has delegated certain functions to third parties.

The Company provides a choice of funds each investing in a particular market or group of markets or investing on the basis of a specific investment theme. The particular investment objective of each fund is set out in the Information Sheet relevant to that fund contained in the Prospectus.

All the funds and share classes are registered for distribution in the Grand Duchy of Luxembourg and are marketed in accordance with the UCITS Directive in certain Member States of the European Union and elsewhere. Full details are available on the Jupiter website www.jupiteram.com.

As at 30 September 2018, the Company comprised 24 funds with multiple share classes. During the current accounting year, three new funds were created, namely Jupiter Eurozone Equity, Jupiter Flexible Income and Global Levered Absolute Return.

On 23 June 2016 the United Kingdom (`UK’) held a referendum in which voters voted in favour of the UK’s exit from the European Union (`EU’), commonly referred to as `Brexit’. Following the referendum, the British Government gave notice to the EU that the UK would exit with effect from 29 March 2019 and is currently in the process of negotiating the terms of the UK’s exit. At the time of writing It is not known what those terms will be or the terms of the UK’s future relationship with the EU (which will be negotiated once the UK has left the EU). However, the impact of Brexit may affect the operations and financial results of each fund.

As JUTM is a UK entity and therefore will not be in the EU following 29 March 2019, JUTM will not be able to act as the Company’s Management Company after this date. As a result, on 10 August 2018

the Company gave JUTM notice of the termination of its appointment as the Management Company with effect from 1 March 2019 (or such other date as JUTM and the Company may agree). The Company is currently in discussions with another member of the Jupiter Group based in the EU and holding the relevant regulatory permissions to act as its Management Company and shareholders will be given written notice of the appointment of a new Management Company once such appointment is made.

Internal Control

The Board is responsible for establishing and maintaining the internal control structure of the Company, the objective being to provide reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition and that transactions are executed in accordance with the applicable law and regulations and the Prospectus and are recorded properly in order to permit preparation of financial statements in conformity with Luxembourg generally accepted accounting principles.

Corporate Governance and the ALFI Code of Conduct

The Board has responsibility for ensuring a high standard of corporate governance and adheres to the ALFI Code of Conduct (‘the Code’) which provides a framework of principles and best practice recommendations for the governance of Luxembourg investment funds, as set out below:

1. The Board should ensure that high standards of corporate governance are applied at all times;

2. The Board should have good professional standing and appropriate experience and use best efforts to ensure it is collectively competent to fulfil its responsibilities;

3. The Board should act fairly and independently in the best interests of the investors;

4. The Board should act with due care and diligence in the performance of its duties;

5. The Board should ensure compliance with all applicable laws and regulations and with the Company’s constitutional documents;

6. The Board should ensure that investors are properly informed, are fairly and equitably treated, and receive the benefits and services to which they are entitled;

7. The Board should ensure that an effective risk management process and appropriate internal controls are in place;

8. The Board should identify and manage fairly and effectively, to the best of its ability, any actual, potential or apparent conflict of interest and ensure appropriate disclosure;

9. The Board should ensure that shareholder rights are exercised in a considered way and in the best interests of the Company;

10. The Board should ensure that the remuneration of the Board members is reasonable and fair and adequately disclosed.

The Board undertakes an annual review of ongoing compliance with the principles of the Code and considers that the Company has been in compliance with its principles in all material aspects throughout the financial year ended 30 September 2018.

8




Responsibility and Role of the Board

The responsibility of the Board is governed by Luxembourg law. The Board is responsible for providing independent review and oversight in the best interests of the Company’s investors. This includes approving the funds’ strategies, ensuring the funds consistently follow their stated investment objectives, ensuring that the expenses charged to the fund are reasonable, fair and appropriate and the effective oversight of delegated functions including the appointment of delegated parties and review of their activities and performance.

The Board maintains a direct role in matters such as proposing and declaring distributions, signing material agreements, deciding on and approving matters of policy such as changes to the Prospectus, fund liquidations, mergers, launches and entering new markets.

Board Meetings

Board meetings are scheduled quarterly and additional meetings are arranged if necessary. Board agendas and papers are issued within a reasonable amount of time prior to the Board meeting to allow the Board members to give them due consideration. These papers include reports from JUTM, JAML and JPMBL (‘the Delegates’) which enable the Board to assess the Delegates’ compliance with relevant compliance and internal audit obligations. Representatives from each of the Delegates are present at the Board meetings to respond to queries from the Board members.

The minutes of any Board meeting shall be signed by the chairman of the Board, or in his absence, by the chairman pro-tempore who presided at such Board meeting.

The Board is also informed of additional material matters without delay. Where immediate decisions are required due to time constraints, for example, the Board takes unanimous circular resolutions, delegates certain tasks to sub-committees and discusses pressing issues via conference calls.

Board Composition

The Board is composed of five Board members, three of them being independent from JUTM and JAML.

ADRIAN CREEDYDirector and Chairman (retired as Director and Chairman 30 June 2018)Adrian Creedy (British) retired from his role as the Company Secretary of Jupiter Fund Management plc on 31 December 2017.

GARTH LORIMER TURNERDirector and Chairman (appointed as Chairman 1 July 2018)Garth Lorimer Turner (British) is a Solicitor of the Supreme Court of England & Wales, a Solicitor of the Supreme Court of Hong Kong and a Bermuda Barrister & Attorney. He is a director of several companies, including investment funds.

JACQUES ELVINGERDirectorJacques Elvinger (Luxembourgish) is a partner of the Luxembourg law firm of Elvinger Hoss Prussen, société anonyme.

PATRICK ZURSTRASSENDirectorPatrick Zurstrassen (Belgian) is an independent director. He is honorary chairman of the European Confederation of Directors’ Associations.

PAULA MOOREDirectorPaula Moore (British) is a Chartered Accountant and a member of the Institute of Chartered Accountants in England and Wales. She is the Chief Operating Officer of Jupiter Fund Management plc and a Director of Jupiter Unit Trust Managers Limited, the Management Company of The Jupiter Global Fund.

SIMON ROWSON Director (appointed 1 July 2018)Simon Rowson (British) is a Solicitor of the Supreme Court of England & Wales. He is Head of Legal of JAM.

Directors’ Fees, Expenses and Interests

Subject to approval by the Company’s shareholders at each annual general meeting, the Board members are entitled to remuneration from JUTM as well as insurance coverage and reasonable out of pocket expenses in connection with Board meetings.

The Directors’ and Officers’ Liability Insurance indemnifies the Board members against certain liabilities arising in the course of performing their duties and responsibilities but does not cover against any dishonest or fraudulent act or omission on their part.

Further details of directors’ fees, expenses and interests can be found in Note 9 of the Financial Statements.

Chairman’s Review

The last year has seen starkly contrasting fortunes in investment markets, as the US continued to be buoyant while emerging markets had to endure a tough time. The UK and European stock markets made gains over the year, although the persistent questions about Brexit and the political and economic stability of Italy did not make life easy for investors.

The combination of a relatively buoyant US economy and far-reaching tax reforms have seen US companies report bumper earnings. The market was led up by the technology sector in particular, as the so-called ‘FAANG’ stocks (Facebook, Amazon, Apple, Netflix, Google) and others were very much in fashion despite questions in some quarters about the way the technology giants, most notably Facebook, impact society.

More troubling for global investment markets, however, was the start of a trade war between the US and China, which started as dispute over steel imports but has now broadened out to affect many billions of dollars’ worth of goods. The interconnected nature of the global economy means that the impact of this has been felt well beyond the borders of the US and China. It remains to be seen how the situation will play out, but so far neither side have shown signs of backing down.

Recent months produced simultaneous crises in some emerging market economies, most notably Turkey, Venezuela and Argentina. While the problems in these countries have so far been contained, the threat of knock-on effects damaging other emerging or even developed economies hasn’t completely evaporated. This, combined with the trade war and the strength of the US dollar, has made life very difficult for any funds investing in emerging markets, as stock markets are presently far more focused on potential risks than potential opportunities.

In fixed income markets, the yield on the 10-year US government bond rose above 3% for the first time since 2011. Central banks in developed markets made a firm shift in tone, indicating that the emergency measures put in place in the global financial crisis might finally be coming to an end.

9




Chairman’s Review (continued)

Central banks in the US and UK raised interest rates and even the notoriously conservative European Central Bank announced plans to end it quantitative easing programme before the end of 2018.

Closer to home, Brexit negotiations continue to lumber towards a conclusion that is just as uncertain as it was a year or two ago. The highly sensitive political question of the UK’s border with Ireland seems like the biggest current sticking point, although it is clearly in everyone’s best interests to reach a workable solution. In the meantime, the UK stock market has remained out of favour with global investors and the value of sterling has had a rollercoaster ride, rising strongly until it peaked in April and has since fallen to virtually the same level it was a year ago.

The prevailing uncertainty in the world makes life challenging for investors, but it is at times like this that active funds have the best opportunity to lay the foundations upon which long-term outperformance can be built. At Jupiter our active philosophy empowers fund managers to invest according to their convictions and avoid becoming closet trackers that simply follow the market. I believe this approach means our portfolios are well-placed to adapt and thrive in a changing environment.

Annual General Meeting

The next annual general meeting of the Company will be held on 11 January 2019 at the registered office of the Company to consider matters relating to the year ended on 30 September 2018.

For and on behalf of the Board

Garth Lorimer TurnerChairman

Luxembourg, 11 December 2018

10


Report of the Depositary

■ Report of the Depositary

In our capacity as Depositary we confirm that, in our opinion, the Management Company and the Board of Directors have managed the Company during the year ended 30 September 2018 in accordance with the provisions of the principal documents of the Company and the Protection of Investors as stated in the Luxembourg Law and rules made there under.

J.P. Morgan Bank Luxembourg S.A.6, route de Trèves,SenningerbergL-2633 Luxembourg

11 December 2018

11


Independent Auditor’s Report

12



13



14



■ Statement of Net Assets as at 30 September 2018


NotesCombined

€


IncomeUS$


US$

Jupiter Dynamic

Bond €

Jupiter Europa

€

Assets

Investments in securities at cost 19 12,876,139,311 20,578,931 8,641,458 7,786,632,293 177,559,579

Unrealised gain/(loss) 184,323,134 (136,460) (784,785) (500,574,329) 587,836

Investments in securities at market value 13,060,462,445 20,442,471 7,856,673 7,286,057,964 178,147,415

Net unrealised gain on contracts for difference 2 799,814 – – – 593,541

Net unrealised gain on forward currency exchange contracts 2 463,862 5,061 – – –


Options purchased contracts 2 2,326,087 – – – 2,083,980

Other Assets

Cash and short–term deposits 15 271,389,558 255,965 126,637 72,200,002 10,830,998

Dividends receivable 5,470,192 79,372 4,963 681,564 170,633

Interest receivable 98,123,159 72 49 92,550,738 83,321

Receivable on investments sold 73,428,067 – – 40,848,312 –


Subscriptions receivable 25,398,503 – – 11,284,237 2,662,250

Accounts receivable and accrued income 11,440,262 5,670 896 2,665,333 165,572

Other Assets 485,365,473 341,079 132,545 220,342,078 13,912,774

Total Assets 13,549,423,972 20,788,611 7,989,218 7,506,400,042 194,737,710

Liabilities

Net unrealised loss on contracts for difference 2 1,298,954 – – – –

Net unrealised loss on credit default swap contracts 2 64,902,385 – – 64,902,385 –

Net unrealised loss on forward currency exchange contracts 2 93,989,016 – – 79,764,349 1,043,912

Net unrealised loss on financial futures contracts 2 45,694 – – – 5,420

Options written contracts 2 1,564,026 – – – 1,490,711

Bank overdraft^ 17 10,402,115 – – 8,855,628 88,570

Payable on investments purchased 37,583,961 3,600 3,993 31,943,547 688,550

Redemptions payables 97,846,062 – 31,671 68,029,020 112,200

Investment Management fees payable 4 8,427,993 12,831 9,103 4,341,569 121,289

Dividends payable on contracts for differences 554,158 – – – 33,773

Dividend distribution payable 20 25,406,001 93,919 89,208 22,337,491 –

Accounts payable and accrued expenses 2,126,402 3,098 1,333 1,120,435 49,362

Total Liabilities 344,146,767 113,448 135,308 281,294,424 3,633,787

Net Assets 13,205,277,205 20,675,163 7,853,910 7,225,105,618 191,103,923



15



■ Statement of Net Assets as at 30 September 2018 (continued)


Notes

Jupiter European

Feeder £

Jupiter European

Growth €

Jupiter European

Opportunities €

Jupiter Eurozone

Equity €


€

Jupiter Global

Absolute Return

€

Jupiter Global

Convertibles€

Assets

Investments in securities at cost 19 25,694,562 2,240,190,059 235,396,139 5,371,525 54,802,608 205,076,631 1,067,436,721

Unrealised gain/(loss) 5,227,619 636,684,649 23,033,375 (132,017) 233,168 4,234,848 29,503,027

Investments in securities at market value 30,922,181 2,876,874,708 258,429,514 5,239,508 55,035,776 209,311,479 1,096,939,748

Net unrealised gain on contracts for difference 2 – – – – – – –

Net unrealised gain on forward currency exchange contracts 2 – 338,509 – – – – –

Net unrealised gain on financial futures contracts 2 – – – – – – –

Options purchased contracts 2 – – – – – 80,619 –

Other Assets

Cash and short–term deposits 15 235,341 80,140,251 2,998,298 162,558 1,450,300 36,633,668 29,848,541

Dividends receivable – 1,525,784 188,788 214 27,090 472,380 –

Interest receivable 2 – 302 – 474,197 642,004 1,734,156

Receivable on investments sold – 1,044,533 7,750,016 – – 6,054,750 –

Management fee rebates 4 – – – – 537 2,239 –

Subscriptions receivable – 8,245,309 106,665 – – 145,118 1,582,951

Accounts receivable and accrued income – 7,187,075 916,483 100 – 35,885 69,180

Other Assets 235,343 98,142,952 11,960,552 162,872 1,952,124 43,986,044 33,234,828

Total Assets 31,157,524 2,975,356,169 270,390,066 5,402,380 56,987,900 253,378,142 1,130,174,576

Liabilities

Net unrealised loss on contracts for difference 2 – – – – – 782,722 –

Net unrealised loss on credit default swap contracts 2 – – – – – – –

Net unrealised loss on forward currency exchange contracts 2 – – – – 171,658 132,946 12,379,632

Net unrealised loss on financial futures contracts 2 – – – – 9,059 – –

Options written contracts 2 – – – – 73,315 – –

Bank overdraft^ 17 11,940 1 – – 137,557 – –

Payable on investments purchased – 3,097,262 – – 344,343 432,476 –

Redemptions payables – 2,606,612 6,066,635 – – 9,575,755 3,288,018

Investment Management fees payable 4 15,646 2,093,574 224,045 3,090 8,486 130,694 664,753

Dividends payable on contracts for differences – – – – – 293,622 –

Dividend distribution payable 20 – 619,690 201,912 – – 6,081 1,868,907

Accounts payable and accrued expenses 4,929 442,267 63,088 704 4,366 74,979 165,383

Total Liabilities 32,515 8,859,406 6,555,680 3,794 748,784 11,429,275 18,366,693

Net Assets 31,125,009 2,966,496,763 263,834,386 5,398,586 56,239,116 241,948,867 1,111,807,883



16




Notes

Jupiter Global

Ecology Diversified

€

Jupiter Global

Ecology Growth

€

Jupiter Global

Emerging Markets

Corporate Bond US$

Jupiter Global

Emerging Markets

EquityUnconstrained

US$

Jupiter Global

Emerging Markets

Short Duration

Bond US$

Jupiter Global

Financials€

Assets

Investments in securities at cost 19 10,531,183 7,765,326 111,605,514 95,157,796 57,357,003 83,636,133

Unrealised gain/(loss) 308,465 2,543,628 (1,394,879) (18,438,008) (271,918) 7,483,735

Investments in securities at market value 10,839,648 10,308,954 110,210,635 76,719,788 57,085,085 91,119,868

Net unrealised gain on contracts for difference 2 – – – – – 206,273

Net unrealised gain on forward currency exchange contracts 2 – – 14,088 – – 6,140

Net unrealised gain on financial futures contracts 2 6,291 – – – – –

Options purchased contracts 2 3,238 – – – – –

Other Assets

Cash and short–term deposits 15 1,771,927 625,146 904,304 889,909 – 3,526,422

Dividends receivable 5,364 16,502 – 229,621 – 354,295

Interest receivable 73,756 152 1,584,922 1 869,688 1,316

Receivable on investments sold – 53,013 – 78,116 192,750 12,135,750

Management fee rebates 4 – – – – – –

Subscriptions receivable 100,026 19 – 827,777 – 383,882

Accounts receivable and accrued income 5,134 16,204 – 786 3 122,127

Other Assets 1,956,207 711,036 2,489,226 2,026,210 1,062,441 16,523,792

Total Assets 12,805,384 11,019,990 112,713,949 78,745,998 58,147,526 107,856,073

Liabilities

Net unrealised loss on contracts for difference 2 – – – – – –

Net unrealised loss on credit default swap contracts 2 – – – – – –

Net unrealised loss on forward currency exchange contracts 2 77,042 – – 237,149 812 –

Net unrealised loss on financial futures contracts 2 – – – – – –

Options written contracts 2 – – – – – –

Bank overdraft^ 17 1,597 – 647,304 – 370,479 45,242

Payable on investments purchased – – – – 201,000 528,941

Redemptions payables – 22,112 – 26,155 21,702 142,425

Investment Management fees payable 4 6,918 12,025 54,343 54,227 21,925 116,600

Dividends payable on contracts for differences – – – – – 70,684

Dividend distribution payable 20 36,614 266 – – 299 –

Accounts payable and accrued expenses 2,506 2,117 11,705 13,343 6,173 42,554

Total Liabilities 124,677 36,520 713,352 330,874 622,390 946,446

Net Assets 12,680,707 10,983,470 112,000,597 78,415,124 57,525,136 106,909,627


The accompanying notes form an integral part of these financial statements.The accompanying notes form an integral part of these financial statements.

17





Notes

Jupiter Global

Levered Absolute

Return£


US$

Jupiter India

Select US$


US$

Jupiter New

Europe €

Jupiter Strategic

Total Return

€

Assets

Investments in securities at cost 19 49,654,310 424,466,516 283,846,124 18,883,529 3,672,920 27,739,298

Unrealised gain/(loss) 1,320,207 3,136,407 (16,385,828) 3,057,588 508,484 (477,166)

Investments in securities at market value 50,974,517 427,602,923 267,460,296 21,941,117 4,181,404 27,262,132

Net unrealised gain on contracts for difference 2 – – – – – –

Net unrealised gain on forward currency exchange contracts 2 91,175 – – – – –

Net unrealised gain on financial futures contracts 2 – – – – – –

Options purchased contracts 2 50,761 – – – – 101,085

Other Assets

Cash and short–term deposits 15 2,691,144 20,387,879 7,373,187 106,879 33,887 1,695,480

Dividends receivable 219,484 1,165,341 370,322 169,709 16,152 13,947

Interest receivable 42,996 5,132 280,666 1 2 148,322

Receivable on investments sold 4,510,482 – 2,349 – 9,555 216,674

Management fee rebates 4 945 – – – – –

Subscriptions receivable 85 5,108 91,387 67,218 31,806 –

Accounts receivable and accrued income 16,661 212,334 – 301 14,527 33,920

Other Assets 7,481,797 21,775,794 8,117,911 344,108 105,929 2,108,343

Total Assets 58,598,250 449,378,717 275,578,207 22,285,225 4,287,333 29,471,560

Liabilities

Net unrealised loss on contracts for difference 2 458,398 – – – – –

Net unrealised loss on credit default swap contracts 2 – – – – – –

Net unrealised loss on forward currency exchange contracts 2 – – – – – 214,000

Net unrealised loss on financial futures contracts 2 – – – – – 31,215

Options written contracts 2 – – – – – –

Bank overdraft^ 17 86,105 – – – – 284,259

Payable on investments purchased – 110,139 40,049 – 25,067 213,971

Redemptions payables 6,601,353 – 559,525 6,906 11,295 –

Investment Management fees payable 4 51,865 284,561 242,238 22,740 4,572 14,870

Dividends payable on contracts for differences 138,593 – – – – –

Dividend distribution payable 20 – 77,066 – 61,603 27,857 29,057

Accounts payable and accrued expenses 19,625 57,995 48,403 3,429 799 3,858

Total Liabilities 7,355,939 529,761 890,215 94,678 69,590 791,230

Net Assets 51,242,311 448,848,956 274,687,992 22,190,547 4,217,743 28,680,330



18





Notes

Jupiter UK Dynamic

Growth £

Assets

Investments in securities at cost 19 3,773,420

Unrealised gain/(loss) (28,544)

Investments in securities at market value 3,744,876

Net unrealised gain on contracts for difference 2 –

Net unrealised gain on forward currency exchange contracts 2 –

Net unrealised gain on financial futures contracts 2 –

Options purchased contracts 2 –

Other Assets

Cash and short–term deposits 15 206,900

Dividends receivable 5,890

Interest receivable 42

Receivable on investments sold –

Management fee rebates 4 –

Subscriptions receivable –

Accounts receivable and accrued income –

Other Assets 212,832

Total Assets 3,957,708

Liabilities

Net unrealised loss on contracts for difference 2 –

Net unrealised loss on credit default swap contracts 2 –

Net unrealised loss on forward currency exchange contracts 2 –

Net unrealised loss on financial futures contracts 2 –

Options written contracts 2 –

Bank overdraft^ 17 –

Payable on investments purchased –

Redemptions payables –

Investment Management fees payable 4 2,963

Dividends payable on contracts for differences –

Dividend distribution payable 20 –

Accounts payable and accrued expenses 633

Total Liabilities 3,596

Net Assets 3,954,112



19

■ Statement of Operations and Changes in Net Assets for the year ended 30 September 2018




NotesCombined

€


IncomeUS$


US$

Jupiter Dynamic

Bond €

Jupiter Europa

€

Income

Income from investments, net 11 493,215,736 1,405,687 249,643 405,463,419 3,581,237


Deposit interest 1,260,028 576 1 53,872 39,685

Total Income 494,857,055 1,406,263 249,644 405,886,206 3,620,922

Expenses

Bank charges and interest 2,734,310 137 177 1,230,297 245,477

Investment management fees 4 121,099,030 299,320 137,583 72,616,790 1,362,335

Interest expense 40,629,020 – – 34,642,138 –

Aggregate Operating Fee 5,7,10 25,727,940 72,231 20,177 15,898,123 364,241

Total Expenses 190,190,300 371,688 157,937 124,387,348 1,972,053

Net Operating Income/(Loss) for the Year 304,666,755 1,034,575 91,707 281,498,858 1,648,869

Net Realised Gains/(Losses) on:

Investments in securities 2,14,19 (12,176,779) 3,362,197 945,081 (274,878,869) 331,920

Contracts for difference 2 (18,395,807) – – – (727,782)

Options 2 107,437 – – – 597,712

Forward currency exchange contracts 2 (29,618,218) (9,406) (2,959) (36,117,040) 836,221

Financial futures contracts 2 (2,961,208) – – (4,752,671) 1,920,064

Foreign exchange transactions 2 135,180,604 (6,795) (1,852) 146,401,680 196,654

Credit default swap contracts 2 6,946,915 – – 6,909,965 –

Total Net realised gains/(losses) 79,082,944 3,345,996 940,270 (162,436,935) 3,154,789

Net Change in Unrealised Gain/(Loss) on:

Investments in securities 2,19 (107,900,296) (4,340,230) (1,590,034) (190,828,244) (6,093,017)

Contracts for difference 2 429,645 – – – 690,390

Options 2 (1,167,122) – – – (862,027)

Forward currency exchange contracts 2 (170,851,648) 13,121 – (157,522,606) (900,604)

Financial futures contracts 2 (1,387,996) – – (1,668,004) (12,876)

Credit default swap contracts 2 997,842 – – 1,172,398 –

Total Change in Unrealised Gain/(Loss) on Investments and Derivatives (279,879,575) (4,327,109) (1,590,034) (348,846,456) (7,178,134)

Net Increase/(Decrease) in Net Assets from Operations 103,870,124 53,462 (558,057) (229,784,533) (2,374,476)


Received on issue of shares 7,523,908,018 14,860,856 624,931 4,281,583,209 183,998,962 Paid on redemptions of shares (9,719,711,234) (31,039,454) (967,807) (7,558,754,959) (75,960,671)Dividend distributions 20 (127,608,796) (354,075) (89,208) (123,732,434) – Total Increase/(Decrease) in Net Assets for the Year (2,219,541,888) (16,479,211) (990,141) (3,630,688,717) 105,663,815 Currency translation adjustment 14,367,303 – – – – Beginning of the year 15,410,451,790 37,154,374 8,844,051 10,855,794,335 85,440,108 End of the year 13,205,277,205 20,675,163 7,853,910 7,225,105,618 191,103,923


20

■ Statement of Operations and Changes in Net Assets for the year ended 30 September 2018 (continued)




Notes

Jupiter European

Feeder £

Jupiter European

Growth €

Jupiter European

Opportunities €

Jupiter Eurozone

Equity €


€

Jupiter Global

Absolute Return

€

Jupiter Global

Convertibles€

IncomeIncome from investments, net 11 – 44,696,544 8,038,239 2,713 57,694 3,527,461 –Management fee rebates 4 – – – – 537 8,458 – Deposit interest – 20 4,054 – 252 695,341 35 Total Income – 44,696,564 8,042,293 2,713 58,483 4,231,260 35ExpensesBank charges and interest 1,671 324,518 479 123 2,166 348,238 195,811 Investment management fees 4 169,976 23,946,929 3,640,537 3,316 8,486 1,554,933 7,164,673 Interest expense – – – – – – 5,982,516 Aggregate Operating Fee 5,7,10 52,299 4,599,135 642,741 709 2,230 514,613 1,538,548 Total Expenses 223,946 28,870,582 4,283,757 4,148 12,882 2,417,784 14,881,548 Net Operating Income/(Loss) for the Year (223,946) 15,825,982 3,758,536 (1,435) 45,601 1,813,476 (14,881,513)

Net Realised Gains/(Losses) on:Investments in securities 2,14,19 4,278,356 144,030,824 18,990,911 (3,723) 198 1,875,777 24,050,572 Contracts for difference 2 – – – – – (13,207,823) – Options 2 – – – – (1,674) (349,623) – Forward currency exchange contracts 2 349 7,278,006 (405,164) – (5,274) (1,118,646) 1,701,607

Financial futures contracts 2 – – – – (4,114) – 728,734 Foreign exchange transactions 2 478 2,431,090 39,221 18,169 34,119 (803,455) (13,172,054)Credit default swap contracts 2 – – – – – – – Total Net realised gains/(losses) 4,279,183 153,739,920 18,624,968 14,446 23,255 (13,603,770) 13,308,859 Net Change in Unrealised Gain/(Loss) on:Investments in securities 2,18 886,272 231,987,268 (26,682,980) (132,017) 233,168 1,233,396 11,828,155 Contracts for difference 2 – – – – – (383,164) – Options 2 – – – – (80,909) (104,141) – Forward currency exchange contracts 2 – (1,994,843) – – (171,658) 540,689 (10,396,752)

Financial futures contracts 2 – – – – (9,059) – 252,170 Credit default swap contracts 2 – – – – – – – Total Change in Unrealised Gain/(Loss) on Investments and Derivatives

886,272 229,992,425 (26,682,980) (132,017) (28,458) 1,286,780 1,683,573

Net Increase/(Decrease) in Net Assets from Operations 4,941,509 399,558,327 (4,299,476) (119,006) 40,398 (10,503,514) 110,919

Capital transactionsReceived on issue of shares 16,488,002 1,247,045,719 67,046,150 5,517,592 56,198,718 220,320,671 863,063,025 Paid on redemptions of shares (13,518,412) (1,007,766,459) (200,173,421) – – (120,235,989) (445,423,316)Dividend distributions 19 – (619,690) (201,912) – – (6,081) (2,330,444)Total Increase/(Decrease) in Net Assets for the Year 7,911,099 638,217,897 (137,628,659) 5,398,586 56,239,116 89,575,087 415,420,184

Currency translation adjustment – – – – – – – Beginning of the year 23,213,910 2,328,278,866 401,463,045 – – 152,373,780 696,387,699 End of the year 31,125,009 2,966,496,763 263,834,386 5,398,586 56,239,116 241,948,867 1,111,807,883

21





Notes

Jupiter Global

Ecology Diversified

€

Jupiter Global

Ecology Growth

€

Jupiter Global

Emerging Markets

Corporate Bond US$

Jupiter Global

Emerging Markets

EquityUnconstrained

US$

Jupiter Global

Emerging Markets

Short Duration

Bond US$

Jupiter Global

Financials€

IncomeIncome from investments, net 11 257,403 164,525 5,627,868 2,784,070 1,365,171 941,906 Management fee rebates 4 – – – – – – Deposit interest 9 778 72,961 216 688 914 Total Income 257,412 165,303 5,700,829 2,784,286 1,365,859 942,820 ExpensesBank charges and interest 7,071 184 – 11,601 98 252,557 Investment management fees 4 83,269 156,907 687,929 917,476 169,938 1,276,703 Interest expense – – 5,056 – – – Aggregate Operating Fee 5,7,10 20,486 24,271 148,168 208,883 44,774 194,123 Total Expenses 110,826 181,362 841,153 1,137,960 214,810 1,723,383 Net Operating Income/(Loss) for the Year 146,586 (16,059) 4,859,676 1,646,326 1,151,049 (780,563)Net Realised Gains/(Losses) on: 2,14,19 Investments in securities 2 31,853 202,959 (1,438,832) (5,013,658) (608,256) 6,241,619 Contracts for difference 2 – – 5,056 – – 2,310,857 Options 2 (626) – – – – – Forward currency exchange contracts 2 (279,192) (7,276) 97,956 (12,934) (185,722) 61,041 Financial futures contracts 2 (19,072) – – – – –Foreign exchange transactions 2 101,767 15,935 1,647 (556,993) 101,202 291,557 Credit default swap contracts 2 – – 38,226 – 4,565 – Total Net realised gains/(losses) (165,270) 211,618 (1,295,947) (5,583,585) (688,211) 8,905,074 Net Change in Unrealised Gain/(Loss) on: 2,19 Investments in securities 2 56,652 (68,990) (3,665,328) (22,721,690) (271,794) 2,978,802 Contracts for difference 2 – – – – – 647,082 Options 2 (19,471) – – – – – Forward currency exchange contracts 2 (63,357) – 15,206 (213,080) 909 (21,929)Financial futures contracts 2 2,080 – – – – – Credit default swap contracts 2 – – (202,152) – – – Total Change in Unrealised Gain/(Loss) on Investments and Derivatives (24,096) (68,990) (3,852,274) (22,934,770) (270,885) 3,603,955

Net Increase/(Decrease) in Net Assets from Operations (42,780) 126,569 (288,545) (26,872,029) 191,953 11,728,466

Capital transactionsReceived on issue of shares 2,142,488 1,963,627 6,470,053 135,271,680 32,206,853 82,823,195 Paid on redemptions of shares (425,201) (1,913,784) – (83,631,441) (783,228) (53,889,464)Dividend distributions 20 (158,287) (266) – – (299) – Total Increase/(Decrease) in Net Assets for the Year 1,516,220 176,146 6,181,508 24,768,210 31,615,279 40,662,197

Currency translation adjustment – – – – – – Beginning of the year 11,164,487 10,807,324 105,819,089 53,646,914 25,909,857 66,247,430 End of the year 12,680,707 10,983,470 112,000,597 78,415,124 57,525,136 106,909,627

22





Notes

Jupiter Global

Levered Absolute

Return£


US$

Jupiter India

Select US$


US$

Jupiter New

Europe €

Jupiter Strategic

Total Return

€ IncomeIncome from investments, net 11 1,366,347 11,062,399 4,952,850 435,264 197,505 550,621 Management fee rebates 4 3,002 – – – – – Deposit interest 331,453 22,556 7,855 165 7 917 Total Income 1,700,802 11,084,955 4,960,705 435,429 197,512 551,538 ExpensesBank charges and interest 83,332 339 49 417 547 20,047 Investment management fees 4 532,974 3,133,633 3,779,183 305,441 65,141 241,463 Interest expense – – – – – – Aggregate Operating Fee 5,7,10 104,293 642,711 737,369 45,386 9,552 76,038 Total Expenses 720,599 3,776,683 4,516,601 351,244 75,240 337,548 Net Operating Income/(Loss) for the Year 980,203 7,308,272 444,104 84,185 122,272 213,990 Net Realised Gains/(Losses) on:Investments in securities 2,14,19 805,683 54,663,464 17,511,036 1,371,289 7,053 (134,793)Contracts for difference 2 (5,871,480) – – – – (163,172)Options 2 (164,290) – – – – 46,666 Forward currency exchange contracts 2 (889,951) (453,839) (97,738) (14,726) (828) 27,193 Financial futures contracts 2 – – – – – (834,148)Foreign exchange transactions 2 251,059 (351,248) 121,258 3,157 (1,379) (61,972)Credit default swap contracts 2 – – – – – – Total Net realised gains/(losses) (5,868,979) 53,858,377 17,534,556 1,359,720 4,846 (1,120,226)Net Change in Unrealised Gain/(Loss) on:Investments in securities 2,19 1,320,207 (33,208,342) (90,452,875) 382,608 (144,407) 105,014 Contracts for difference 2 (458,398) – – – – (8,431)Options 2 (106,399) – – – – 19,249 Forward currency exchange contracts 2 91,175 – – – – (264,518)Financial futures contracts 2 – – – – – 47,693 Credit default swap contracts 2 – – – – – – Total Change in Unrealised Gain/(Loss) on Investments and Derivatives 846,585 (33,208,342) (90,452,875) 382,608 (144,407) (100,993)

Net Increase/(Decrease) in Net Assets from Operations (4,042,191) 27,958,307 (72,474,215) 1,826,513 (17,289) (1,007,229)

Capital transactionsReceived on issue of shares 75,814,970 247,601,903 15,840,000 2,685,739 992,059 13,890,665 Paid on redemptions of shares (20,530,468) (61,627,578) (41,344,290) (1,094,138) (990,043) (25,443,985)Dividend distributions 20 – (77,066) – (61,603) (27,857) (29,057)Total Increase/(Decrease) in Net Assets for the Year 51,242,311 213,855,566 (97,978,505) 3,356,511 (43,130) (12,589,606)

Currency translation adjustment – – – – – – Beginning of the year – 234,993,390 372,666,497 18,834,036 4,260,873 41,269,936 End of the year 51,242,311 448,848,956 274,687,992 22,190,547 4,217,743 28,680,330

23





Notes

Jupiter UK Dynamic

Growth £

IncomeIncome from investments, net 11 107,503

Management fee rebates 4 –

Deposit interest 170

Total Income 107,673 ExpensesBank charges and interest –

Investment management fees 4 37,968

Interest expense – Aggregate Operating Fee 5,7,10 8,115

Total Expenses 46,083 Net Operating Income/(Loss) for the Year 61,590 Net Realised Gains/(Losses) on:Investments in securities 2,14,19 197,963

Contracts for difference 2 –

Options 2 –

Forward currency exchange contracts 2 (356)

Financial futures contracts 2 –

Foreign exchange transactions 2 1,318

Credit default swap contracts 2 –

Total Net realised gains/(losses) 198,925 Net Change in Unrealised Gain/(Loss) on:Investments in securities 2,19 (237,663)

Contracts for difference 2 –

Options 2 –

Forward currency exchange contracts 2 –

Financial futures contracts 2 – Credit default swap contracts 2 – Total Change in Unrealised Gain/(Loss) on Investments and Derivatives (237,663)

Net Increase/(Decrease) in Net Assets from Operations 22,852

Capital transactionsReceived on issue of shares – Paid on redemptions of shares – Dividend distributions 20 – Total Increase/(Decrease) in Net Assets for the Year 22,852

Currency translation adjustment – Beginning of the year 3,931,260 End of the year 3,954,112

24



■ Statement of Changes in Shares Issued for the year ended 30 September 2018

Sharesoustanding

at beginning of year

Shares issued

Shares redeemed

Shares outstanding

at end of year

Jupiter Asia Pacific IncomeClass A USD Acc* (1) – 5,000 – 5,000 Class C USD Acc* (2) – 6,700 – 6,700 Class D EUR Q Inc Dist* 350,000 7,708 – 357,708 Class D GBP Acc 1,578,115 171,303 (1,567,515) 181,903 Class D USD Acc (3) – 903,562 – 903,562 Class D USD Q Inc Dist* 14,560 218,428 – 232,988 Class L EUR Q Inc Dist* 27,274 1,630 – 28,904 Class L GBP Q Inc 220,185 2,344 (200,383) 22,146 Class L SGD Q Inc Dist HSC* 106,138 – – 106,138 Class L USD Acc 31,962 4,988 (20,690) 16,260 Class L USD Q Inc Dist* 40,754 – (27,077) 13,677 Class N USD Acc* (1) – 5,000 – 5,000 Jupiter China SelectClass L EUR Acc 4,710 5,204 (1,065) 8,849 Class L GBP A Inc 432,435 17,919 (33,883) 416,471 Class L USD Acc 13,419 12,365 (18,143) 7,641 Jupiter Dynamic BondClass A USD Acc HSC* (1) – 5,000 – 5,000 Class A USD Q Inc Dist HSC* (1) – 5,000 – 5,000 Class C USD Acc HSC* (2) – 6,700 – 6,700 Class C USD Q Inc HSC* (2) – 6,704 – 6,704 Class D CHF Acc HSC 4,182,183 2,433,962 (1,317,969) 5,298,176 Class D CHF Q Inc HSC 1,413,780 314,542 (526,384) 1,201,938 Class D EUR Acc 77,031,564 30,729,647 (63,820,829) 43,940,382 Class D EUR Q Inc 9,323,310 2,400,809 (2,776,791) 8,947,328 Class D EUR Q Inc Dist 10,263,299 2,800,119 (3,618,393) 9,445,025 Class D GBP Acc HSC 7,200,690 1,467,516 (3,185,039) 5,483,167 Class D GBP Q Inc HSC 21,078,482 2,119,593 (6,025,259) 17,172,816 Class D USD Acc HSC 27,025,460 5,696,408 (15,502,399) 17,219,469 Class D USD Q Inc HSC 8,726,583 6,093,751 (6,331,952) 8,488,382 Class I CHF Acc HSC 2,893,089 781,530 (2,165,794) 1,508,825 Class I CHF Q Inc HSC 5,009,563 1,523,643 (2,916,594) 3,616,612 Class I EUR Acc 207,128,301 184,543,872 (189,468,571) 202,203,602 Class I EUR Q Inc 76,468,868 6,017,112 (47,383,378) 35,102,602 Class I GBP Q Inc HSC 31,647,381 5,915,059 (13,316,841) 24,245,599 Class I SEK Acc HSC 100,000 – – 100,000 Class I SGD M Inc HSC (4) – 191,143 – 191,143 Class I USD Acc HSC 9,447,825 9,156,355 (7,301,531) 11,302,649 Class I USD Q Inc HSC 62,422,594 6,898,982 (51,603,891) 17,717,685 Class L AUD Acc HSC 1,946,676 393,779 (749,489) 1,590,966 Class L AUD M Inc HSC 2,465,796 228,578 (1,217,418) 1,476,956 Class L CHF Acc HSC 6,668,303 604,363 (2,870,371) 4,402,295 Class L CHF Q Inc HSC 1,360,038 357,960 (648,395) 1,069,603 Class L CNH Acc HSC* 117,657 43,501 (76,497) 84,661 Class L EUR Acc 110,280,443 41,544,533 (97,092,155) 54,732,821 Class L EUR Q Inc 47,543,841 10,237,379 (26,219,644) 31,561,576 Class L EUR Q Inc Dist 13,116,753 4,454,507 (4,038,510) 13,532,750 Class L GBP Acc HSC 680,988 128,813 (305,770) 504,031 Class L GBP Q Inc HSC 9,388,734 1,214,135 (4,196,181) 6,406,688 Class L HKD Acc HSC (5) – 5,530 – 5,530 (1) Launch date 30 October 2017. (2) Launch date 15 June 2018. (3) Launch date 15 February 2018. (4) Launch date 13 July 2018. (5) Launch date 5 April 2018.


25



■ Statement of Changes in Shares Issued for the year ended 30 September 2018 (continued)

Sharesoustanding


Shares issued

Shares redeemed

Shares outstanding

at end of year

Jupiter Dynamic Bond continuedClass L HKD M Inc Dist HSC (5) – 50,962 (5,530) 45,432 Class L SEK Acc HSC 14,440,272 7,906,134 (14,036,908) 8,309,498 Class L SGD Acc HSC 4,421,872 315,648 (1,775,580) 2,961,940 Class L SGD M Inc HSC 22,343,330 2,523,360 (12,144,907) 12,721,783 Class L USD Acc HSC 70,458,205 9,423,610 (33,917,049) 45,964,766 Class L USD M Inc HSC 71,013,508 8,087,496 (43,920,986) 35,180,018 Class L USD Q Inc HSC 33,616,205 4,041,166 (16,289,337) 21,368,034 Class N USD Acc HSC* (1) – 5,000 – 5,000 Class N USD Q Inc Dist HSC* (1) – 5,000 – 5,000 Jupiter Europa*Class D EUR B Acc 1,928,299 1,839,927 (1,476,389) 2,291,837 Class D USD B Acc HSC 32,035 470 – 32,505 Class F EUR Acc 2,846,264 13,703,793 (3,564,227) 12,985,830 Class L EUR A Acc 1,112,892 722,230 (878,545) 956,577 Class L EUR B Acc 741,118 377,508 (522,514) 596,112 Class L GBP B Acc HSC 120,694 – (14,197) 106,497 Class L USD A Acc HSC (6) – 400,000 – 400,000 Class L USD B Acc HSC 276,312 21,530 (5,644) 292,198 Jupiter European Feeder*Class Z EUR Acc 1,584,401 1,408,018 (639,725) 2,352,694 Class Z GBP Acc 574,624 106,627 (462,258) 218,993 Jupiter European GrowthClass A USD Acc HSC* (7) – 5,000 – 5,000 Class C USD Acc HSC* (7) – 5,000 – 5,000 Class D EUR Acc 9,288,361 6,173,328 (5,595,133) 9,866,556 Class D EUR A Inc Dist 4,663,564 1,197,260 (785,902) 5,074,922 Class D GBP Acc 3,057,621 558,468 (741,491) 2,874,598 Class D USD Acc HSC 2,424,802 1,846,137 (668,285) 3,602,654 Class I EUR Acc 33,655,303 17,563,175 (11,560,312) 39,658,166 Class I JPY Acc* (8) – 737 – 737 Class I JPY Acc HSC* (8) – 737 – 737 Class L EUR Acc 15,052,002 7,021,990 (8,360,973) 13,713,019 Class L EUR A Inc Dist 2,072,841 1,042,395 (568,171) 2,547,065 Class L GBP A Inc 967,576 213,601 (184,949) 996,228 Class L HKD Acc HSC (5) – 5,530 – 5,530 Class L USD Acc HSC 9,087,374 3,414,933 (5,483,539) 7,018,768 Class N USD Acc HSC* (7) – 5,000 – 5,000 Jupiter European OpportunitiesClass D EUR Acc 623,904 132,001 (385,651) 370,254 Class D EUR A Inc* 345,232 1,138,480 (291,129) 1,192,583 Class E USD Acc* 372,376 91,173 (149,343) 314,206 Class I EUR Acc 7,355,926 1,286,884 (4,113,416) 4,529,394 Class L EUR Acc 6,424,189 524,778 (2,427,189) 4,521,778 Class L GBP A Inc 594,110 10,479 (520,822) 83,767 Class L USD Acc* (9) – 33,419 (8,453) 24,966 (1) Launch date 30 October 2017. (5) Launch date 5 April 2018. (6) Launch date 26 April 2018. (7) Launch date 31 August 2018. (8) Launch date 24 September 2018. (9) Launch date 20 February 2018.


26

Sharesoustanding


Shares issued

Shares redeemed

Shares outstanding

at end of year

Jupiter Eurozone Equity*Class I EUR Acc (10) – 27,548 – 27,548 Class I GBP Acc (10) – 25,000 – 25,000 Jupiter Flexible Income*Class I EUR Acc (11) – 500,000 – 500,000 Class I EUR Q Inc (11) – 50,000 – 50,000 Class L EUR Acc (11) – 11,987 – 11,987 Jupiter Global Absolute Return*Class A USD Acc HSC (1) – 5,000 – 5,000 Class C USD Acc HSC (2) – 6,700 – 6,700 Class D CHF Acc HSC 276,770 36,049 (116,260) 196,559 Class D EUR Acc 545,212 939,002 (282,622) 1,201,592 Class D EUR A Inc Dist 1,004,304 59,186 (771,134) 292,356 Class D GBP Acc HSC 2,257,064 1,299,539 (1,193,321) 2,363,282 Class D SEK Acc HSC 291,424 – (84,723) 206,701 Class D USD Acc HSC 744,167 721,095 (764,586) 700,676 Class I EUR Acc 8,348,889 18,558,568 (8,122,705) 18,784,752 Class I USD Acc HSC (12) 259,930 – (259,930) – Class L EUR Acc 1,280,876 1,000,645 (774,259) 1,507,262 Class L EUR A Inc Dist 68,705 17,788 (25,108) 61,385 Class L SEK Acc HSC 182,168 10,470 (108,381) 84,257 Class L USD Acc HSC 151,646 – (104,823) 46,823 Class N USD Acc HSC (1) – 5,000 – 5,000 Jupiter Global ConvertiblesClass A USD Acc HSC* (1) – 5,000 – 5,000 Class C USD Acc HSC* (2) – 6,700 – 6,700 Class D EUR Acc 127,509 11,994,198 (2,708,128) 9,413,579 Class D EUR A Inc 813,338 612,636 (953,047) 472,927 Class D GBP A Inc HSC 1,120,908 352,514 (226,340) 1,247,082 Class D USD A Inc HSC 445,162 289,887 (50,942) 684,107 Class I CHF Acc HSC 12,067,174 8,146,682 (245,655) 19,968,201 Class I EUR Acc 30,295,374 26,511,972 (22,625,912) 34,181,434 Class I EUR Q Inc Dist* (13) – 12,464,127 (594,100) 11,870,027 Class I GBP A Inc HSC 3,014,117 1,574,822 (706,774) 3,882,165 Class I USD Acc HSC 4,377,537 4,875,732 (4,358,370) 4,894,899 Class L CHF Acc HSC 199,277 375,513 (52,674) 522,116 Class L EUR Acc 811,092 2,482,168 (701,466) 2,591,794 Class L GBP A Inc HSC 35,434 27,949 (16,571) 46,812 Class L USD Acc HSC 85,385 127,529 (57,826) 155,088 Class N USD Acc HSC* (1) – 5,000 – 5,000 Jupiter Global Ecology Diversified*Class D GBP Acc HSC 112,666 26,088 – 138,754 Class D GBP Q Inc Dist HSC 87,500 – – 87,500 Class I EUR Acc 25,000 73,428 (42) 98,386 Class I GBP Acc HSC 89,943 – – 89,943 Class I GBP Q Inc Dist HSC 536,650 – – 536,650 Class L EUR Acc 91,185 97,845 (39,544) 149,486




(1) Launch date 30 October 2017. (2) Launch date 15 June 2018. (10) Launch date 29 August 2018. (11) Launch date 19 September 2018. (12) Closed on 19 October 2017. (13) Launch date 31 January 2018.


27




Sharesoustanding


Shares issued

Shares redeemed

Shares outstanding

at end of year

Jupiter Global Ecology GrowthClass D EUR Acc 76,992 35,069 (28,513) 83,548 Class D EUR A Inc Dist 4,022 2,545 (3,844) 2,723 Class L EUR Acc 435,338 61,802 (71,021) 426,119 Class L EUR A Inc Dist 65,331 15,450 (3,612) 77,169 Class L GBP A Inc 88,966 18,580 (15,304) 92,242 Class L USD Acc 137,566 17,126 (23,200) 131,492 Jupiter Global Emerging Markets Corporate Bond*Class I USD Acc 1,000,000 61,720 – 1,061,720 Jupiter Global Emerging Markets Equity UnconstrainedClass D USD Acc 2,545,282 5,524,209 (6,997,616) 1,071,875 Class F JPY Acc* 36,755 477,207 (8,934) 505,028 Class F JPY Acc HSC* 18,079 169,358 (6,704) 180,733 Class L USD Acc 1,339,847 487,503 (84,371) 1,742,979 Jupiter Global Emerging Markets Short Duration Bond*Class F EUR Acc HSC (14) – 76,893 (4,073) 72,820 Class F GBP Acc HSC (14) – 65,084 (2,136) 62,948 Class F USD Acc (14) – 133,734 (285) 133,449 Class I EUR Acc HSC* (9) – 11,170 – 11,170 Class I GBP A Inc HSC (15) – 500 – 500 Class I USD Acc* 258,700 197 – 258,897 Jupiter Global FinancialsClass D EUR Acc 151,917 300,319 (288,715) 163,521 Class D GBP Acc 67,130 25,942 (46,267) 46,805 Class D USD Acc 268,071 699,095 (428,122) 539,044 Class L EUR Acc 679,523 1,936,732 (1,185,875) 1,430,380 Class L GBP A Inc 469,966 152,044 (88,026) 533,984 Class L USD Acc 3,846,455 3,088,803 (2,019,464) 4,915,794 Class L USD Acc HSC 205,780 248,968 (132,080) 322,668 Jupiter Global Levered Absolute Return*Class F EUR Acc HSC (16) – 120,000 – 120,000 Class F GBP Acc (16) – 131,853 – 131,853 Class F SEK Acc HSC (17) – 550,000 – 550,000 Class F USD Acc HSC (16) – 225,889 (91,000) 134,889 Class I EUR Acc HSC (18) – 166,200 – 166,200 Class I GBP Acc (16) – 150,626 (150,000) 626 Jupiter Global ValueClass D EUR Acc (19) – 2,681,552 (748,255) 1,933,297 Class D GBP Acc 25,000 137,979 (32,709) 130,270 Class D USD Acc (20) – 136,098 (16,389) 119,709 Class I GBP Acc 14,527,327 9,357,290 (1,720,300) 22,164,317 Class L EUR Acc 62,961 1,597,725 (658,636) 1,002,050 Class L GBP A Inc 266,730 28,618 (32,503) 262,845 Class L USD Acc 80,488 262,585 (107,954) 235,119

(9) Launch date 20 February 2018. (14) Launch date 23 May 2018. (15) Launch date 21 August 2018. (16) Launch date 19 October 2017. (17) Launch date 15 November 2017. (18) Launch date 3 September 2018. (19) Launch date 19 December 2017. (20) Launch date 27 April 2018.


28




Sharesoustanding


Shares issued

Shares redeemed

Shares outstanding

at end of year

Jupiter India SelectClass D EUR Acc 435,561 194,779 (249,392) 380,948 Class D GBP Acc 2,433,816 1,139,133 (444,150) 3,128,799 Class D USD Acc 15,605,206 738,171 (1,752,690) 14,590,687 Class L EUR Acc 666,454 211,063 (420,488) 457,029 Class L GBP A Inc 203,577 31,198 (78,440) 156,335 Class L USD A Inc 479,126 140,786 (203,737) 416,175 Jupiter Japan SelectClass D EUR Acc 42,015 2,982 (21,570) 23,427 Class D USD Acc 18,071 6,625 (2,092) 22,604 Class I JPY Acc* (21) – 20,848 (73) 20,775 Class L EUR Acc 2,771 1,057 (1,961) 1,867 Class L GBP A Inc 629,163 4,794 (5,992) 627,965 Class L USD Acc 33,314 22,843 (27,157) 29,000 Jupiter New EuropeClass L EUR Acc 391,284 110,395 (97,300) 404,379 Class L GBP A Inc 104,826 5,345 (15,323) 94,848 Class L USD Acc 7,909 2,618 (5,832) 4,695 Jupiter Strategic Total Return*Class A USD Acc HSC (1) – 5,000 – 5,000 Class D EUR A Inc Dist 506,614 306,801 (325,055) 488,360 Class I EUR Acc 2,050,048 901,693 (1,112,890) 1,838,851 Class I GBP Acc HSC 127,827 40,525 (86,996) 81,356 Class I USD Acc HSC 936,749 2,115 (735,451) 203,413 Class L CHF Acc HSC 9,523 – (8,191) 1,332 Class L EUR Acc 85,712 23,852 (60,726) 48,838 Class L EUR A Inc Dist 31,922 535 (13,094) 19,363 Class L GBP Acc HSC 8,361 – (5,000) 3,361 Class L USD Acc HSC 172,902 6,903 (115,185) 64,620 Jupiter UK Dynamic Growth*Class D GBP Acc 250,000 – – 250,000 Class L GBP Acc 100,000 – – 100,000

(1) Launch date 30 October 2017. (21) Launch date 13 September 2018.


29



■ Statistical Information as at 30 September 2018

Total Net Assets:

Currency As at 30 September 2018 As at 30 September 2017 As at 30 September 2016

Jupiter Asia Pacific Income USD 20,675,163 37,154,374 33,214,267Jupiter China Select USD 7,853,910 8,844,051 7,727,408Jupiter Dynamic Bond EUR 7,225,105,618 10,855,794,335 6,856,683,251Jupiter Europa EUR 191,103,923 85,440,108 59,773,595Jupiter European Feeder GBP 31,125,009 23,213,910 16,892,306Jupiter European Growth EUR 2,966,496,763 2,328,278,866 2,291,585,729Jupiter European Opportunities EUR 263,834,386 401,463,045 446,169,448Jupiter Eurozone Equity EUR 5,398,586 – –Jupiter Flexible Income EUR 56,239,116 – –Jupiter Global Absolute Return EUR 241,948,867 152,373,780 63,450,943Jupiter Global Convertibles EUR 1,111,807,883 696,387,699 376,298,824Jupiter Global Ecology Diversified EUR 12,680,707 11,164,487 10,357,462Jupiter Global Ecology Growth EUR 10,983,470 10,807,324 10,082,464Jupiter Global Emerging Markets Corporate Bond USD 112,000,597 105,819,089 –Jupiter Global Emerging Markets Equity Unconstrained USD 78,415,124 53,646,914 28,215,117Jupiter Global Emerging Markets Short Duration Bond USD 57,525,136 25,909,857 –Jupiter Global Financials EUR 106,909,627 66,247,430 59,136,562Jupiter Global Levered Absolute Return GBP 51,242,311 – –Jupiter Global Value USD 448,848,956 234,993,390 9,674,313Jupiter India Select USD 274,687,992 372,666,497 293,175,656Jupiter Japan Select USD 22,190,547 18,834,036 35,457,884Jupiter New Europe EUR 4,217,743 4,260,873 3,870,012Jupiter Strategic Total Return EUR 28,680,330 41,269,936 85,483,237Jupiter UK Dynamic Growth GBP 3,954,112 3,931,260 3,468,306

30



■ Statistical Information as at 30 September 2018 (continued)


As at 30 September 2018 As at 30 September 2017 As at 30 September 2016

Jupiter Asia Pacific IncomeClass A USD Acc $9.77 – –Class C USD Acc $9.73 – –Class D EUR Q Inc Dist €9.68 €9.82 –Class D GBP Acc £12.39 £12.00 £10.95Class D USD Acc $9.75 – –Class D USD Q Inc Dist $10.99 $11.37 $10.47Class L EUR Q Inc Dist €9.63 €9.85 –Class L GBP Q Inc £16.99 £17.27 £16.54Class L SGD Q Inc Dist HSC SGD 10.09 SGD 10.62 –Class L USD Acc $28.31 $28.37 $25.27Class L USD Q Inc Dist $10.34 $10.79 $10.01Class N USD Acc $9.75 – –Jupiter China SelectClass L EUR Acc €13.51 €14.21 €12.50Class L GBP A Inc £14.04 £14.85 £12.82Class L USD Acc $11.73 $12.59 $10.46Jupiter Dynamic BondClass A USD Acc HSC $9.81 – –Class A USD Q Inc Dist HSC $9.47 – –Class C USD Acc HSC $9.98 – –Class C USD Q Inc HSC $9.87 – –Class D CHF Acc HSC CHF 10.55 CHF 10.91 CHF 10.79Class D CHF Q Inc HSC CHF 9.04 CHF 9.72 CHF 9.94Class D EUR Acc €12.02 €12.37 €12.17Class D EUR Q Inc €9.52 €10.18 €10.35Class D EUR Q Inc Dist €9.22 €9.86 €10.03Class D GBP Acc HSC £12.46 £12.70 £12.41Class D GBP Q Inc HSC £9.91 £10.50 £10.60Class D USD Acc HSC $12.61 $12.66 $12.26Class D USD Q Inc HSC $10.12 $10.57 $10.57Class I CHF Acc HSC CHF 9.67 CHF 10.00 –Class I CHF Q Inc HSC CHF 9.98 CHF 10.73 CHF 10.97Class I EUR Acc €12.56 €12.92 €12.71Class I EUR Q Inc €10.41 €11.13 €11.32Class I GBP Q Inc HSC £10.76 £11.41 £11.51Class I SEK Acc HSC SEK 97.21 SEK 100.14 –Class I SGD M Inc HSC SGD 98.50 – –Class I USD Acc HSC $10.87 $10.91 $10.55Class I USD Q Inc HSC $10.97 $11.45 $11.45Class L AUD Acc HSC AUD 22.60 AUD 22.84 AUD 22.13Class L AUD M Inc HSC AUD 20.04 AUD 21.06 AUD 20.92Class L CHF Acc HSC CHF 10.97 CHF 11.43 CHF 11.39Class L CHF Q Inc HSC CHF 10.01 CHF 10.85 CHF 11.09Class L CNH Acc HSC CNH 115.19 CNH 115.01 CNH 108.66Class L EUR Acc €11.31 €11.72 €11.62Class L EUR Q Inc €10.29 €11.10 €11.28Class L EUR Q Inc Dist €9.32 €10.05 €10.22Class L GBP Acc HSC £9.89 £10.16 £10.01Class L GBP Q Inc HSC £10.63 £11.36 £11.47Class L HKD Acc HSC HKD 98.63 – –

31






Jupiter Dynamic Bond continuedClass L HKD M Inc Dist HSC HKD 96.73 – –Class L SEK Acc HSC SEK 103.36 SEK 107.33 SEK 106.64Class L SGD Acc HSC SGD 11.33 SGD 11.53 SGD 11.29Class L SGD M Inc HSC SGD 9.81 SGD 10.39 SGD 10.43Class L USD Acc HSC $12.00 $12.14 $11.84Class L USD M Inc HSC $9.81 $10.32 $10.32Class L USD Q Inc HSC $10.82 $11.39 $11.39Class N USD Acc HSC $9.79 – –Class N USD Q Inc Dist HSC $9.45 – –Jupiter EuropaClass D EUR B Acc €12.58 €12.65 €11.28Class D USD B Acc HSC $13.03 $12.78 $11.23Class F EUR Acc €10.10 €10.14 –Class L EUR A Acc €14.24 €14.47 €12.74Class L EUR B Acc €13.80 €13.99 €12.55Class L GBP B Acc HSC £14.35 £14.40 £12.81Class L USD A Acc HSC $9.90 – –Class L USD B Acc HSC $14.67 $14.50 $12.79Jupiter European FeederClass Z EUR Acc €13.17 €10.97 €9.31Class Z GBP Acc £16.52 £13.65 £11.29Jupiter European GrowthClass A USD Acc HSC $9.79 – –Class C USD Acc HSC $9.79 – –Class D EUR Acc €17.46 €14.95 €12.85Class D EUR A Inc Dist €16.55 €14.27 €12.39Class D GBP Acc £19.58 £16.66 £13.98Class D USD Acc HSC $18.39 $15.38 $13.05Class I EUR Acc €47.75 €40.87 €35.12Class I JPY Acc JPY 9,963.00 – –Class I JPY Acc HSC JPY 10,048.00 – –Class L EUR Acc €36.44 €31.44 €27.24Class L EUR A Inc Dist €16.52 €14.25 €12.38Class L GBP A Inc £34.00 £29.16 £24.72Class L HKD Acc HSC HKD 114.58 – –Class L USD Acc HSC $19.06 $16.06 $13.73Class N USD Acc HSC $9.79 – –Jupiter European OpportunitiesClass D EUR Acc €13.21 €13.34 €11.35Class D EUR A Inc €11.31 €11.58 €9.96Class E USD Acc $11.35 $11.84 $9.64Class I EUR Acc €29.01 €29.29 €24.92Class L EUR Acc €24.12 €24.55 €21.06Class L GBP A Inc £17.81 £18.13 £15.23Class L USD Acc $9.45 – –

32






Jupiter Eurozone EquityClass I EUR Acc €97.84 – –Class I GBP Acc £96.01 – –Jupiter Flexible IncomeClass I EUR Acc €100.07 – –Class I EUR Q Inc €100.07 – –Class L EUR Acc €100.05 – –Jupiter Global Absolute ReturnClass A USD Acc HSC $9.79 – –Class C USD Acc HSC $9.87 – –Class D CHF Acc HSC CHF 9.34 CHF 9.77 – Class D EUR Acc €9.44 €9.83 – Class D EUR A Inc Dist €9.35 €9.75 €9.96Class D GBP Acc HSC £9.60 £9.90 – Class D SEK Acc HSC SEK 94.53 SEK 98.61 – Class D USD Acc HSC $9.82 $9.97 – Class I EUR Acc €9.42 €9.80 €10.01Class I USD Acc HSC – $10.01 – Class L EUR Acc €9.27 €9.71 €9.98Class L EUR A Inc Dist €9.36 €9.80 – Class L SEK Acc HSC SEK 93.00 SEK 97.63 – Class L USD Acc HSC $9.66 $9.88 – Class N USD Acc HSC $9.77 – –Jupiter Global ConvertiblesClass A USD Acc HSC $10.03 – –Class C USD Acc HSC $9.86 – –Class D EUR Acc €11.49 €11.50 €10.78Class D EUR A Inc €10.09 €10.27 – Class D GBP A Inc HSC £11.19 £11.28 £10.62Class D USD A Inc HSC $10.47 $10.40 – Class I CHF Acc HSC CHF 13.14 CHF 13.22 CHF 12.44 Class I EUR Acc €13.83 €13.84 €12.96Class I EUR Q Inc Dist €9.65 – – Class I GBP A Inc HSC £12.56 £12.66 £11.92Class I USD Acc HSC $14.40 $14.06 $12.96Class L CHF Acc HSC CHF 12.30 CHF 12.48 CHF 11.84 Class L EUR Acc €12.96 €13.08 €12.34Class L GBP A Inc HSC £12.23 £12.43 £11.83Class L USD Acc HSC $13.48 $13.28 $12.34Class N USD Acc HSC $10.00 – –Jupiter Global Ecology DiversifiedClass D GBP Acc HSC £10.59 £10.56 £10.01Class D GBP Q Inc Dist HSC £10.17 £10.35 £10.00Class I EUR Acc €10.70 €10.76 €10.27Class I GBP Acc HSC £10.60 £10.56 £10.01Class I GBP Q Inc Dist HSC £10.46 £10.65 £10.28Class L EUR Acc €10.55 €10.67 €10.25

33






Jupiter Global Ecology GrowthClass D EUR Acc €10.54 €10.33 – Class D EUR A Inc Dist €12.64 €12.48 €11.12Class L EUR Acc €14.87 €14.72 €13.16Class L EUR A Inc Dist €12.45 €12.33 €11.02Class L GBP A Inc £14.42 £14.19 £12.38Class L USD Acc $11.20 $11.30 $9.55Jupiter Global Emerging Markets Corporate BondClass I USD Acc $105.49 $105.82 – Jupiter Global Emerging Markets Equity UnconstrainedClass D USD Acc $10.29 $12.63 $10.35Class F JPY Acc JPY 8,428.00 JPY 10,239.00 – Class F JPY Acc HSC JPY 7,796.00 JPY 9,770.00 – Class L USD Acc $10.01 $12.38 $10.23Jupiter Global Emerging Markets Short Duration BondClass F EUR Acc HSC €100.11 – – Class F GBP Acc HSC £100.49 – – Class F USD Acc $101.04 – – Class I EUR Acc HSC €98.42 – – Class I GBP A Inc HSC €99.88 – – Class I USD Acc $100.47 $100.15 – Jupiter Global FinancialsClass D EUR Acc €12.11 €10.56 – Class D GBP Acc £17.67 £15.32 £12.59Class D USD Acc $14.26 $12.69 $10.10Class L EUR Acc €17.65 €15.51 €13.16Class L GBP A Inc £19.90 £17.39 £14.56Class L USD Acc $13.30 $11.92 $9.57Class L USD Acc HSC $13.19 $11.35 $9.54Jupiter Global Levered Absolute ReturnClass F EUR Acc HSC €92.44# – – Class F GBP Acc £93.49# – – Class F SEK Acc HSC SEK 93.68# – – Class F USD Acc HSC $94.70# – – Class I EUR Acc HSC €99.95# – – Class I GBP Acc £93.27# – – Jupiter Global ValueClass D EUR Acc €10.67 – – Class D GBP Acc $13.50 £11.87 – Class D USD Acc £9.73 – – Class I GBP Acc £13.14 £11.54 – Class L EUR Acc €25.47 €22.70 €19.30Class L GBP A Inc £21.90 £19.60 £16.36Class L USD Acc $20.11 $18.29 $14.70#Net Asset Values per share include Swing Pricing Adjustments. For current year, refer to Note 14 for further details.

34



Jupiter India SelectClass D EUR Acc €10.68 €13.21 €12.30Class D GBP Acc £7.67 £9.43 – Class D USD Acc $10.89 $13.74 $12.09Class L EUR Acc €14.84 €18.54 €17.44Class L GBP A Inc £15.68 £19.48 £17.88Class L USD A Inc $165.20 $210.55 $187.22Jupiter Japan SelectClass D EUR Acc €12.23 €10.86 € 9.96#

Class D USD Acc $14.68 $13.30 $11.52#

Class I JPY Acc JPY 10,656.00 – –Class L EUR Acc €22.83 €20.43 €18.87#

Class L GBP A Inc £23.17 £20.68 £18.68#

Class L USD Acc $19.07 $17.41 $15.20#

Jupiter New EuropeClass L EUR Acc €8.01 €8.00 €6.79Class L GBP A Inc £8.93 £9.13 £7.70Class L USD Acc $6.61 $6.75 $5.41Jupiter Strategic Total ReturnClass A USD Acc HSC $9.79 – –Class D EUR A Inc Dist €9.49 €9.88 €9.87Class I EUR Acc €10.72 €11.09 €10.97Class I GBP Acc HSC £10.99 £11.26 £11.07Class I USD Acc HSC $11.16 $11.25 $10.96Class L CHF Acc HSC CHF 9.65 CHF 10.09 CHF 10.10Class L EUR Acc €10.16 €10.57 €10.53Class L EUR A Inc Dist €9.49 €9.88 €9.87Class L GBP Acc HSC £10.42 £10.75 £10.63Class L USD Acc HSC $10.59 $10.76 $10.54Jupiter UK Dynamic GrowthClass D GBP Acc £11.35 £11.26 £9.92Class L GBP Acc £11.16 £11.15 £9.89

#Net Asset Values per share include Swing Pricing Adjustments. For current year, refer to Note 14 for further details.




35

Performance

NAV 30 September 201830 September 2017

/Launch Date % Change

Class A USD Acc (1) $9.77 $10.00 (2.30)

Class C USD Acc (2) $9.73 $10.00 (2.70)

Class D EUR Q Inc Dist €9.68 €9.82 2.61+

Class D GBP Acc £12.39 £12.00 3.25

Class D USD Acc (3) $9.75 $10.00 (2.50)

Class D USD Q Inc Dist $10.99 $11.37 0.62+

Class L EUR Q Inc Dist €9.63 €9.85 1.77+

Class L GBP Q Inc £16.99 £17.27 2.41+

Class L SGD Q Inc Dist HSC SGD 10.09 SGD 10.62 (1.08)+

Class L USD Acc $28.31 $28.37 (0.21)

Class L USD Q Inc Dist $10.34 $10.79 (0.24)+

Class N USD Acc (1) $9.75 $10.00 (2.50)

+ Performance takes into consideration dividend distributions during the year.

(1) Launch date 30 October 2017. (2) Launch date 15 June 2018. (3) Launch date 15 February 2018.

■ Jupiter Asia Pacific Income Review of Portfolio as at 30 September 2018



Market Review

The MSCI AC Asia Pacific ex Japan Index rose over the review period but many of the gains were frontloaded as regional stock markets became increasingly rattled by the worsening US-China trade dispute, growing inflation and interest rate worries in developed markets. Persistent US dollar strength and country-specific issues also weighed on Asia’s emerging markets.

Performance Review

The defensive nature of the portfolio worked especially well in the second half of the period. Our emerging markets exposure is now limited to one Malaysian holding (Malaysia Airports) and four positions in China (Ping An, Tencent, Hengan and China Mobile).

Financials were a key positive contributor to the fund’s performance over the period, with several Australian holdings performing strongly. Macquarie Group was a highlight as its share price extended a record run, buoyed by a bumper set of full-year company earnings, with strong contributions from Macquarie’s capital business and asset management divisions, as well as its banking and financial services unit. Overweight positioning in Singapore’s real estate investment trusts contributed positively to the fund’s returns too, as did our core position in Tencent, though the Chinese technology group share price fell in the second half of the period.

On the negative side, the fund’s zero weighting in the oil and gas sector detracted from relative performance as the price of Brent crude oil climbed to $80 a barrel. Our position in Sands China also had a negative influence on returns; it is a relatively cyclical stock (i.e. sensitive to changing economic conditions) and markets have been worried about a slowdown in China. The ongoing trade war likely had a negative impact on Sands’ share price over the review period, as investors may be concerned that the company is more vulnerable because it has an American parent company.

However, Sands has the largest share and the largest footprint in a growing market. Macau gaming figures remain robust and we continue to believe the company should benefit from strong growth in Chinese tourism.

Travel, tourism and entertainment remains a key theme in the fund. In July, we opened a new position in Star Entertainment, an Australian casino company. The company operates The Star in Sydney and two casinos in Queensland and offers what we consider to be an attractive dividend. Within the Australian retail space, we sold out of our position in Vicinity in September, as we have greater conviction in Scentre Group. The company aims to be a destination for entertainment as well as retail.

Investment Outlook

Markets generally entered a period of heightened volatility this year, with concerns about rising inflation negatively impacting sentiment. US bond yields (a global benchmark for inflationary expectations) have been rising, which could yet cause investors to start betting on more aggressive monetary tightening; however, we believe this risk is largely priced in. A sharp rise in yields from here is a risk but we think this scenario is unlikely because debt levels are so high. Instead, we expect yields will come back down reasonably quickly or remain stable from here, potentially benefiting the fund on a relative basis.

Market conditions right now are supportive for our strategy, and they have been for most of this year so far. We are expecting market conditions to generally continue as they are. One thing that would help the strategy is a fall in the oil price. While we are not commodity forecasters, if the oil price were to fall, we believe it would most likely give the fund a bit of a boost.

36

■ Jupiter Asia Pacific Income Review of Portfolio as at 30 September 2018 (continued)



Outlook continued

Asia Pacific equities do not look as expensive as those in the US, in our view. We believe the next 12 months will likely see companies in the region continue to grow earnings and dividends. We broadly expect about the same proportion of earnings will be paid out in dividends, and as stock pickers we see opportunities in Singapore and Taiwan due to appealing valuations and strong balance sheets. We also like the technology sector, which is historically quite cyclical but is currently benefiting from structural growth drivers, such as the greater number of computer chips being used in vehicles and greater connectivity between products. Asian hardware technology manufacturers are among the largest positions in the fund, including TSMC and Hon Hai in Taiwan and Samsung Electronics in South Korea. All have large net-cash positions and have demonstrated an ability and willingness to pay decent dividends.

Other businesses we believe stand to benefit from structural-demand growth are those involved in travel, tourism, entertainment as consumers in the Asia Pacific region have benefited from improved levels of disposable income.

Going forward it makes sense to keep paying close attention to balance sheet strength and favouring companies with a net-cash position or low levels of debt, but also favouring stocks that are highly liquid.

Jason PidcockFund Manager

30 September 2018

37




■ Jupiter Asia Pacific Income Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

USD% of


Australia

AGL Energy Ltd. AUD 28,000 393,906 1.91

Amcor Ltd. AUD 42,000 414,449 2.00

Dexus, REIT AUD 55,000 418,599 2.03



Star Entertainment Grp Ltd. (The) AUD 110,000 411,262 1.99

Suncorp Group Ltd. AUD 55,000 573,467 2.77

Sydney Airport AUD 75,000 372,883 1.80

Transurban Group AUD 55,000 445,171 2.15

Westpac Banking Corp. AUD 20,000 402,862 1.95

4,944,642 23.91

Bermuda

NWS Holdings Ltd. HKD 360,000 712,570 3.45

712,570 3.45

Cayman Islands

Hengan International Group Co. Ltd. HKD 70,000 645,368 3.12

Sands China Ltd. HKD 280,000 1,267,481 6.13


2,491,221 12.05

China

Ping An Insurance Group Co. of China Ltd. 'H' HKD 70,000 710,889 3.44

710,889 3.44

Hong Kong

AIA Group Ltd. HKD 75,000 670,143 3.24

China Mobile Ltd. HKD 97,000 955,961 4.62

Link REIT HKD 110,000 1,082,323 5.24

2,708,427 13.10

Malaysia

Malaysia Airports Holdings Bhd. MYR 165,000 354,127 1.71

354,127 1.71

New Zealand

Meridian Energy Ltd. NZD 200,000 430,051 2.08

430,051 2.08

38




■ Jupiter Asia Pacific Income Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

USD% of


SingaporeAscendas Real Estate Investment Trust SGD 300,000 577,682 2.79

Genting Singapore Ltd. SGD 550,000 424,035 2.05

Mapletree Commercial Trust, REIT SGD 250,000 295,053 1.43

Mapletree Logistics Trust, REIT SGD 420,000 375,987 1.82

Singapore Exchange Ltd. SGD 83,000 446,419 2.16


Singapore Telecommunications Ltd. SGD 300,000 709,222 3.43

3,347,983 16.19 South KoreaMacquarie Korea Infrastructure Fund KRW 75,000 615,386 2.98

Samsung Electronics Co. Ltd. Preference KRW 36,000 1,227,121 5.93

1,842,507 8.91 TaiwanHon Hai Precision Industry Co. Ltd. TWD 420,000 1,089,256 5.27 MediaTek, Inc. TWD 70,000 564,812 2.73

Taiwan Semiconductor Manufacturing Co. Ltd. TWD 145,000 1,245,986 6.03



39




■ Jupiter Asia Pacific Income Schedule of Investments as at 30 September 2018 (continued)


Net Assets

Australia 23.91

Singapore 16.19

Taiwan 14.03

Hong Kong 13.10


South Korea 8.91

Bermuda 3.45

China 3.44

New Zealand 2.08

Malaysia 1.71



Total 100.00



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


USD% of

Net AssetsSGD 1,079,230 USD 783,845 15/10/2018 J.P. Morgan 5,093 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 5,093 0.02 SGD 8,952 USD 6,566 15/10/2018 J.P. Morgan (22) –

USD 4,400 SGD 6,032 15/10/2018 J.P. Morgan (10) –

Total Unrealised Loss on Forward Currency Exchange Contracts (32) – Net Unrealised Gain on Forward Currency Exchange Contracts 5,061 0.02

40




■ Jupiter China Select Review of Portfolio as at 30 September 2018

Performance

NAV 30 September 2018 30 September 2017 % Change

Class L EUR Acc €13.51 €14.21 (4.93)

Class L GBP A Inc £14.04 £14.85 (4.36)+

Class L USD Acc $11.73 $12.59 (6.83)


Market Review

In late 2017 China held its 19th National Party Congress (NPC), at which President Xi’s firm grasp on power was strengthened by the enshrining of ‘Xi Jinping Thought’, his own political philosophy, in the Chinese constitution. Then in early 2018 there was a vote to remove term limits for Chinese heads of state, which opens the possibility for Xi to remain in office beyond the end of his current term. Away from politics, the macroeconomic data coming out of China continued to be supportive, as economic growth for 2017 came in at 6.9%, versus 6.7% for 2016.

After a strong start to 2018 for the Chinese market, February saw a setback as stock markets across the globe fell. This was just a taste of what was to come, however, as the Trump administration announced tariffs on $60 billion of annual imports from China. For their part, the Chinese retaliated with tariffs on US goods and the whole affair escalated over the next few months closer and closer to a trade war. During this period the Chinese market suffered from the general climate of negativity, and the yuan also depreciated versus the US dollar.

Performance Review

On a market cap level, the fund’s overweight exposure to mid and small caps presented a challenge during the period under review. Although our stock picks in these areas outperformed their market cap peers, the relative performance headwind, combined with some lacklustre returns from some of the larger companies held in the portfolio, contributed to the fund’s underperformance.

On the positive side for the fund, stocks that contributed materially to relative performance included 3SBio, which reported full year numbers that represented a strong rise in sales and revenue. The growth was assisted by the Chinese regulator’s updated drug inclusion list, which added a number of important drugs, paving the way to an improved distribution reach across a larger hospital network. The company has successfully teamed up with global pharmaceutical companies to help distribute their products within China, the most exciting of these being two insulin drugs from Astra Zeneca which will begin contributing to revenue this year.

Dali Foods and Tiangong also outperformed. Dali Foods is a leading confectionary firm in China and has delivered growth due to new product launches broadening their addressable market and improving channel management supporting greater efficiency. Tiangong produces high speed steel, a niche product with a variety of applications including industrial cutting tools. The firm has delivered both strong sales and earnings growth supported by rising product prices, growing international sales and developing a titanium business.

On the negative side, the single largest detractor from the fund’s relative returns on a stock level was Bitauto. This company is an online auto review website that operates in China. Following the listing of its transaction business Yixin, the stock price fell, although we subsequently spoke with the management a number of times and, because we felt comfortable that the operational outlook and valuation were still both attractive, we retained the stock in the portfolio and subsequently increased the weighting. Bizlink also underperformed as the market reacted strongly to margin pressure in Q2, although we retain confidence that our original investment thesis remains intact.

Outlook

China’s trade dispute with the US presents an undeniable risk to the Chinese market, although we believe the Jupiter China Select fund is relatively well-placed to weather those risks. Firstly, the fund’s exposure to companies directly impacted by the tariffs is very limited. Secondly, the fund is well diversified across both sectors and stocks, especially in comparison to the MSCI China Index which has 59% in just two sectors (Information Technology and Financials) and 26% in just two stocks (Tencent and Alibaba).1 The fund is also relatively balanced in its exposure across the market cap spectrum, with more exposure to mid and small caps, and in stock selection we value companies that have net cash on their balance sheets, as well as those that are benefiting from change on a structural, industry or company level.

Elsewhere, corporate debt in China has grown rapidly in recent years and remains of some concern. The increase in debt has been facilitated by the rise of the ‘shadow lending’ sector. Shadow lending is a catch-all term for a variety of financial products that Chinese banks have used to bypass regulations around lending. These practices have been innovative and highly profitable but have also created a substantial risk that has not been provisioned for. The Chinese regulator is taking more decisive action, and so far there has been some evidence of success, albeit with further change required in our view. While the fund has no exposure to firms that have relied on shadow lending, there are companies in the market that have, and they are now starting to feel the squeeze.

41




■ Jupiter China Select Review of Portfolio as at 30 September 2018 (continued)

Outlook continued

It has always been our view that we only want the Jupiter China Select fund to invest in companies that are undergoing positive change on a structural, industry or company level – not just riding a cyclical upswing. In most cases that has meant avoiding banks, a position that has been painful during a cyclical rally, but we hope that as the market becomes more discerning about the challenges facing Chinese banks, it will better price the companies that are truly changing. The Jupiter China Select fund does have a little exposure to Chinese banks, however, including Bank of China which is held because it is the key bank for Chinese companies going overseas and we believe that is an area where there is a case for structural change that has so far gone underappreciated.

With the backdrop of continued earnings growth, we believe a strong case can still be made for Chinese equities despite some of the underlying risk factors. Looking at the asset class from the bottom-up, we continue to identify stocks that in our view offer compelling long-term return potential.

Ross Teverson and Charles Sunnucks, Fund Managers

30 September 2018

1Source: MSCI, 28/09/2018

42



■ Jupiter China Select Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

USD% of


BermudaLuk Fook Holdings International Ltd. HKD 34,000 118,608 1.51

NWS Holdings Ltd. HKD 107,000 211,792 2.70

330,400 4.21 Cayman Islands3SBio, Inc. HKD 121,000 203,631 2.59


Baidu, Inc., ADR USD 1,473 339,512 4.32

Bestway Global Holding, Inc. HKD 166,000 73,712 0.94

Bitauto Holdings Ltd., ADR USD 13,622 311,876 3.97

Bizlink Holding, Inc. TWD 38,339 181,840 2.32

Changyou.com Ltd., ADR USD 6,996 94,411 1.20

China Distance Education Holdings Ltd., ADR USD 9,395 75,207 0.96


Consun Pharmaceutical Group Ltd. HKD 169,000 134,863 1.72

Crystal International Group Ltd. HKD 270,000 176,302 2.25

Dali Foods Group Co. Ltd. HKD 135,500 97,395 1.24

Ginko International Co. Ltd. TWD 38,000 249,336 3.17

Haichang Ocean Park Holdings Ltd. HKD 1,193,000 255,346 3.25

Hengan International Group Co. Ltd. HKD 18,500 170,562 2.17

JD.com, Inc., ADR USD 9,941 252,849 3.22


Longfor Group Holdings Ltd. HKD 51,500 133,097 1.69

NetEase, Inc., ADR USD 1,343 302,954 3.86

Regina Miracle International Holdings Ltd. HKD 194,000 131,263 1.67



Tiangong International Co. Ltd. HKD 1,060,000 235,006 2.99

4,323,128 55.04 ChinaBank of China Ltd. 'H' HKD 665,000 295,291 3.76

China Construction Bank Corp. 'H' HKD 315,285 275,369 3.51

China Life Insurance Co. Ltd. 'H' HKD 64,000 145,489 1.85

China Petroleum & Chemical Corp. 'H' HKD 340,000 340,836 4.34


1,172,937 14.94


43




■ Jupiter China Select Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesHong KongChina Mobile Ltd. HKD 23,000 226,671 2.89 China Overseas Land & Investment Ltd. HKD 44,000 137,891 1.75 China Unicom Hong Kong Ltd. HKD 218,000 256,699 3.27 CPMC Holdings Ltd. HKD 510,000 192,250 2.45

813,511 10.36 TaiwanHon Hai Precision Industry Co. Ltd. TWD 106,000 274,907 3.50 MediaTek, Inc. TWD 21,000 169,444 2.16 Merida Industry Co. Ltd. TWD 35,000 164,569 2.09

608,920 7.75 Virgin Islands, BritishHollysys Automation Technologies Ltd. USD 15,412 320,878 4.09

320,878 4.09 Total Equities 7,569,774 96.39 Participation NotesChinaHangzhou Hikvision Digital Technology Co. Ltd. 16/12/2019 USD 1,490 6,221 0.08 Huayu Automotive plc 23/11/2021 USD 35,477 115,974 1.48 Inner Mongolia Yili Industrial Group Co. Ltd. 25/03/2025 USD 25,593 95,473 1.21

217,668 2.77 Total Participation Notes 217,668 2.77 Total Transferable securities and money market instruments admitted to an official exchange listing 7,787,442 99.16

Other transferable securities and money market instrumentsEquitiesCayman IslandsChina Metal Recycling Holdings Ltd.* HKD 250,000 – –

– – Total Equities – – Participation NotesChinaHangzhou Hikvision Digital Technology Co. Ltd. 25/03/2025* USD 16,581 69,231 0.88

69,231 0.88 Total Participation Notes 69,231 0.88 Total Other transferable securities and money market instruments 69,231 0.88


*Security is valued at its fair value at the discretion of the Board of Directors.

44




■ Jupiter China Select Schedule of Investments as at 30 September 2018 (continued)


Net Assets


China 18.59

Hong Kong 10.36

Taiwan 7.75

Bermuda 4.21



Cash and Other Assets/(Liabilities) (0.04)

Total 100.00

45




■ Jupiter Dynamic Bond Review of Portfolio as at 30 September 2018

Performance

NAV 30 September 2018 30 September 2017 /Launch Date % Change

Class A USD Acc HSC (1) $9.81 $10.00 (1.90)

Class A USD Q Inc Dist HSC (1) $9.47 $10.00 (1.90)+

Class C USD Acc HSC (2) $9.98 $10.00 (0.20)

Class C USD Q Inc HSC (2) $9.87 $10.00 (0.20)+

Class D CHF Acc HSC CHF 10.55 CHF 10.91 (3.30)

Class D CHF Q Inc HSC CHF 9.04 CHF 9.72 (3.25)+

Class D EUR Acc €12.02 €12.37 (2.83)

Class D EUR Q Inc €9.52 €10.18 (2.71)+

Class D EUR Q Inc Dist €9.22 €9.86 (2.72)+

Class D GBP Acc HSC £12.46 £12.70 (1.89)

Class D GBP Q Inc HSC £9.91 £10.50 (1.82)+

Class D USD Acc HSC $12.61 $12.66 (0.39)

Class D USD Q Inc HSC $10.12 $10.57 (0.41)+

Class I CHF Acc HSC CHF 9.67 CHF 10.00 (3.30)

Class I CHF Q Inc HSC CHF 9.98 CHF 10.73 (3.24)+

Class I EUR Acc €12.56 €12.92 (2.79)

Class I EUR Q Inc €10.41 €11.13 (2.70)+

Class I GBP Q Inc HSC £10.76 £11.41 (1.90)+

Class I SEK Acc HSC SEK 97.21 SEK 100.14 (2.93)

Class I SGD M Inc HSC (3) SGD 98.50 SGD 100.00 (0.66)+

Class I USD Acc HSC $10.87 $10.91 (0.37)

Class I USD Q Inc HSC $10.97 $11.45 (0.34)+

Class L AUD Acc HSC AUD 22.60 AUD 22.84 (1.05)

Class L AUD M Inc HSC AUD 20.04 AUD 21.06 (1.02)+

Class L CHF Acc HSC CHF 10.97 CHF 11.43 (4.02)

Class L CHF Q Inc HSC CHF 10.01 CHF 10.85 (4.02)+

Class L CNH Acc HSC CNH 115.19 CNH 115.01 0.16

Class L EUR Acc €11.31 €11.72 (3.50)

Class L EUR Q Inc €10.29 €11.10 (3.55)+

Class L EUR Q Inc Dist €9.32 €10.05 (3.52)+

Class L GBP Acc HSC £9.89 £10.16 (2.66)

Class L GBP Q Inc HSC £10.63 £11.36 (2.65)+

Class L HKD Acc HSC (4) HKD 98.63 HKD 100.00 (1.37)

+ Performance takes into consideration dividend distributions during the year.(1) Launch date 30 October 2017. (2) Launch date 15 June 2018. (3) Launch date 13 July 2018. (4) Launch date 5 April 2018.

46




■ Jupiter Dynamic Bond Review of Portfolio as at 30 September 2018 (continued)

Performance continued


Class L HKD M Inc Dist HSC (4) HKD 96.73 HKD 100.00 (3.27)

Class L SEK Acc HSC SEK 103.36 SEK 107.33 (3.70)

Class L SGD Acc HSC SGD 11.33 SGD 11.53 (1.73)

Class L SGD M Inc HSC SGD 9.81 SGD 10.39 (1.80)+

Class L USD Acc HSC $12.00 $12.14 (1.15)

Class L USD M Inc HSC $9.81 $10.32 (1.14)+

Class L USD Q Inc HSC $10.82 $11.39 (1.18)+

Class N USD Acc HSC (1) $9.79 $10.00 (2.10)

Class N USD Q Inc Dist HSC (1) $9.45 $10.00 (2.11)+

+ Performance takes into consideration dividend distributions during the year.(1) Launch date 30 October 2017. (2) Launch date 15 June 2018. (3) Launch date 13 July 2018. (4) Launch date 5 April 2018.

47




■ Jupiter Dynamic Bond Review of Portfolio as at 30 September 2018 (continued)

Market Review

Government bond markets sold off in fits and starts in the review period, culminating in September when benchmark 10-year US Treasury yields (an important indicator of investor confidence) rose above 3.2% for the first time since 2011, from less than 2.4% a year earlier. While political uncertainty in Europe following elections in Italy and Germany lent the market some support at different stages, rising nervousness about the outlook for US inflation and US interest rates weighed on sentiment.

Performance Review

In a period that saw volatility rise as markets became more sensitive to political developments, we reduced risk in the portfolio. We added to our US Treasury and Australian government bond positions though the year and bought protection against US and European lower-credit-rating, high-yield bonds. We also reduced our emerging markets exposure and hedged the fund’s currency exposure to the Indian rupee, which proved helpful during the emerging market turmoil over the summer period. These moves raised the overall duration1 of the portfolio to 6.8 years and the average credit rating to A-. While the fund’s increasingly defensive stance detracted from returns over the last 12 months, we believe that a conservative approach is the most prudent strategy in a market vulnerable to unforeseen shocks. This is why we have continued a ‘barbell’ approach to the portfolio that balances medium- and long-dated AAA-rated government bonds with selective opportunities in corporate credit and emerging markets.

Outlook

Our rationale is that the rise in volatility has been driven by tightening liquidity conditions, at a time when there are numerous signs that the US is in a late stage of the economic cycle. Liquidity in global markets continues to ebb away as central banks around the world withdraw stimulus and emerging markets remain vulnerable to this. We believe it is only a matter of time before developed markets are affected as well. Indeed, many parts of Europe are already suffering, including Germany where the industrial data has recently been soft.

There is growing evidence to suggest the US economic cycle is in its final stages. The ‘credit impulse’ (the change in new credit issued as a percentage of GDP) has started to roll over in the US, indicating that growth in the coming months may be more challenging. The US economy is also not immune to the upheaval in emerging markets as signs of a slowdown in global activity and trade build. For example, South Korean exports (a bellwether for global demand) sank by 8.2% year-on-year in September – the steepest decline recorded since July 2016. Weaker economic data is also rife in China and reflected in a depreciating renminbi.

Given emerging markets account for around 40% of the global economy, global corporate earnings are likely to come under pressure. For example, more than 45% of S&P 500-company earnings are sourced internationally. Compounding that, we see many recurring macroeconomic risks that could generate higher volatility: Italy’s populist government is a prime example, to which we would add Turkey, Argentina, the US and Australian housing sectors.

However, the biggest risk to markets in our opinion is the gradual but inexorable tightening of monetary conditions. The US Federal Reserve remains steadfastly committed to gradually raising US interest rates and reducing its balance sheet. The European Central Bank, meanwhile, plans to end its €2.4 trillion programme of quantitative easing by the end of 2018. It’s worth noting that from the beginning of 2019, central banks will become net sellers of assets, which we think is likely to intensify volatility in markets.

Consequently, we believe our defensive positioning is warranted. While we continue to use the fund’s global remit to find attractive yield opportunities in emerging markets (India being a prime example) and high yield (such as the UK retail sector), at this point of the economic cycle we remain mindful of the need to balance the upside potential against the growing downside risks.

Ariel BezalelFund Manager

30 September 2018

1. Duration is a measure of a bond price’s sensitivity to changes in interest rates.

48




■ Jupiter Dynamic Bond Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsArgentinaAgua y Saneamientos Argentinos SA, Reg. S 6.625% 01/02/2023 USD 2,917,000 2,007,398 0.03



Argentina Treasury Bill 0% 30/11/2018 USD 1,300,000 1,115,513 0.02



Bonos de la Nacion Argentina con Ajuste por CER 3.8% 08/02/2019 ARS 750,000,000 20,333,394 0.28

Provincia de Neuquen Argentina, Reg. S 8.625% 12/05/2028 USD 8,900,000 7,111,262 0.10

92,211,459 1.28 AustraliaAusdrill Finance Pty. Ltd., Reg. S 6.875% 01/11/2019 USD 9,000,000 7,799,433 0.11







Australia Government Bond, Reg. S 3% 21/03/2047 AUD 197,000,000 119,325,057 1.65

1,003,968,856 13.89 BermudaGeopark Ltd., Reg. S 6.5% 21/09/2024 USD 1,917,000 1,669,812 0.02


10,158,404 0.14 BulgariaBulgarian Energy Holding EAD, Reg. S 3.5% 28/06/2025 EUR 6,057,000 6,049,398 0.08

6,049,398 0.08 CanadaEntertainment One Ltd., Reg. S 6.875% 15/12/2022 GBP 8,725,000 10,293,347 0.14

Ithaca Energy, Inc., 144A 8.125% 01/07/2019 USD 7,800,000 6,733,948 0.09

17,027,295 0.23 Cayman IslandsGEMS MEA Sukuk Ltd., Reg. S, FRN 12% Perpetual USD 1,400,000 1,212,574 0.02

Mizzen Bondco Ltd., Reg. S 7% 01/05/2021 GBP 16,792,204 19,260,636 0.26

20,473,210 0.28 ChileNova Austral SA, Reg. S, 144A 8.25% 26/05/2021 USD 23,700,000 19,224,875 0.27

19,224,875 0.27

49




■ Jupiter Dynamic Bond Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBonds CyprusCyprus Government Bond, Reg. S 3.75% 26/07/2023 EUR 24,000,000 27,165,936 0.38




128,378,067 1.78 Czech RepublicEnergo-Pro A/S, Reg. S 4% 07/12/2022 EUR 9,550,000 9,460,039 0.13

Energo-Pro A/S, Reg. S 4.5% 04/05/2024 EUR 2,281,000 2,176,907 0.03

11,636,946 0.16 DenmarkDKT Finance ApS, Reg. S 7% 17/06/2023 EUR 1,900,000 2,033,048 0.03

Welltec A/S, 144A 9.5% 01/12/2022 USD 16,800,000 15,123,177 0.21

17,156,225 0.24 France3AB Optique Developpement SAS, Reg. S 4% 01/10/2023 EUR 3,500,000 3,358,512 0.05

3AB Optique Developpement SAS, Reg. S, FRN 4.125% 01/10/2023 EUR 5,600,000 5,384,876 0.07



Autodis SA, Reg. S 4.375% 01/05/2022 EUR 4,875,000 4,956,997 0.07

Autodis SA, Reg. S, FRN 4.375% 01/05/2022 EUR 4,875,000 4,937,132 0.07

Credit Agricole SA, Reg. S, FRN 8.125% Perpetual GBP 1,300,000 1,547,745 0.02

Groupama SA, Reg. S, FRN 6.375% Perpetual EUR 7,500,000 8,516,062 0.12

La Financiere Atalian SASU, Reg. S 6.625% 15/05/2025 GBP 5,133,000 5,687,564 0.08

Newco GB SAS, Reg. S 8% 15/12/2022 EUR 8,225,000 8,565,885 0.12

Orange SA, Reg. S, FRN 5% Perpetual EUR 8,475,000 9,369,121 0.13

Societe Generale SA, Reg. S, FRN 7.375% Perpetual USD 1,350,000 1,204,018 0.02

WFS Global Holding SAS, Reg. S 9.5% 15/07/2022 EUR 5,564,000 5,843,814 0.08

89,069,538 1.23 GermanyDouglas GmbH, Reg. S 6.25% 15/07/2022 EUR 10,400,000 8,455,473 0.12

HT1 Funding GmbH, FRN 1.819% Perpetual EUR 9,375,000 8,788,125 0.12

Kirk Beauty One GmbH, Reg. S 8.75% 15/07/2023 EUR 27,315,000 14,781,376 0.20

Otto GmbH & Co. KG, Reg. S, FRN 4% Perpetual EUR 3,760,000 3,887,802 0.05

PrestigeBidCo GmbH, Reg. S 6.25% 15/12/2023 EUR 6,935,000 7,415,665 0.10

Safari Verwaltungs GmbH, Reg. S 5.375% 30/11/2022 EUR 14,000,000 14,308,910 0.20

Unitymedia GmbH, Reg. S 3.75% 15/01/2027 EUR 8,983,000 9,512,323 0.13

Unitymedia Hessen GmbH & Co. KG, Reg. S 6.25% 15/01/2029 EUR 6,778,800 7,674,991 0.11

74,824,665 1.03

50






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBonds Guernsey

Burford Capital Ltd. 5% 01/12/2026 GBP 6,658,500 7,745,795 0.11

7,745,795 0.11

Hong KongHongkong & Shanghai Banking Corp. Ltd. (The), FRN 2.563% Perpetual USD 16,990,000 11,301,287 0.16

11,301,287 0.16

India

Axis Bank Ltd. 7.6% 20/10/2023 INR 550,000,000 6,201,903 0.09

Axis Bank Ltd. 8.85% 05/12/2024 INR 500,000,000 5,923,958 0.08



Dewan Housing Finance Corp. Ltd., Reg. S 8.5% 18/04/2023 INR 700,000,000 8,114,074 0.11

ECL Finance Ltd., Reg. S 9.05% 28/12/2019 INR 250,000,000 2,929,967 0.04

HDFC Bank Ltd. 7.95% 21/09/2026 INR 1,300,000,000 14,870,892 0.21

Hindustan Petroleum Corp. Ltd., Reg. S 4% 12/07/2027 USD 5,950,000 4,667,928 0.06







Housing Development Finance Corp. Ltd., Reg. S 7% 09/01/2020 INR 50,000,000 580,988 0.01



ICICI Bank Ltd. 7.6% 07/10/2023 INR 550,000,000 6,170,474 0.08

IDFC Bank Ltd. 8.64% 15/04/2020 INR 350,000,000 4,171,075 0.06

India Government Bond 8.35% 14/05/2022 INR 800,000,000 9,597,439 0.13

India Government Bond 8.15% 11/06/2022 INR 4,035,000,000 48,219,644 0.67


India Government Bond 8.13% 21/09/2022 INR 850,000,000 10,154,756 0.14







51






Quantity/ Nominal

Value

Market Value

EUR% of


India (continued)

Indiabulls Housing Finance Ltd. 8.75% 26/09/2021 INR 1,500,000,000 17,335,511 0.24

Indiabulls Housing Finance Ltd. 8.9% 26/09/2021 INR 225,000,000 2,610,291 0.04

Indiabulls Housing Finance Ltd., Reg. S 8.567% 15/10/2019 INR 1,318,300,000 15,473,304 0.21 Indian Renewable Energy Development Agency Ltd., Reg. S 7.125% 10/10/2022 INR 900,000,000 10,065,001 0.14




Muthoot Finance Ltd. 8.75% 24/06/2020 INR 560,000,000 6,602,156 0.09

National Highways Authority of India, Reg. S 7.3% 18/05/2022 INR 1,990,000,000 22,459,510 0.31

NTPC Ltd., Reg. S 7.375% 10/08/2021 INR 1,300,000,000 14,856,538 0.21

NTPC Ltd., Reg. S 7.25% 03/05/2022 INR 520,000,000 5,867,949 0.08

Reliance Capital Ltd. 9% 09/09/2026 INR 300,000,000 3,433,250 0.05

State of Gujarat India 7.96% 14/10/2025 INR 250,000,000 2,871,719 0.04

State of Maharashtra India 7.96% 14/10/2025 INR 250,000,000 2,871,719 0.04

State of Tamil Nadu India 7.97% 14/10/2025 INR 250,000,000 2,880,835 0.04

Vodafone Idea Ltd. 8.04% 27/01/2022 INR 500,000,000 5,551,369 0.08

Yes Bank Ltd., Reg. S 3.75% 06/02/2023 USD 6,414,000 5,132,181 0.07

648,441,975 8.97

Ireland

ABH Financial Ltd., Reg. S 2.875% 09/11/2022 CHF 15,400,000 13,006,133 0.18

Alfa Bank AO, Reg. S, FRN 8% Perpetual USD 7,000,000 5,707,095 0.08

Allied Irish Banks plc, Reg. S, FRN 7.375% Perpetual EUR 6,765,000 7,407,979 0.10

Bank of Ireland, Reg. S 10% 19/12/2022 EUR 6,050,000 8,128,357 0.11

Bank of Ireland Group plc, Reg. S, FRN 3.125% 19/09/2027 GBP 4,721,000 5,133,014 0.07

Bank of Ireland Group plc, Reg. S, FRN 4.125% 19/09/2027 USD 5,600,000 4,589,008 0.07




Gazprombank OJSC, Reg. S 3.984% 30/10/2018 EUR 10,000,000 10,004,520 0.14

Gazprombank OJSC, Reg. S, FRN 7.496% 28/12/2023 USD 7,000,000 5,840,436 0.08



Koks OAO, Reg. S 10.75% 28/12/2018 USD 11,416,000 10,013,410 0.14

Koks OAO, Reg. S 7.5% 04/05/2022 USD 7,000,000 6,033,979 0.09

MMC Norilsk Nickel OJSC, Reg. S 3.849% 08/04/2022 USD 15,800,000 13,081,453 0.18

52





Quantity/ Nominal

Value

Market Value

EUR% of


Ireland (continued)

Royal Bank of Scotland Group plc, Reg. S, FRN 3.128% Perpetual GBP 12,394,000 13,919,999 0.19

Virgin Media Receivables Financing Notes I DAC, Reg. S 5.5% 15/09/2024 GBP 49,810,000 56,429,424 0.78

Virgin Media Receivables Financing Notes II DAC, Reg. S 5.75% 15/04/2023 GBP 3,750,000 4,339,422 0.06

VTB Bank PJSC, Reg. S, FRN 9.5% Perpetual USD 15,000,000 12,494,690 0.17

220,816,143 3.06

Italy

Almaviva-The Italian Innovation Co. SpA, Reg. S 7.25% 15/10/2022 EUR 7,154,000 7,019,863 0.10

Bormioli Pharma Bidco SpA, Reg. S, FRN 3.5% 15/11/2024 EUR 1,310,000 1,279,261 0.02

Gamenet Group SpA, Reg. S, FRN 3.75% 27/04/2023 EUR 3,800,000 3,706,311 0.05

Pro-Gest SpA, Reg. S 3.25% 15/12/2024 EUR 9,450,000 9,034,909 0.13

Wind Tre SpA, Reg. S 2.625% 20/01/2023 EUR 12,500,000 11,768,312 0.16

Wind Tre SpA, Reg. S, FRN 2.75% 20/01/2024 EUR 18,000,000 16,795,530 0.23

49,604,186 0.69

Japan

SoftBank Group Corp., Reg. S 3.125% 19/09/2025 EUR 15,000,000 14,345,475 0.20

SoftBank Group Corp., Reg. S 4% 19/09/2029 EUR 7,500,000 6,805,800 0.09

21,151,275 0.29

Jersey

AA Bond Co. Ltd., Reg. S 6.269% 02/07/2043 GBP 3,600,000 4,387,410 0.06



CPUK Finance Ltd., Reg. S 4.875% 28/02/2047 GBP 11,740,000 13,214,761 0.18

Galaxy Bidco Ltd., Reg. S 6.375% 15/11/2020 GBP 7,295,000 8,216,562 0.11

Galaxy Bidco Ltd., Reg. S, FRN 5.304% 15/11/2020 GBP 1,333,000 1,490,729 0.02

Galaxy Finco Ltd., Reg. S 7.875% 15/11/2021 GBP 1,000,000 1,107,397 0.02

HBOS Capital Funding LP, Reg. S 6.85% Perpetual USD 25,793,000 22,612,111 0.31

HBOS Capital Funding LP, Reg. S, FRN 6.461% Perpetual GBP 40,470,000 45,892,408 0.64

HBOS Sterling Finance Jersey LP, FRN 7.881% Perpetual GBP 13,357,000 21,588,614 0.30 HSBC Bank Capital Funding Sterling 1 LP, Reg. S, FRN 5.844% Perpetual GBP 9,475,000 12,831,168 0.18

HSBC Capital Funding Dollar 1 LP, Reg. S, FRN 10.176% Perpetual USD 1,050,000 1,349,902 0.02

TVL Finance plc, Reg. S, FRN 5.679% 15/05/2023 GBP 1,453,000 1,636,620 0.02

144,426,930 2.00


53





Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBonds LuxembourgAltice Financing SA, 144A 6.625% 15/02/2023 USD 15,687,000 13,669,386 0.19

Altice Financing SA, Reg. S 5.25% 15/02/2023 EUR 8,500,000 8,855,088 0.12

Altice Finco SA, Reg. S 9% 15/06/2023 EUR 3,441,000 3,609,850 0.05

ARD Finance SA 6.625% 15/09/2023 EUR 25,080,000 25,894,473 0.36

Aroundtown SA, Reg. S 3.25% 18/07/2027 GBP 9,000,000 9,900,555 0.14

Baghlan Group FZCO, Reg. S 14.75% 29/12/2049§ USD 140,000 60,444 –



Codere Finance 2 Luxembourg SA, 144A 7.625% 01/11/2021 USD 5,350,000 4,250,619 0.06

Codere Finance 2 Luxembourg SA, Reg. S 6.75% 01/11/2021 EUR 33,733,000 31,946,500 0.44

CPI Property Group SA, Reg. S, FRN 4.375% Perpetual EUR 6,000,000 5,782,740 0.08

Galapagos SA, Reg. S, FRN 4.431% 15/06/2021 EUR 11,800,000 10,759,063 0.15

Gazprom OAO, Reg. S 5.338% 25/09/2020 GBP 5,795,000 6,821,159 0.10

Gazprom OAO, Reg. S 3.125% 17/11/2023 EUR 1,800,000 1,857,138 0.03



Kleopatra Holdings 1 SCA, Reg. S 8.5% 30/06/2023 EUR 7,500,000 5,278,238 0.07

LSF9 Balta Issuer SARL, Reg. S 7.75% 15/09/2022 EUR 7,106,130 7,314,624 0.10

Matterhorn Telecom Holding SA, Reg. S 4.875% 01/05/2023 EUR 5,139,000 5,245,737 0.07

Matterhorn Telecom SA, Reg. S 3.625% 01/05/2022 CHF 13,000,000 11,698,881 0.16

Offshore Drilling Holding SA, 144A 8.375% 20/09/2020 USD 6,050,000 2,736,132 0.04

Puma International Financing SA, Reg. S 5.125% 06/10/2024 USD 18,257,000 13,843,816 0.19

Puma International Financing SA, Reg. S 5% 24/01/2026 USD 3,404,000 2,490,200 0.04

Russian Agricultural Bank OJSC, Reg. S 8.5% 16/10/2023 USD 1,875,000 1,640,724 0.02 SCHMOLZ + BICKENBACH Luxembourg Finance SA, Reg. S 5.625% 15/07/2022 EUR 3,500,000 3,656,345 0.05

SES SA, Reg. S, FRN 5.625% Perpetual EUR 6,752,000 7,171,839 0.10

Topaz Marine SA, Reg. S 9.125% 26/07/2022 USD 4,810,000 4,288,937 0.06

Trafigura Funding SA, Reg. S 5.25% 19/03/2023 USD 16,704,000 13,681,720 0.19

247,192,215 3.42 Marshall IslandsNavigator Holdings Ltd., Reg. S, 144A 7.75% 10/02/2021 USD 4,000,000 3,390,482 0.05

3,390,482 0.05 MauritiusAzure Power Energy Ltd., Reg. S 5.5% 03/11/2022 USD 16,178,000 13,340,225 0.19

MTN Mauritius Investments Ltd., Reg. S 5.373% 13/02/2022 USD 3,550,000 2,978,657 0.04

Neerg Energy Ltd., Reg. S 6% 13/02/2022 USD 7,000,000 5,845,271 0.08

22,164,153 0.31


54





Quantity/ Nominal

Value

Market Value

EUR% of


Mexico

Cobre Del Mayo SA de CV, Reg. S, FRN 8.75% 15/11/2021 USD 2,762,933 835,018 0.01

Mexico City Airport Trust, Reg. S 3.875% 30/04/2028 USD 4,705,000 3,667,096 0.05

Mexico City Airport Trust, Reg. S 5.5% 31/07/2047 USD 1,945,000 1,492,101 0.02

5,994,215 0.08

Netherlands

Greenko Dutch BV, Reg. S 4.875% 24/07/2022 USD 11,200,000 9,230,723 0.13

Hema Bondco I BV, Reg. S, FRN 6.25% 15/07/2022 EUR 11,900,000 10,845,720 0.15

Hema Bondco II BV, Reg. S 8.5% 15/01/2023 EUR 6,650,000 5,609,308 0.08

IHS Netherlands Holdco BV, Reg. S 9.5% 27/10/2021 USD 10,280,000 9,052,044 0.13

Marfrig Holdings Europe BV, Reg. S 6.875% 24/06/2019 USD 15,000,000 13,138,940 0.18

Marfrig Holdings Europe BV, Reg. S 8% 08/06/2023 USD 2,850,000 2,476,096 0.03

NatWest Markets NV 7.125% 15/10/2093 USD 10,000,000 12,304,743 0.17

Schoeller Allibert Group BV, Reg. S 8% 01/10/2021 EUR 13,000,000 13,473,655 0.19

Selecta Group BV, Reg. S 5.875% 01/02/2024 CHF 4,800,000 4,304,858 0.06

Selecta Group BV, Reg. S 5.875% 01/02/2024 EUR 15,200,000 15,343,260 0.21

Swiss Re Ltd., Reg. S, FRN 5.75% 15/08/2050 USD 4,000,000 3,503,614 0.05

Telefonica Europe BV, Reg. S, FRN 5.875% Perpetual EUR 6,700,000 7,405,845 0.10

VEON Holdings BV, Reg. S 4.95% 16/06/2024 USD 5,350,000 4,396,291 0.06

VIEO BV, Reg. S, FRN, 144A 6.75% 07/09/2022 EUR 27,500,000 14,420,313 0.20

Ziggo Bond Co. BV, Reg. S 7.125% 15/05/2024 EUR 69,435,000 74,339,194 1.03

199,844,604 2.77

Norway

DNB Bank ASA, FRN 2.684% Perpetual USD 2,250,000 1,374,016 0.02

DNB Bank ASA, FRN 2.688% Perpetual USD 1,750,000 1,071,890 0.01

DNO ASA, Reg. S, 144A 8.75% 18/06/2020 USD 3,400,000 3,031,563 0.04

5,477,469 0.07

Portugal

Banco Espirito Santo SA, Reg. S 4% 21/01/2019§ EUR 5,000,000 1,525,000 0.02

1,525,000 0.02

Singapore

Deep Drilling 1 Pte. Ltd. 15% 21/12/2020 USD 1,408,334 1,221,580 0.02

Oro Negro Drilling Pte. Ltd., Reg. S, 144A 7.5% 24/01/2019§ USD 14,175,934 5,544,037 0.07

6,765,617 0.09

§ Security is currently in default.


55





Quantity/ Nominal

Value

Market Value

EUR% of


Spain

Banco Santander SA, Reg. S, FRN 6.25% Perpetual EUR 1,400,000 1,411,452 0.02

Bankia SA, Reg. S, FRN 6% Perpetual EUR 4,800,000 4,867,896 0.07

Obrascon Huarte Lain SA, Reg. S 7.625% 15/03/2020 EUR 1,900,000 1,869,685 0.02



30,124,685 0.42

Supranational

International Finance Corp. 0% 09/05/2027 TRY 57,800,000 2,064,728 0.03

2,064,728 0.03

Switzerland

Credit Suisse Group AG, Reg. S, FRN 7.5% Perpetual USD 3,000,000 2,731,977 0.04




29,503,117 0.41

United Arab EmiratesEmirates Semb Corp. Water & Power Co. PJSC, Reg. S 4.45% 01/08/2035 USD 2,435,000 2,022,922 0.03

2,022,922 0.03

United Kingdom

Air Berlin plc, Reg. S 5.625% 09/05/2019§ CHF 1,350,000 11,938 –

Air Berlin plc, Reg. S 6.75% 09/05/2019§ EUR 866,000 8,660 –

Anglian Water Osprey Financing plc, Reg. S 4% 08/03/2026 GBP 5,419,000 5,678,549 0.08

Anglian Water Services Financing plc, Reg. S 2.625% 15/06/2027 GBP 3,900,000 4,153,532 0.06

Arrow Global Finance plc, Reg. S 5.125% 15/09/2024 GBP 15,387,000 16,124,412 0.22

Barclays Bank plc, FRN, 144A 6.86% Perpetual USD 2,211,000 2,082,102 0.03

Barclays Bank plc, Reg. S, FRN 6.369% Perpetual GBP 4,000,000 4,668,425 0.06

Barclays Bank plc, Reg. S, FRN 6.86% Perpetual USD 411,000 386,601 –

Barclays plc 3.25% 17/01/2033 GBP 17,500,000 17,888,223 0.25

Barclays plc, FRN 7.75% Perpetual USD 6,800,000 5,906,439 0.08

Barclays plc, Reg. S 3.25% 12/02/2027 GBP 10,500,000 11,502,993 0.16

Barclays plc, Reg. S, FRN 7.875% Perpetual GBP 4,617,000 5,513,318 0.08



Cheltenham & Gloucester plc 11.75% Perpetual GBP 2,000,000 4,919,538 0.07

Cognita Financing plc, Reg. S 7.75% 15/08/2021 GBP 42,458,000 49,010,066 0.68

Co-operative Group Holdings 2011 Ltd., STEP, Reg. S 7.5% 08/07/2026 GBP 13,475,000 17,956,810 0.25


56






Quantity/ Nominal

Value

Market Value

EUR% of



Co-Operative Group Ltd. 11% 18/12/2025 GBP 1,000,000 1,453,879 0.02

Coventry Building Society, Reg. S, FRN 6.375% Perpetual GBP 4,836,000 5,561,018 0.08


CYBG plc, Reg. S, FRN 8% Perpetual GBP 3,067,000 3,549,449 0.05

EI Group plc, Reg. S 6.875% 15/02/2021 GBP 1,500,000 1,839,261 0.03

EI Group plc, Reg. S 6.375% 15/02/2022 GBP 1,333,000 1,557,209 0.02

EnQuest plc, Reg. S, FRN, 144A 7% 15/10/2023 USD 27,582,923 22,890,499 0.32






HSBC Holdings plc 3.9% 25/05/2026 USD 6,000,000 5,038,391 0.07

HSBC Holdings plc, FRN 6.875% Perpetual USD 3,214,000 2,882,065 0.04

HSBC Holdings plc, Reg. S, FRN 5.25% Perpetual EUR 1,618,000 1,711,909 0.02



Iceland Bondco plc, Reg. S, FRN 4.987% 15/07/2020 GBP 678,188 765,221 0.01

Investec Bank plc, Reg. S, FRN 4.25% 24/07/2028 GBP 6,300,000 6,965,789 0.10

Keystone Financing plc, Reg. S 9.5% 15/10/2019 GBP 9,990,495 11,319,910 0.16

Lloyds Bank plc, FRN, 144A 12% Perpetual USD 35,292,000 37,367,149 0.52

Lloyds Bank plc, Reg. S, FRN 12% Perpetual USD 2,898,000 3,068,976 0.04



Lloyds Banking Group plc, Reg. S, FRN 6.375% Perpetual EUR 10,570,000 11,199,232 0.15



Lloyds Banking Group plc, Reg. S, FRN 7% Perpetual GBP 5,250,000 6,017,191 0.08

MARB BondCo plc, 144A 7% 15/03/2024 USD 6,727,000 5,520,242 0.08

MARB BondCo plc, Reg. S 6.875% 19/01/2025 USD 7,636,000 6,130,941 0.08



Mclaren Finance plc, Reg. S 5% 01/08/2022 GBP 6,000,000 6,580,833 0.09

Miller Homes Group Holdings plc, Reg. S 5.5% 15/10/2024 GBP 3,272,000 3,736,472 0.05

Miller Homes Group Holdings plc, Reg. S, FRN 5.987% 15/10/2023 GBP 3,150,000 3,583,585 0.05

National Westminster Bank plc, FRN 1.829% Perpetual EUR 18,996,000 18,591,100 0.26

57






Quantity/ Nominal

Value

Market Value

EUR% of






Nationwide Building Society, Reg. S, FRN 10.25% Perpetual GBP 7,000,000 11,857,917 0.16

Ocado Group plc, Reg. S 4% 15/06/2024 GBP 3,048,000 3,453,282 0.05

OTE plc, Reg. S 2.375% 18/07/2022 EUR 2,133,000 2,190,431 0.03

Pinnacle Bidco plc, Reg. S 6.375% 15/02/2025 GBP 5,527,000 6,415,865 0.09

Places for People Homes Ltd., Reg. S 3.625% 22/11/2028 GBP 6,208,000 7,045,911 0.10

RL Finance Bonds No. 2 plc, Reg. S, FRN 6.125% 30/11/2043 GBP 2,134,000 2,628,778 0.04

Royal Bank of Scotland Group plc 5.5% Perpetual EUR 62,019,000 62,795,478 0.87


Royal Bank of Scotland Group plc, Reg. S 5.25% Perpetual EUR 27,100,000 27,433,736 0.38

Royal Bank of Scotland Group plc, Reg. S, FRN 2.011% Perpetual EUR 46,750,000 45,218,470 0.63

RSA Insurance Group plc, Reg. S, FRN 5.125% 10/10/2045 GBP 3,587,000 4,262,711 0.06

Scottish Widows Ltd., Reg. S 5.5% 16/06/2023 GBP 1,200,000 1,478,659 0.02

Shawbrook Group plc, Reg. S, FRN 7.875% Perpetual GBP 7,000,000 7,413,987 0.10

Shop Direct Funding plc, Reg. S 7.75% 15/11/2022 GBP 16,950,000 16,827,554 0.23




Standard Chartered plc, FRN 2.775% Perpetual USD 8,300,000 6,278,269 0.09

Synlab Bondco plc, Reg. S 6.25% 01/07/2022 EUR 13,826,000 14,337,631 0.20

Synlab Unsecured Bondco plc, Reg. S 8.25% 01/07/2023 EUR 2,900,000 3,096,968 0.04

Tesco plc 6% 14/12/2029 GBP 4,132,000 5,641,350 0.08

Tesco plc 4.875% 24/03/2042 GBP 8,228,000 10,011,493 0.14

Tesco plc 5.2% 05/03/2057 GBP 3,850,000 5,056,181 0.07

Tesco plc, Reg. S 6.15% 15/11/2037 USD 8,000,000 7,258,469 0.10

Thomas Cook Group plc, Reg. S 6.25% 15/06/2022 EUR 41,640,000 43,322,672 0.60


Unique Pub Finance Co. plc (The), Reg. S, Series A4 5.659% 30/06/2027 GBP 16,173,194 20,184,217 0.28



Virgin Media Finance plc, Reg. S 6.375% 15/10/2024 GBP 9,750,000 11,418,651 0.16




58






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBonds United Kingdom (continued)Virgin Media Secured Finance plc, Reg. S 5% 15/04/2027 GBP 20,050,000 22,554,086 0.31 Virgin Media Secured Finance plc, Reg. S 6.25% 28/03/2029 GBP 4,500,000 5,320,621 0.07 Viridian Group FinanceCo plc, Reg. S 4.75% 15/09/2024 GBP 13,770,000 15,112,472 0.21 Vodafone Group plc, Reg. S, FRN 0% 03/10/2078 GBP 11,376,000 12,782,039 0.18 Vodafone Group plc, Reg. S, FRN 0% 03/10/2078 USD 15,102,000 13,013,053 0.18 Vue International Bidco plc, Reg. S 7.875% 15/07/2020 GBP 17,163,000 19,419,787 0.27 Wagamama Finance plc, Reg. S 4.125% 01/07/2022 GBP 3,388,000 3,754,074 0.05

1,094,542,972 15.15 United States of AmericaBurford Capital Finance LLC 6.125% 12/08/2025 USD 11,830,000 10,368,322 0.14 Coca-Cola Co. (The) 2.25% 01/09/2026 USD 9,336,000 7,328,715 0.10 Johnson & Johnson 2.625% 15/01/2025 USD 3,500,000 2,911,922 0.04 Johnson & Johnson 2.45% 01/03/2026 USD 19,000,000 15,363,539 0.21 Kraton Polymers LLC, Reg. S 5.25% 15/05/2026 EUR 2,700,000 2,773,103 0.04 Murphy Oil USA, Inc. 6% 15/08/2023 USD 2,097,000 1,868,448 0.03 Spectrum Brands Holdings, Inc. 7.75% 15/01/2022 USD 1,431,000 1,274,300 0.02 Unit Corp. 6.625% 15/05/2021 USD 6,500,000 5,631,464 0.08 US Treasury 1.375% 30/09/2023 USD 181,643,800 145,519,172 2.01 US Treasury 2.125% 31/03/2024 USD 62,238,400 51,502,322 0.71 US Treasury 2.75% 28/02/2025 USD 530,000,000 451,607,699 6.25 US Treasury 2% 15/11/2026 USD 152,500,000 122,042,784 1.69 US Treasury 2.25% 15/02/2027* USD 897,807,300 730,974,374 10.12 US Treasury 4.375% 15/02/2038 USD 14,000,000 14,329,090 0.20 US Treasury 2.875% 15/05/2043 USD 24,000,000 19,702,161 0.27 US Treasury 2.25% 15/08/2046 USD 210,106,800 150,767,245 2.09 US Treasury 3% 15/02/2047 USD 530,000,000 443,706,081 6.14 Vantiv LLC, Reg. S 3.875% 15/11/2025 GBP 17,727,000 19,564,150 0.27 Walmart, Inc. 3.55% 26/06/2025 USD 16,500,000 14,338,854 0.20

2,211,573,745 30.61 Total Bonds 6,455,852,453 89.35 Convertible BondsSouth AfricaSibanye Gold Ltd., Reg. S 1.875% 26/09/2023 USD 45,000,000 28,948,334 0.40

28,948,334 0.40 United Arab EmiratesAabar Investments PJSC, Reg. S 0.5% 27/03/2020 EUR 61,200,000 56,884,482 0.79 Aabar Investments PJSC, Reg. S 1% 27/03/2022 EUR 73,300,000 62,074,105 0.86

118,958,587 1.65 Total Convertible Bonds 147,906,921 2.05 *Partly held as collateral, please refer to page 236

59






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesCayman IslandsOcean Rig UDW, Inc. 'A' USD 33,981 1,006,734 0.02

1,006,734 0.02 United KingdomSantander UK plc Preference 10.375% GBP 11,666,667 21,080,864 0.29

21,080,864 0.29 Total Equities 22,087,598 0.31 Total Transferable securities and money market instruments admitted to an official exchange listing 6,625,846,972 91.71

Transferable securities and money market instruments dealt in on another regulated marketBondsArgentinaGenneia SA, Reg. S 8.75% 20/01/2022 USD 4,594,000 3,695,879 0.05

Mastellone Hermanos SA, Reg. S 12.625% 03/07/2021 USD 740,000 652,402 0.01

4,348,281 0.06 AustraliaBHP Billiton Finance USA Ltd., FRN, 144A 6.75% 19/10/2075 USD 4,200,000 3,985,719 0.06

3,985,719 0.06 BermudaLatina Offshore Ltd., Reg. S, 144A 8.875% 01/10/2019 USD 17,762,255 11,886,596 0.16

11,886,596 0.16 CanadaFirst Quantum Minerals Ltd., 144A 7% 15/02/2021 USD 9,700,000 8,314,507 0.11

Stoneway Capital Corp., Reg. S 10% 01/03/2027 USD 4,103,010 3,417,369 0.05

11,731,876 0.16 Cayman IslandsNor Offshore SPV Ltd. 8.4% 04/02/2020 USD 9,080,240 2,705,043 0.04

NSA Bondco Ltd. 12% 31/08/2020 USD 6,426,966 1,415,154 0.02

4,120,197 0.06 FranceAltice France SA, 144A 8.125% 01/02/2027 USD 1,143,000 1,015,943 0.02

BNP Paribas SA, FRN, 144A 7.195% Perpetual USD 9,800,000 8,873,854 0.12

BNP Paribas SA, Reg. S, FRN 7.195% Perpetual USD 3,180,000 2,880,161 0.04

12,769,958 0.18 LuxembourgFAGE International SA, 144A 5.625% 15/08/2026 USD 4,136,000 3,270,079 0.04

Telenet Finance Luxembourg Notes Sarl, 144A 5.5% 01/03/2028 USD 23,400,000 19,189,136 0.27

22,459,215 0.31

60






Quantity/ Nominal

Value

Market Value

EUR% of


Netherlands

Greenko Dutch BV, Reg. S 5.25% 24/07/2024 USD 13,650,000 10,966,770 0.15

10,966,770 0.15

New Zealand

New Zealand Government Bond, Reg. S 2.75% 15/04/2037 NZD 85,500,000 47,693,203 0.66

47,693,203 0.66

Supranational

JBS USA LUX SA, 144A 7.25% 01/06/2021 USD 17,000,000 14,883,753 0.21

JBS USA LUX SA, 144A 5.75% 15/06/2025 USD 8,000,000 6,694,402 0.09

21,578,155 0.30

United Kingdom

Anglo American Capital plc, 144A 4.875% 14/05/2025 USD 3,868,000 3,357,183 0.05

Barclays Bank plc, FRN 6.278% Perpetual USD 29,570,000 26,161,927 0.36

Ferroglobe plc, 144A 9.375% 01/03/2022 USD 13,500,000 12,311,789 0.17

HSBC Holdings plc, FRN 6% Perpetual USD 10,500,000 8,677,875 0.12

Petra Diamonds US Treasury plc, Reg. S 7.25% 01/05/2022 USD 10,961,000 9,150,352 0.13




Virgin Media Finance plc, 144A 6.375% 15/04/2023 USD 8,494,000 7,542,607 0.10

117,997,092 1.63


Alphabet, Inc. 1.998% 15/08/2026 USD 6,500,000 5,069,859 0.07

Amazon.com, Inc. 3.15% 22/08/2027 USD 7,000,000 5,804,592 0.08

Apple, Inc. 2.75% 13/01/2025 USD 15,000,000 12,433,943 0.17

Apple, Inc. 3.35% 09/02/2027 USD 30,000,000 25,384,556 0.35

Dresdner Funding Trust I, 144A 8.151% 30/06/2031 USD 1,275,000 1,363,693 0.02

Dresdner Funding Trust I, Reg. S 8.151% 30/06/2031 USD 31,372,000 33,544,302 0.46

Exela Intermediate LLC, 144A 10% 15/07/2023 USD 3,000,000 2,750,447 0.04

Frontier Communications Corp. 8.125% 01/10/2018 USD 9,951,000 8,597,108 0.12

Frontier Communications Corp. 7.125% 15/03/2019 USD 10,285,000 8,958,489 0.12

GameStop Corp., 144A 6.75% 15/03/2021 USD 600,000 529,449 0.01

Gates Global LLC, 144A 6% 15/07/2022 USD 975,000 849,674 0.01

KLX, Inc., 144A 5.875% 01/12/2022 USD 3,562,000 3,176,331 0.04

Lions Gate Capital Holdings LLC, Reg. S 5.875% 01/11/2024 USD 5,600,000 4,925,344 0.07

LTF Merger Sub, Inc., 144A 8.5% 15/06/2023 USD 13,237,000 11,958,666 0.17

Manitowoc Co., Inc. (The), 144A 12.75% 15/08/2021 USD 24,788,000 23,517,875 0.33

61



Quantity/ Nominal

Value

Market Value

EUR% of






Northern Oil and Gas, Inc., 144A 0% 15/05/2023 USD 312,500 286,031 –

RBS Capital Trust II, FRN 6.425% Perpetual USD 56,637,000 58,125,686 0.81

Simmons Foods, Inc., 144A 7.75% 15/01/2024 USD 645,000 576,445 0.01


Solera LLC, 144A 10.5% 01/03/2024 USD 37,389,000 35,365,374 0.49

Stillwater Mining Co., Reg. S 7.125% 27/06/2025 USD 11,367,000 9,496,351 0.13

Sunoco LP, 144A 4.875% 15/01/2023 USD 2,710,000 2,316,753 0.03

Sunoco LP, 144A 5.5% 15/02/2026 USD 1,968,000 1,636,041 0.02

Vantiv LLC, 144A 4.375% 15/11/2025 USD 3,500,000 2,856,812 0.04

310,073,824 4.29



Bonds

Bermuda

Latina Offshore Ltd. 0% 30/04/2019* USD 8,554,824 5,600,943 0.08

5,600,943 0.08

Portugal

Banco Espirito Santo SA 2.625% 08/05/2017* EUR 11,000,000 2,970,000 0.04

2,970,000 0.04

Total Bonds 579,610,886 8.02

Commercial Papers

Croatia

Agrokor dd 0% 16/08/2017* § EUR 10,000,000 2,400,910 0.03

Agrokor dd 0% 05/06/2019* § EUR 6,000,000 1,440,546 0.02

3,841,456 0.05

Total Commercial Papers 3,841,456 0.05

*Security is valued at its fair value at the discretion of the Board of Directors.§Security is currently in default.




62





Quantity/ Nominal

Value

Market Value

EUR% of

Net Assets


EquitiesNorwayIsland Drilling Co. ASA* NOK 3,099 – –

– – Total Equities – – Total Other transferable securities and money market instruments 12,412,399 0.17 Units of authorised UCITS or other collective investment undertakingsCollective Investment Schemes - UCITSLuxembourgThe Jupiter Global Fund Jupiter Global Emerging Markets Corporate Bond - Class I USD Acc† USD 750,000 68,187,707 0.94


Total Investments 7,286,057,964 100.84 Cash 63,344,374 0.88Other Assets/(Liabilities) (124,296,720) (1.72)Total Net Assets 7,225,105,618 100.00

*Security is valued at its fair value at the discretion of the Board of Directors.† Related Party Fund


63





Net AssetsUnited States of America 34.90 United Kingdom 17.07 Australia 13.95 India 8.97 Luxembourg 4.67 Ireland 3.06 Netherlands 2.92 Jersey 2.00 Cyprus 1.78 United Arab Emirates 1.68 France 1.41 Argentina 1.34 Germany 1.03 Italy 0.69 New Zealand 0.66 Spain 0.42 Switzerland 0.41 South Africa 0.40 Canada 0.39 Bermuda 0.38 Cayman Islands 0.36 Supranational 0.33 Mauritius 0.31 Japan 0.29 Chile 0.27 Denmark 0.24 Czech Republic 0.16 Hong Kong 0.16 Guernsey 0.11 Singapore 0.09 Bulgaria 0.08 Mexico 0.08 Norway 0.07 Portugal 0.06 Croatia 0.05 Marshall Islands 0.05 Total Investments 100.84 Cash and Other Assets/(Liabilities) (0.84)Total 100.00


64



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsAUD 66,671,514 EUR 40,763,414 15/10/2018 J.P. Morgan 707,874 0.01

CHF 18,405 EUR 16,179 15/10/2018 J.P. Morgan 99 –

CNH 9,766,070 EUR 1,219,289 15/10/2018 J.P. Morgan 3,742 –

EUR 2,874,566 CHF 3,242,320 15/10/2018 J.P. Morgan 7,046 –

EUR 4,412,609 GBP 3,916,079 15/10/2018 J.P. Morgan 4,478 –

GBP 582,797,302 EUR 653,945,899 15/10/2018 J.P. Morgan 2,079,377 0.03

GBP 40,652,819 EUR 45,625,035 31/10/2018 J.P. Morgan 109,785 –

HKD 4,965,313 EUR 544,983 15/10/2018 J.P. Morgan 2,416 –

INR 7,268,958,980 EUR 84,356,029 29/10/2018 J.P. Morgan 1,565,904 0.02

SEK 1,410,753,589 EUR 134,505,935 15/10/2018 J.P. Morgan 2,430,239 0.04

SGD 182,869,594 EUR 114,338,615 15/10/2018 J.P. Morgan 974,015 0.01

USD 1,855,098,948 EUR 1,597,214,073 15/10/2018 J.P. Morgan 2,985,840 0.04

Total Unrealised Gain on Forward Currency Exchange Contracts 10,870,815 0.15 CHF 180,980,931 EUR 160,436,347 15/10/2018 J.P. Morgan (376,125) –

EUR 755,097 AUD 1,223,852 15/10/2018 J.P. Morgan (6,168) –

EUR 1,013,937,222 AUD 1,647,774,728 31/10/2018 J.P. Morgan (9,801,653) (0.14)

EUR 859,456 CHF 974,117 15/10/2018 J.P. Morgan (2,056) –

EUR 34,146,697 CHF 38,812,843 31/10/2018 J.P. Morgan (185,905) –

EUR 6,105 CNH 49,511 15/10/2018 J.P. Morgan (95) –

EUR 2,815,509 GBP 2,510,015 15/10/2018 J.P. Morgan (9,887) –

EUR 977,833,666 GBP 875,097,572 31/10/2018 J.P. Morgan (6,659,698) (0.09)

EUR 2,835 HKD 26,003 15/10/2018 J.P. Morgan (31) –

EUR 728,088,851 INR 62,888,674,493 29/10/2018 J.P. Morgan (15,279,834) (0.21)

EUR 599,297 JPY 79,624,041 31/10/2018 J.P. Morgan (6,715) –

EUR 45,783,076 NZD 81,125,322 31/10/2018 J.P. Morgan (391,929) (0.01)

EUR 52,576,408 SEK 543,664,873 15/10/2018 J.P. Morgan (194,954) –

EUR 1,204,687 SEK 12,503,566 31/10/2018 J.P. Morgan (9,050) –

EUR 3,582,236 SGD 5,740,711 15/10/2018 J.P. Morgan (37,702) –

EUR 2,900,698 TRY 21,456,462 31/10/2018 J.P. Morgan (116,712) –

EUR 90,910,274 USD 106,855,663 15/10/2018 J.P. Morgan (1,262,935) (0.02)

EUR 3,459,866,063 USD 4,081,586,696 31/10/2018 J.P. Morgan (56,293,591) (0.78)

GBP 44,427 EUR 50,133 15/10/2018 J.P. Morgan (124) –






65




Credit Default Swap Contracts

Nominal Amount Currency Counterparty

Reference Entity

Buy/Sell

Interest(Paid)/

Received Rate

Maturity Date

Market Value

EUR


EUR

% of Net

Assets70,000,000 USD Bank of


CDX.EM.30-V1

Buy (1.00)% 20/12/2023 2,475,910 2,475,910 0.03

Total Unrealised Gain on Credit Default Swap Contracts 2,475,910 2,475,910 0.03 232,000,000 USD Bank of


CDX.NA.HY.31-V1

Buy (5.00)% 20/12/2023 (14,745,273) (14,745,273) (0.20)

485,000,000 EUR Deutsche Bank iTraxx Europe Crossover Series 30 Version 1

Buy (5.00)% 20/12/2023 (52,633,022) (52,633,022) (0.73)

Total Unrealised Loss on Credit Default Swap Contracts (67,378,295) (67,378,295) (0.93)

Net Unrealised Loss on Credit Default Swap Contracts (64,902,385) (64,902,385) (0.90)


66


Jupiter Europa

■ Jupiter Europa Review of Portfolio as at 30 September 2018

Performance

NAV 30 September 2018 30 September 2017/Launch Date % Change

Class D EUR B Acc €12.58 €12.65 (0.55)

Class D USD B Acc HSC $13.03 $12.78 1.96

Class F EUR Acc €10.10 €10.14 (0.39)

Class L EUR A Acc €14.24 €14.47 (1.59)

Class L EUR B Acc £13.80 £13.99 (1.36)

Class L GBP B Acc HSC £14.35 £14.40 (0.35)

Class L USD A Acc HSC (1) £9.90 £10.00 (1.00)

Class L USD B Acc HSC $14.67 $14.50 1.17(1) Launch date 26 April 2018.

Market Review

The European economy navigated a challenging political landscape during the review period as the Brexit negotiations rumbled on, a new populist government was elected in Italy, and the US government upped the protectionist ante. The European Central Bank has said it wants to keep interest rates at historic lows ‘at least through the summer’ of 2019 but is set to end quantitative easing this year, the Bank of England has reversed its post-Brexit vote interest rate cut, and the Federal Reserve has now raised US interest rates eight times since late 2015. Against this backdrop, the Markit Eurozone Composite PMI moved within a 54 to 55 range in recent months, indicating that the eurozone economy continues to grow at a stable, if pedestrian rate.

Performance Review

The fund, which combines stock picking with a portfolio of options designed to help mitigate against falling markets, lost ground in absolute terms. Global inflation expectations and rising bond yields have been negative for real estate companies and growth companies with higher cash flows anticipated further in the future. The fund has material allocations to these asset types, which we counterbalanced with holdings in banks, as we would expect these to perform well in a rising-yield environment. Unfortunately bank stocks did not perform in line with this expectation. We have seen this anomalous behaviour before, for example at the end of 2016 when the fund underwent a brief period of similarly disappointing performance.

The top contributor to returns over the review period was a shareholding in ASA International, which we acquired via the socially responsible microfinance company’s initial public offering in London in July. Its first set of results since then have showed a 29.6% year-on-year improvement in customer numbers, as well as strong profit growth and an improvement in the quality of its loan portfolio.

Also adding to returns was Basic-Fit. This core long-term holding continued to deliver strong returns after raising guidance on the number of fitness clubs it intends to open in 2018 and improving its

earnings from existing clubs. In our view, the company is successfully executing its strategy of expanding its low-cost gym model to secure a sustainable competitive advantage in the Benelux region.

Another profitable position was our holding in British litigation-finance specialist Burford Capital, which delivered earnings significantly above analyst estimates. With balance sheet investments now above $1.1bn, and $540m of new commitments, combined with relatively low debt, we believe the company remains well-positioned to take advantage of rising demand for its services.

Nordic property developer Hemfosa Fastigheter contributed positively to the fund’s relative returns too, as did German commercial real estate group Aroundtown.

The biggest equity detractor from the fund’s performance was Bayer. Its shares fell sharply after a US jury ruled that Monsanto (recently acquired by the German pharmaceutical conglomerate) should be held responsible for the non-Hodgkin’s lymphoma of a US groundskeeper who had used their Roundup weedkiller, awarding $289 million in damages. In a statement, Bayer said it believes ‘the jury’s decision is at odds with the weight of scientific evidence, decades of real world experience and the conclusions of regulators around the world that all confirm glyphosate is safe and does not cause non-Hodgkin’s lymphoma.’* The company also confirmed that it intends to petition the judge to reverse the judgement and that, failing this, it is likely to take the case first to the appellate courts and, ultimately, to the California Supreme Court. After meeting with the senior management of Bayer and reviewing statements from legal experts, we have chosen to maintain our position in the company.

Another detractor was our position in ams AG, the Austrian maker of electronics components. There has been a trend of blanket negative sentiment in relation to all Apple suppliers, irrespective of their position or particular component provision. We believe ams AG is a company with strong long-term revenue and earnings growth potential as more mobile devices incorporate its innovative 3D sensors.

67


Jupiter Europa

■ Jupiter Europa Review of Portfolio as at 30 September 2018 (continued)

Outlook

At the time of writing, the market has already substantially re-adjusted for several factors including higher interest rates, concerns about shocks within the supply chain of the technology sector, trade wars, and softening GDP growth. Historically high levels of asset flows out of Europe and into the US now leave European shares looking attractive, in our view.

If newsflow and seasonal effects improve from here, European markets could resume an upward trajectory over the next few months. With this in mind, we continue to hold positions designed to help mitigate drawdowns, while enabling the portfolio to benefit from a potential market recovery. Recent events have not changed our views on the underlying companies, so we would anticipate these shares to move ahead of the index under such conditions. That is the base case for which we are positioned but risks to this view include another bout of capitulation, a hard Brexit, an escalation of the trade war, or a rapid increase in inflation.

Michael Buhl-NielsenFund Manager

30 September 2018

*Source: Bayer (https://media.bayer.com/baynews/baynews.nsf/id/news-overview-category-search-en#/search)

68


Jupiter Europa

■ Jupiter Europa Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsGuernseyBurford Capital Ltd. 5% 01/12/2026 GBP 237,800 276,632 0.15

276,632 0.15 ItalyBanca Farmafactoring SpA, Reg. S, FRN 1.131% 05/06/2020 EUR 500,000 489,108 0.25 Banca Farmafactoring SpA, Reg. S, FRN 5.875% 02/03/2027 EUR 500,000 494,297 0.26

983,405 0.51 United KingdomBurford Capital plc 6.5% 19/08/2022 GBP 400,000 489,695 0.26 Burford Capital plc, Reg. S 6.125% 26/10/2024 GBP 1,000,000 1,223,780 0.64

1,713,475 0.90 United States of AmericaBurford Capital Finance LLC 6.125% 12/08/2025 USD 3,600,000 3,155,195 1.65

3,155,195 1.65 Total Bonds 6,128,707 3.21 EquitiesAustriaams AG CHF 45,000 2,143,606 1.12

2,143,606 1.12 BelgiumGalapagos NV EUR 25,000 2,428,750 1.27

2,428,750 1.27 DenmarkGenmab A/S DKK 26,000 3,577,783 1.87

3,577,783 1.87 FinlandSampo OYJ 'A' EUR 16,915 747,220 0.39

747,220 0.39 FranceAltran Technologies SA EUR 52,000 391,170 0.20 Amundi SA EUR 25,500 1,642,200 0.86 AXA SA EUR 60,000 1,373,250 0.72 Credit Agricole SA EUR 185,000 2,284,935 1.19 Elis SA EUR 110,000 2,209,900 1.16 Iliad SA EUR 10,343 1,166,690 0.61 L'Oreal SA EUR 1,200 249,780 0.13 Orange SA EUR 153,495 2,115,545 1.11 Rubis SCA EUR 135,000 6,234,300 3.26

17,667,770 9.24


69



Jupiter Europa

■ Jupiter Europa Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


Germany

1&1 Drillisch AG EUR 34,494 1,442,539 0.76

Aareal Bank AG EUR 27,000 976,455 0.51

Aumann AG EUR 28,000 1,684,200 0.88

Bayer AG EUR 45,000 3,461,400 1.81

Dermapharm Holding SE EUR 90,000 2,598,750 1.36

Deutsche Bank AG EUR 12,000 117,852 0.06


Deutsche Telekom AG EUR 140,000 1,951,950 1.02

Fresenius Medical Care AG & Co. KGaA EUR 33,000 2,932,380 1.53

Infineon Technologies AG EUR 217,792 4,282,880 2.24

KION Group AG EUR 17,500 933,625 0.49

SAP SE EUR 20,000 2,137,600 1.12

Wacker Chemie AG EUR 1,000 107,825 0.06

22,936,706 12.00

Guernsey

Burford Capital Ltd. GBP 145,000 3,164,635 1.66

3,164,635 1.66

Hungary

Waberer's International Nyrt. HUF 29,000 225,210 0.12

225,210 0.12

Ireland

CRH plc GBP 110,000 3,130,400 1.64

Glenveagh Properties plc EUR 1,850,000 1,834,000 0.96

4,964,400 2.60

Isle of Man

GVC Holdings plc GBP 85,600 905,434 0.47

905,434 0.47

70



Jupiter Europa



Quantity/ Nominal

Value

Market Value

EUR% of


Italy

Banca Farmafactoring SpA EUR 675,000 3,450,937 1.81

Carel Industries SpA EUR 120,000 1,174,560 0.61


doBank SpA EUR 195,302 1,731,352 0.91

Enav SpA EUR 30,000 123,930 0.06

Gima TT SpA EUR 150,000 1,678,500 0.88

Guala Closures SpA EUR 100,000 902,000 0.47

Infrastrutture Wireless Italiane SpA EUR 135,744 877,246 0.46

Intesa Sanpaolo SpA EUR 632,560 1,414,246 0.74

Prysmian SpA EUR 26,000 528,580 0.28

Spaxs SpA EUR 145,000 1,401,425 0.73

Spaxs SpA Rights 31/07/2020 EUR 12,000 21,288 0.01

UniCredit SpA EUR 186,893 2,401,949 1.26

17,763,642 9.30

Jersey

Experian plc GBP 55,903 1,243,538 0.65

Ferguson plc GBP 12,365 905,127 0.47

Shire plc GBP 82,150 4,294,057 2.25

6,442,722 3.37

Luxembourg

Aroundtown SA EUR 675,000 5,178,938 2.71

B&M European Value Retail SA GBP 540,000 2,356,195 1.23

Tenaris SA EUR 295,000 4,281,925 2.24

11,817,058 6.18

Netherlands


Basic-Fit NV EUR 120,000 3,462,000 1.81

COSMO Pharmaceuticals NV CHF 13,000 1,500,166 0.78

Flow Traders EUR 10,000 250,000 0.13

ING Groep NV EUR 235,350 2,650,982 1.39

12,862,194 6.73

Norway

Fjord1 ASA NOK 400,000 1,967,664 1.03

1,967,664 1.03

71



Jupiter Europa



Quantity/ Nominal

Value

Market Value

EUR% of


Spain

Aedas Homes SAU EUR 124,500 3,400,095 1.78

Industria de Diseno Textil SA EUR 60,000 1,577,400 0.82

Metrovacesa SA EUR 120,000 1,380,600 0.72

Prosegur Cash SA EUR 763,000 1,429,862 0.75

7,787,957 4.07

Sweden

Com Hem Holding AB SEK 220,970 3,180,707 1.67

Hemfosa Fastigheter AB Preference SEK 42,000 772,517 0.41

Hemfosa Fastigheter AB SEK 700,000 8,357,039 4.37

Medicover AB SEK 114,860 904,147 0.47

Skandinaviska Enskilda Banken AB 'A' SEK 73,956 707,997 0.37

13,922,407 7.29

Switzerland

Investis Holding SA CHF 15,000 799,823 0.42

Roche Holding AG CHF 6,900 1,451,540 0.76

2,251,363 1.18

United Kingdom

Alpha Financial Markets Consulting plc GBP 600,000 1,696,004 0.89

Argo Blockchain plc GBP 1,875,000 150,448 0.08

ASA International Group plc GBP 993,735 5,483,915 2.87

British American Tobacco plc GBP 43,325 1,766,359 0.93

Charter Court Financial Services Group plc GBP 720,000 2,757,662 1.44

Countryside Properties plc GBP 910,396 3,529,956 1.85


Global Ports Holding plc GBP 139,361 824,738 0.43


RELX plc EUR 43,334 787,054 0.41

Sabre Insurance Group plc GBP 625,000 1,861,691 0.97

Spirent Communications plc GBP 750,000 1,150,377 0.60

William Hill plc GBP 225,000 641,576 0.34

23,946,529 12.53

72



Jupiter Europa



Quantity/ Nominal

Value

Market Value

EUR% of



NVIDIA Corp. USD 1,000 230,915 0.12

Tesla, Inc. USD 2,000 531,038 0.28

Worldpay, Inc. 'A' GBP 12,531 1,083,305 0.57

1,845,258 0.97


J2 Acquisition Ltd. USD 93,000 746,833 0.39

746,833 0.39


Warrants

Italy

Space4 SpA 21/12/2022 EUR 40,000 20,802 0.01

20,802 0.01



Norway

Havilafjord A/S, FRN 6.12% 19/06/2023 NOK 6,000,000 637,871 0.33

637,871 0.33


Equities

Italy

Spaxs SpA Rights 04/10/2018 EUR 145,000 – –

– –

Total Equities – – Total Transferable securities and money market instruments dealt in on another regulated market 637,871 0.33

73



Jupiter Europa



Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsUnits of authorised UCITS or other collective investment undertakingsCollective Investment Schemes - UCITSIrelandNorthern Trust The Euro Liquidity Fund – Accumulating Shares Class D EUR 8,368,517 8,225,416 4.31


Other transferable securities and money market instrumentsEquitiesVirgin Islands, BritishOcean Outdoor Ltd.* USD 362,854 3,000,049 1.57

3,000,049 1.57 Total Equities 3,000,049 1.57 WarrantsVirgin Islands, BritishJ2 Acquisition Ltd. 07/09/2027 USD 50,000 19,429 0.01

19,429 0.01 Total Warrants 19,429 0.01 Total Other transferable securities and money market instruments 3,019,478 1.58 Total Investments 178,147,415 93.22 Cash 10,742,428 5.62Other Assets/(Liabilities) 2,214,080 1.16Total Net Assets 191,103,923 100.00

*Security is valued at its fair value at the discretion of the Board of Directors

74


Geographic Allocation of Portfolio % of

Net Assets


Germany 12.00

Italy 9.82

France 9.24

Sweden 7.29

Ireland 6.91

Netherlands 6.73

Luxembourg 6.18

Spain 4.07

Jersey 3.37



Denmark 1.87

Guernsey 1.81

Norway 1.36

Belgium 1.27

Switzerland 1.18

Austria 1.12

Isle of Man 0.47

Finland 0.39

Hungary 0.12



Total 100.00


Jupiter Europa




Global Exposure

EUR


EUR% of

Net Assets

Euro-Bund, 06/12/2018 (10) EUR (1,590,350) 11,650 0.01

Euro-OAT, 06/12/2018 (10) EUR (1,512,450) 10,150 0.01

EURO STOXX 50 Volatility Index, 17/10/2018 (1,100) EUR (1,652,750) 44,230 0.02


EURO STOXX 50 Index, 21/12/2018 (440) EUR (14,935,800) (71,450) (0.04)


Net Unrealised Loss on Financial Futures Contracts (5,420) –

75



Jupiter Europa




PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsEUR 6,338,274 CHF 7,134,171 05/12/2018 J.P. Morgan 24,968 0.01

EUR 583,196 GBP 518,333 05/12/2018 J.P. Morgan 809 –

GBP 1,559,630 EUR 1,750,034 15/10/2018 J.P. Morgan 5,563 –

USD 8,818,083 EUR 7,592,489 15/10/2018 J.P. Morgan 13,950 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 45,290 0.02 EUR 25,976 GBP 23,158 15/10/2018 J.P. Morgan (91) –

EUR 40,655,361 GBP 36,786,133 05/12/2018 J.P. Morgan (676,676) (0.35)

EUR 195,788 HUF 64,000,000 05/12/2018 J.P. Morgan (1,320) –

EUR 2,030,114 NOK 19,769,253 05/12/2018 J.P. Morgan (51,300) (0.03)

EUR 13,192,145 SEK 139,189,735 05/12/2018 J.P. Morgan (320,453) (0.17)

EUR 84,704 USD 99,073 15/10/2018 J.P. Morgan (756) –

EUR 7,729,181 USD 9,043,509 05/12/2018 J.P. Morgan (38,606) (0.02)


76



Jupiter Europa




Global Exposure

EUR


EUR% of

Net Assets

Belgium Anheuser-Busch InBev SA EUR (3,000) (227,355) 14,595 0.01

Belgium Colruyt SA EUR (5,000) (244,825) 11,175 0.01

Belgium Solvay SA EUR (1,300) (148,623) 422 –

Denmark Ambu A/S DKK (17,000) (358,194) 190,383 0.10

Denmark Carlsberg A/S DKK (1,650) (171,262) 2,235 –

Denmark William Demant Holding A/S DKK (9,000) (295,734) 19,555 0.01

Finland Kone OYJ EUR (6,500) (297,993) 4,322 –

France BioMerieux EUR (4,250) (304,725) 17,000 0.01

France Eutelsat Communications SA EUR (15,000) (302,850) 3,150 –

Germany Axel Springer SE EUR (5,000) (288,750) 24,250 0.01

Germany Beiersdorf AG EUR (1,650) (160,232) 5,264 –

Germany E.ON SE EUR (27,000) (236,858) 11,002 0.01

Germany K+S AG EUR (8,250) (149,284) 12,375 0.01

Germany Sartorius AG EUR (1,500) (207,000) 5,022 –

Germany Wacker Chemie AG EUR (1,000) (107,825) 16,425 0.01

Jersey Experian plc GBP 30,000 667,337 18,666 0.01

Jersey Ferguson plc GBP 11,368 832,146 40,839 0.02

Jersey Petrofac Ltd. GBP (41,000) (300,446) 2,447 –

Netherlands ABN AMRO Group NV EUR (7,500) (174,713) 262 –

Netherlands Koninklijke Ahold Delhaize NV EUR (10,000) (197,810) 11,790 0.01

Netherlands Koninklijke Vopak NV EUR (4,000) (168,180) 9,420 0.01

Poland LPP SA USD (92) (190,320) 8,081 –

Sweden Electrolux AB SEK (8,000) (150,931) 7,474 –

Sweden Sandvik AB SEK (12,000) (185,398) 710 –

Sweden SKF AB SEK (20,000) (342,241) 1,700 –

Sweden Swedish Match AB SEK (4,600) (205,026) 13,261 0.01

Sweden Tele2 AB SEK (199,000) (2,082,676) 94,415 0.05

Switzerland Straumann Holding AG CHF (200) (130,695) 5,925 –


United Kingdom Burberry Group plc GBP (7,750) (175,821) 19,332 0.01

United Kingdom CYBG plc GBP (65,000) (236,365) 6,661 –

United Kingdom J Sainsbury plc GBP (36,500) (132,399) 863 –

United Kingdom Marks & Spencer Group plc GBP (90,000) (291,801) 13,886 0.01

United Kingdom Mediclinic International plc GBP (44,539) (213,398) 33,932 0.02

United Kingdom Mitie Group plc GBP (151,599) (251,820) 1,537 –

United Kingdom Next plc GBP (4,250) (258,646) 4,595 –

United Kingdom Pearson plc GBP (42,500) (430,184) 8,902 0.01

United Kingdom Prudential plc GBP 132,126 2,624,011 42,215 0.02

United Kingdom Spirent Communications plc GBP 700,000 1,073,685 141,897 0.08

77



Jupiter Europa




Global Exposure

EUR


EUR% of

Net Assets

United Kingdom Wm Morrison Supermarkets plc GBP (75,000) (218,631) 3,716 –

United States of America BOK Financial Corp. USD (2,000) (171,791) 5,310 –


United States of America Equinix, Inc. USD (700) (260,056) 3,560 –

United States of America General Mills, Inc. USD (2,200) (81,753) 5,652 –

United States of America Kilroy Realty Corp. USD (7,350) (447,725) 16,470 0.01

United States of America NVIDIA Corp. USD (1,000) (230,915) 11,450 0.01

United States of America Worldpay, Inc. GBP 9,601 830,007 23,409 0.01


Austria Zumtobel Group AG EUR (17,000) (139,783) (22,482) (0.01)

Denmark ISS A/S DKK (7,250) (220,679) (2,674) –

Denmark Topdanmark A/S DKK (3,000) (117,730) (6,840) –

France Carrefour SA EUR (14,936) (245,286) (15,720) (0.01)

France L'Oreal SA EUR (1,200) (249,780) (5,509) –

Germany Bilfinger SE EUR (7,871) (342,546) (15,585) (0.01)

Germany Deutsche Bank AG EUR (12,000) (117,852) (1,428) –

Luxembourg B&M European Value Retail SA GBP 110,000 479,966 (22,436) (0.01)

Luxembourg Subsea 7 SA NOK (10,000) (126,806) (6,413) –

Spain Repsol SA EUR (13,694) (234,886) (8,045) (0.01)

Sweden AAK AB SEK (7,050) (104,539) (1,882) –

Sweden Nibe Industrier AB SEK (20,000) (206,936) (2,621) –

Sweden Skanska AB SEK (10,000) (168,670) (2,014) –

Sweden Telefonaktiebolaget LM Ericsson SEK (45,000) (347,720) (10,788) (0.01)


Switzerland SGS SA CHF (55) (125,284) (1,119) –

United Kingdom Aggreko plc GBP (36,144) (350,259) (8,914) (0.01)

United Kingdom Capital & Counties Properties plc GBP (60,000) (178,857) (1,705) –

United Kingdom Halma plc GBP (16,000) (261,360) (3,333) –

United Kingdom Hargreaves Lansdown plc GBP (4,295) (107,234) (822) –


United Kingdom InterContinental Hotels Group plc GBP (1,700) (91,263) (230) –

United Kingdom J D Wetherspoon plc GBP (20,000) (292,240) (11,825) (0.01)

United Kingdom Metro Bank plc GBP (10,000) (330,529) (17,005) (0.01)

United Kingdom Micro Focus International plc GBP (14,000) (222,660) (16,909) (0.01)

United Kingdom Sabre Insurance Group plc GBP 125,000 372,338 (11,417) (0.01)

United States of America AMETEK, Inc. USD (3,600) (245,437) (6,202) –

United States of America Ball Corp. USD (9,590) (365,559) (18,756) (0.01)

United States of America Caterpillar, Inc. USD (2,000) (263,304) (23,513) (0.01)

United States of America Coca-Cola Co. (The) USD (3,300) (131,149) (4,146) –

78



Jupiter Europa




Global Exposure

EUR


EUR% of

Net Assets

United States of America Netflix, Inc. USD (600) (197,246) (6,753) –

United States of America Post Holdings, Inc. USD (2,500) (210,627) (669) –

United States of America Praxair, Inc. USD (1,000) (140,175) (3,579) –

United States of America salesforce.com, Inc. USD (1,100) (152,388) (7,366) (0.01)

United States of America Service Corp. International/US USD (5,070) (191,599) (7,902) (0.01)


United States of America Tesla, Inc. USD (3,053) (810,630) (17,123) (0.01)

United States of America TransDigm Group, Inc. USD (1,084) (348,837) (21,229) (0.01)

United States of America Varian Medical Systems, Inc. USD (1,700) (165,488) (1,050) –

United States of America Wayfair, Inc. USD (1,692) (212,689) (18,077) (0.01)




Deutsche Bank 316,967


593,541

79



Jupiter Europa




Global Exposure

EUR

Market Value

EUR% of

Net Assets400 EURO STOXX 50 Index, Call, 3,400.000, 19/10/2018 EUR Deutsche Bank 6,852,787 170,400 0.09



1,500 EURO STOXX 50 Index, Put, 3,350.000, 19/10/2018 EUR Deutsche Bank (16,418,136) 329,250 0.17




1,300 EURO STOXX 50 Index, Put, 3,450.000, 19/10/2018 EUR Deutsche Bank (31,109,478) 817,700 0.43

Total Option Purchased Contracts 2,083,980 1.09



Global Exposure

EUR

Market Value

EUR% of

Net Assets(200) ABB Ltd., Put, 22.000, 19/10/2018 CHF Deutsche Bank 48,826 (1,326) –

(849,735) Adyen NV, Put, 566.489, 22/10/2018 EUR Deutsche Bank (595,748,998) (3,210) –

(36) Aggreko plc, Put, 820.000, 19/10/2018 GBP Deutsche Bank 5,693,068 (2,635) –

(200) Alstom SA, Put, 38.000, 19/10/2018 EUR Deutsche Bank 291,488 (6,600) –

(25) Ams AG, Call, 84.000, 19/10/2018 CHF Deutsche Bank (6,792) (22) –

(852,291) Aroundtown SA, Put, 7.748, 24/10/2018 EUR J.P. Morgan (6,515,765) (22,518) (0.01)

(50) ASML Holding NV, Call, 175.000, 19/10/2018 EUR Deutsche Bank (118,262) (4,750) –

(150) ASML Holding NV, Put, 150.000, 19/10/2018 EUR Deutsche Bank 282,380 (21,300) (0.01)

(936,726) Aumann AG, Put, 62.448, 26/10/2018 EUR J.P. Morgan (56,109,887) (59,339) (0.03)

(613,726) Aumann AG, Put, 61.373, 05/10/2018 EUR J.P. Morgan (36,762,187) (20,132) (0.01)

(1,504,785) Basic-Fit NV, Put, 30.096, 15/10/2018 EUR J.P. Morgan (44,315,918) (84,371) (0.05)

(928,568) BTG plc, Put, 5.306, 22/10/2018 GBP J.P. Morgan (5,787,181) (15,677) (0.01)

(977,445) BTG plc, Put, 5.585, 22/10/2018 GBP J.P. Morgan (6,091,804) (35,224) (0.02)

(60) Carrefour SA, Call, 15.500, 19/10/2018 EUR Deutsche Bank (77,319) (6,540) –

(530,520)Charter Court Financial Services Group plc, Put, 3.537, 08/10/2018

GBP Deutsche Bank (2,008,637) (28,636) (0.02)

(420,950) Countryside Properties plc, Put, 3.368, 01/10/2018 GBP J.P. Morgan (1,646,881) (410) –

(200) Credit Agricole SA, Put, 12.500, 19/10/2018 EUR Deutsche Bank 135,007 (7,900) –

(300) Deutsche Telekom AG, Put, 13.500, 19/10/2018 EUR Deutsche Bank 95,321 (2,100) –

(672,500) Elior Group SA, Put, 13.450, 25/10/2018 EUR J.P. Morgan (8,944,250) (32,580) (0.02)

(200) EURO STOXX 50 Index, Put, 3,175.000, 19/10/2018 EUR Deutsche Bank 469,090 (8,700) (0.01)

(200) EURO STOXX 50 Index, Put, 3,200.000, 19/10/2018 EUR Deutsche Bank 571,066 (10,600) (0.01)



80



Jupiter Europa


Option Written Contracts (continued)


Global Exposure

EUR

Market Value

EUR% of

Net Assets(400) EURO STOXX 50 Index, Put, 3,275.000, 19/10/2018 EUR Deutsche Bank 2,189,085 (40,600) (0.02)





(5,008,100) Fjord1 ASA, Put, 50.081, 04/10/2018 NOK J.P. Morgan (27,384,681) (37,777) (0.02)

(400) Flow Traders NV, Put, 24.000, 19/10/2018 EUR Deutsche Bank 300,564 (27,000) (0.01)

(50) Flow Traders NV, Put, 24.500, 19/10/2018 EUR Deutsche Bank 45,414 (4,500) –

(200)Fresenius Medical Care AG & Co. KGaA, Put, 86.000, 19/10/2018

EUR Deutsche Bank 450,636 (13,000) (0.01)

(100)Fresenius Medical Care AG & Co. KGaA, Put, 88.000, 19/10/2018

EUR Deutsche Bank 370,228 (12,400) (0.01)

(100) Galapagos NV, Call, 110.000, 19/10/2018 EUR Deutsche Bank (67,234) (2,650) –

(150) Galapagos NV, Put, 96.000, 19/10/2018 EUR Deutsche Bank 591,948 (34,275) (0.02)





(10,672,610) Genmab A/S, Put, 1,067.2610, 05/10/2018 DKKBank of America

Merrill Lynch(1,486,037,316) (60,229) (0.03)

(873,300) Glenveagh Properties plc, Put, 1.1644, 01/10/2018 EUR J.P. Morgan (847,101) (114,326) (0.06)

(30) Iliad SA, Call, 125.000, 19/10/2018 EUR Deutsche Bank (44,689) (2,040) –

(200) Intesa Sanpaolo SpA, Put, 2.200, 19/10/2018 EUR Deutsche Bank 208,655 (15,300) (0.01)

(400) Intesa Sanpaolo SpA, Put, 2.350, 18/10/2018 EUR Deutsche Bank 677,028 (62,900) (0.03)

(10) NVIDIA Corp., Call, 280.000, 19/10/2018 USD Deutsche Bank (131,278) (1,969) –

(389,338) PostNL NV, Put, 3.115, 15/10/2018 EUR Deutsche Bank (1,200,717) (12,703) (0.01)

(660,520) PostNL NV, Put, 3.303, 15/10/2018 EUR Deutsche Bank (2,037,044) (46,821) (0.03)

(900,135) Prudential plc, Put, 18.003, 25/10/2018 GBP Deutsche Bank (18,461,863) (27,978) (0.02)

(850,330) Prudential plc, Put, 17.007, 22/10/2018 GBP Deutsche Bank (17,440,357) (6,434) –

(30) Prudential plc, Put, 1,650.000, 19/10/2018 GBP Deutsche Bank 7,608,909 (1,647) –



(260) Prysmian SpA, Call, 23.000, 19/10/2018 EUR Deutsche Bank (72,919) (1,048) –

(541,250) Prysmian SpA, Put, 21.650, 22/10/2018 EURBank of America

Merrill Lynch(10,857,475) (31,109) (0.02)

(400) RELX plc, Call, 17.500, 19/10/2018 EUR Deutsche Bank (542,126) (27,200) (0.01)

(567,586) Rubis SCA, Put, 45.407, 15/10/2018 EUR J.P. Morgan (25,772,332) (7,261) –

(569,881) Rubis SCA, Put, 45.591, 01/10/2018 EURBank of America

Merrill Lynch(25,981,171) (1,818) –

(200) SAP SE, Put, 100.000, 19/10/2018 EUR Deutsche Bank 333,028 (10,000) (0.01)

81



Jupiter Europa


Option Written Contracts (continued)


Global Exposure

EUR

Market Value

EUR% of

Net Assets(762,755) SBM Offshore NV, Put, 15.255, 18/10/2018 EUR Deutsche Bank (11,799,820) (11,711) (0.01)

(11,280,000) Tele2 AB, Put, 112.800, 19/10/2018 SEKBank of America

Merrill Lynch(123,500,142) (56,204) (0.03)



(5) Tesla, Inc., Call, 300.000, 19/10/2018 USD Deutsche Bank (26,749) (9,045) –



(125) Unicredit SpA, Put, 13.500, 18/10/2018 EUR Deutsche Bank 106,772 (11,350) (0.01)

(50) Volkswagen AG, Put, 130.000, 19/10/2018 EUR Deutsche Bank 25,381 (1,175) –

(20) Volkswagen AG, Put, 140.000, 19/10/2018 EUR Deutsche Bank 40,610 (2,090) –

(100) Volkswagen AG, Put, 145.000, 19/10/2018 EUR Deutsche Bank 382,208 (22,600) (0.01)

(20) Wirecard AG, Put, 170.000, 19/10/2018 EUR Deutsche Bank 73,226 (4,590) –

Total Option Written Contracts (1,490,711) (0.78)

82




■ Jupiter European Feeder Review of Portfolio as at 30 September 2018

Performance


Class Z EUR Acc €13.17 €10.97# 20.05

Class Z GBP Acc £16.52 £13.65# 21.03

#Net Asset Values per Share include Swing Pricing Adjustments. For current year, refer to Note 13 for further details.

Market Review

The period under review saw significant global growth, albeit more vibrant in some economies than others. However, there were signs that momentum slowed latterly. According to the latest estimates from the IMF, economic growth in the European Union is expected to be 2.2% in 2018, slowing slightly to 2.0% in 2019. This compares with global economic growth rates of 3.7% forecast for both 2018 and 2019. Yet again, growth in Europe remains chronically below the global growth rate.

The US central bank steadily increased interest rates over the period. This, together with President Trump’s tax reforms, led to a stronger dollar which had some negative repercussions in emerging markets. In contrast, to stimulate investment the European Central Bank (ECB) kept interest rates at historically low levels, which shrank debt-servicing costs and boosted company profits. The ECB’s main refinancing rate spent a further year at 0% and three-month Euribor was -0.3% at the end of September 2018. This, alongside robust global growth driven by America, allowed European equities to make further progress in the period. However, corporate loan growth in Europe remained muted. Data from the summer onwards showed activity easing and European companies became less optimistic. Trump’s pursuit of a protectionist agenda also stoked fears of a global trade war and weighed on manufacturer sentiment, particularly in Germany. The price for WTI oil was up 41.8% to $73.3 approaching a four-year high in September as Saudi Arabia, Russia and other producers declined to increase production to offset the effect of imminent US sanctions on Iran. The increased costs weighs disproportionately on many European businesses and consumers because of the region’s pursuit of higher-cost energy policies.

Performance Review

The Jupiter European Feeder SICAV returned 21.4% during the twelve months to 30 September 2018. This compares with a 2.0% rise, in sterling terms, of the FTSE World Europe ex UK (total return) index. Many global stock markets outperformed Europe. The FTSE World (total return) index was up 14.2% in sterling terms during the 12 months under review, while the MSCI Asia ex-Japan returned 4.4% and the S&P500 returned 21.1%, all in sterling terms. Latin America alone detracted: the MSCI Latin America index returned -6.3%.

We try to invest in European companies able to tap into strong growth opportunities wherever they are to be found in the world. Thus, the fund’s performance is not well correlated with economic or stock market conditions in Europe. During the 12-month period, German-listed payment services company Wirecard was the largest contributor to performance by a considerable margin. The share price of this longstanding investment has been volatile in the past. However, we always concentrate on the fundamentals; and Wirecard continued its rapid yet steady progress. German leasing company Grenke also performed well. It too is a longstanding holding and a beneficiary of the challenges faced by mainstream banks whose withdrawal from certain lending areas created opportunities. Other strong contributors were Spanish travel technology company Amadeus, German stock exchange Deutsche Boerse and France’s Dassault Systèmes. Amadeus is deeply embedded in the fulfilment of airline ticketing while extending into hotel reservation technology. Deutsche Boerse, notwithstanding the disappointment of its failed plan to merge with the London Stock Exchange, continued to benefit from the regulatory-driven trend to ‘on exchange’ trading. Dassault Systèmes is winning by building on its leadership in design and manufacturing software. In contrast, Bayer and Ryanair were two significant detractors to performance. Bayer’s agricultural business was impacted by concerns about the price of the Monsanto acquisition and the potential for wider litigation regarding its RoundUp glyphosate herbicide. Ryanair shares fell as strikes by its pilots and cabin crew increased costs following the company’s acceptance of unionisation and increased compensation for customers. The airline anticipated a tough 2019 due to weaker fares alongside higher staff and fuel costs. We reduced the position.

Portfolio turnover was ‘low’. This reflected our long-held propensity to hold on to ‘winning’ companies while they focus on delivering long-term benefits to shareholders. Our main new purchase was adidas, the world’s second-largest sporting good company. Besides displaying formidable brand strength and strong global growth running ahead of its peers, adidas’ key advantage is that it is supremely consumer-driven. By making use of digital technology to provide fast and comprehensive data it can react quickly to satisfy consumers’ ever-changing demands. The main disposal was Ingenico which we had held for over 12 years but which we came to believe was no longer best-placed to capture value in the growing global business of digital payments. We saw evidence that its payment terminals were being disrupted by new technology. Accordingly, we sold the shares.

83




■ Jupiter European Feeder Review of Portfolio as at 30 September 2018 (continued)

Outlook

After a strong period for markets it is right to caution about prospects. Benign investment conditions can reverse suddenly and there are any number of potential threats to the investment backdrop. One comes from business itself. Stakeholder pressures risk subverting the very purpose of business. It is one of the reasons that we expect to see capital continue to drift from publicly quoted exchanges to private equity, limiting the potential opportunities for most investors. This threat is reflected to an extent in the attitudes towards business of the European political class where there is some suspicion of free markets. A more widely acknowledged threat can be found in the high levels of debt that abound. In particular, we see a risk that these may become harder to refinance in a world of slower economic growth and higher interest rates. Our approach for avoiding, as far as possible, these challenges and for capturing the rewards from the opportunities that will undoubtedly present themselves is to stick to our well-established strategy. We seek to identify companies with strong, differentiated attributes which they can monetise by meeting the demands of customers, while exploiting regulatory and technological changes. We are confident that good opportunities still abound.

Alexander DarwallFund Manager

30 September 2018

84




■ Jupiter European Feeder Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value GBP

% of Net Assets


United Kingdom

Jupiter European Fund – ZM Acc EUR† EUR 2,268,208 27,334,760 87.82

Jupiter European Fund – ZM Acc GBP† GBP 210,596 3,587,421 11.53

30,922,181 99.35



Cash 223,401 0.72



† Related Party Fund


Net Assets




Total 100.00

85




■ Jupiter European Growth Review of Portfolio as at 30 September 2018

Performance




Class D EUR Acc €17.46 €14.95 16.79

Class D EUR A Inc Dist €16.55 €14.27 16.82+

Class D GBP Acc £19.58 £16.66 17.53

Class D USD Acc HSC $18.39 $15.38 19.57

Class I EUR Acc €47.75 €40.87 16.83

Class I JPY Acc (2) JPY 9,963.00 JPY 10,000.00 (0.37)

Class I JPY Acc HSC (2) JPY 10,048.00 JPY 10,000.00 0.48

Class L EUR Acc €36.44 €31.44 15.90

Class L EUR A Inc Dist €16.52 €14.25 15.94+

Class L GBP A Inc £34.00 £29.16 16.61+

Class L HKD Acc HSC (3) HKD 114.58 HKD 100.00 14.58

Class L USD Acc HSC $19.06 $16.06 18.68

Class N USD Acc HSC (1) $9.79 $10.00 (2.10)+ Performance takes into consideration dividend distributions during the year. (1) Launch date 31 August 2018. (2) Launch date 24 September 2018. (3) Launch date 5 April 2018.

Market Review

The period under review saw significant global growth, albeit more vibrant in some economies than others. However, there were signs that momentum slowed latterly. According to the latest estimates from the IMF, economic growth in the European Union is expected to be 2.2% in 2018, slowing slightly to 2.0% in 2019. This compares with global economic growth rates of 3.7% forecast for both 2018 and 2019. Yet again, growth in Europe remains chronically below the global growth rate.

The US central bank steadily increased interest rates over the period. This, together with President Trump’s tax reforms, led to a stronger dollar which had some negative repercussions in emerging markets. In contrast, to stimulate investment the European Central Bank (ECB) kept interest rates at historically low levels, which shrank debt-servicing costs and boosted company profits. The ECB’s main refinancing rate spent a further year at 0% and three-month Euribor was -0.3% at the end of September 2018. This, alongside robust global growth driven by America, allowed European equities to make further progress in the period. However, corporate loan growth in Europe remained muted. Data from the summer onwards showed activity easing and European companies became less optimistic. Trump’s pursuit of a protectionist agenda also stoked fears of a global trade war and weighed on manufacturer sentiment, particularly in Germany. The price for WTI oil was up 41.8% to $73.3 approaching a four-year high in September as Saudi Arabia, Russia and other producers declined to increase production to offset the effect of

imminent US sanctions on Iran. The increased costs weighs disproportionately on many European businesses and consumers because of the region’s pursuit of higher-cost energy policies.

Performance Review

The Jupiter European Growth fund returned 15.9% during the twelve months to 30 September 2018. This compares with a 2.0% rise, in euro terms, of the FTSE World Europe ex UK (total return) index. Many global stock markets outperformed Europe. The FTSE World (total return) index was up 13.0% in euro terms during the 12 months under review, while the MSCI Asia ex-Japan returned 3.3% and the S&P500 returned 19.8%, all in euro terms. Latin America alone detracted: the MSCI Latin America index returned -7.3%.

We try to invest in European companies able to tap into strong growth opportunities wherever they are to be found in the world. Thus, the fund’s performance is not well correlated with economic or stock market conditions in Europe. During the 12-month period, German-listed payment services company Wirecard was the largest contributor to performance by a considerable margin. The share price of this longstanding investment has been volatile in the past. However, we always concentrate on the fundamentals; and Wirecard continued its rapid yet steady progress. German leasing company Grenke also performed well. It too is a longstanding holding and a beneficiary of the challenges faced by mainstream banks whose withdrawal from certain lending areas created opportunities. Other strong contributors were Spanish travel technology company

86




■ Jupiter European Growth Review of Portfolio as at 30 September 2018 (continued)

Performance Review continued

Amadeus, German stock exchange Deutsche Boerse and France’s Dassault Systèmes. Amadeus is deeply embedded in the fulfilment of airline ticketing while extending into hotel reservation technology. Deutsche Boerse, notwithstanding the disappointment of its failed plan to merge with the London Stock Exchange, continued to benefit from the regulatory-driven trend to ‘on exchange’ trading. Dassault Systèmes is winning by building on its leadership in design and manufacturing software. In contrast, Bayer and Ryanair were two significant detractors to performance. Bayer’s agricultural business was impacted by concerns about the price of the Monsanto acquisition and the potential for wider litigation regarding its RoundUp glyphosate herbicide. Ryanair shares fell as strikes by its pilots and cabin crew increased costs following the company’s acceptance of unionisation and increased compensation for customers. The airline anticipated a tough 2019 due to weaker fares alongside higher staff and fuel costs.

Portfolio turnover was muted at under 20%. This reflected our propensity to hold on to ‘winning’ companies while they focus on delivering long-term benefits to shareholders. Our main new purchase was adidas, the world’s second-largest sporting goods company. Besides displaying formidable brand strength and strong global growth running ahead of its peers, adidas’ key advantage is that it is supremely consumer-driven. By making use of digital technology to provide fast and comprehensive data it can react quickly to satisfy consumers’ ever-changing demands. We reinforced our holding in Intermediate Capital (ICG) which has a strong niche position providing debt and other flexible sources of financing through a series of funds to mid-market privately-owned companies, largely in Europe. ICG operates in areas where public markets are less appropriate and banks are in retreat. The company benefits from resilient and growing demand for its funds from institutional investors who have been willing to tie up their capital for many years; it operates without the cost pressures of traditional asset managers. Most other purchases over the year reinforced existing positions. The main disposals were Provident Financial and Ingenico. We failed to recognise the extent of the vulnerability of Provident’s doorstep lending business to a change in its operating model and the failings of its management to cope with regulatory changes. After holding Ingenico for many years, we believed it was no longer best-placed to capture value in the growing global business of digital payments. We saw evidence that its payments terminals were being disrupted by new technology. Accordingly, we sold the shares.

Outlook

After a strong period for markets it is right to caution about prospects. Benign investment conditions can reverse suddenly and there are any number of potential threats to the investment backdrop. One comes from business itself. Stakeholder pressures risk subverting the very purpose of business. It is one of the reasons that we expect to see capital continue to drift from publicly quoted exchanges to private equity, limiting the potential opportunities for most investors. This threat is reflected to an extent in the attitudes towards business of the European political class where there is some suspicion of free markets. A more widely acknowledged threat can be found in the high levels of debt that abound. In particular, we see a risk that these may become harder to refinance in a world of slower economic growth and higher interest rates. Our approach for avoiding, as far as possible, these challenges and for capturing the rewards from the opportunities that will undoubtedly present themselves is to stick to our well-established strategy. We seek to identify companies with strong, differentiated attributes which they can monetise by meeting the demands of customers, while exploiting regulatory and technological changes. We are confident that good opportunities still abound.

Alexander DarwallFund Manager

30 September 2018

87




■ Jupiter European Growth Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesBelgiumUmicore SA EUR 1,684,546 81,127,735 2.73

81,127,735 2.73 DenmarkALK-Abello A/S DKK 90,193 12,931,347 0.43 Chr Hansen Holding A/S DKK 285,096 24,639,954 0.83 Coloplast A/S 'B' DKK 271,867 23,919,581 0.81 Novo Nordisk A/S 'B' DKK 4,413,000 181,275,334 6.11

242,766,216 8.18 FinlandWartsila OYJ Abp EUR 1,503,000 25,438,275 0.86

25,438,275 0.86 FranceBioMerieux EUR 1,310,039 93,929,796 3.16 Dassault Systemes SE EUR 1,079,747 138,855,464 4.68 Edenred EUR 2,569,169 84,499,969 2.85

317,285,229 10.69 Germanyadidas AG EUR 674,559 141,691,118 4.78 Axel Springer SE EUR 241,000 13,917,750 0.47 Bayer AG EUR 1,247,086 95,925,855 3.23 Carl Zeiss Meditec AG EUR 85,000 6,196,500 0.21 Deutsche Boerse AG EUR 1,696,873 195,182,817 6.58 Fresenius SE & Co. KGaA EUR 168,850 10,681,451 0.36 GRENKE AG EUR 903,484 93,149,200 3.14 Infineon Technologies AG EUR 1,860,000 36,576,900 1.23 KWS Saat SE EUR 44,538 14,886,827 0.50 Wirecard AG EUR 1,518,208 287,169,043 9.68

895,377,461 30.18 IrelandRyanair Holdings plc EUR 5,347,050 70,260,237 2.37

70,260,237 2.37 ItalydoBank SpA EUR 1,336,346 11,846,707 0.40 Luxottica Group SpA EUR 767,974 45,003,277 1.52

56,849,984 1.92 JerseyExperian plc GBP 6,462,226 143,749,420 4.85

143,749,420 4.85

88




■ Jupiter European Growth Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


Norway

Marine Harvest ASA NOK 4,486,192 89,539,959 3.02

89,539,959 3.02

Spain

Amadeus IT Group SA EUR 1,789,940 144,304,963 4.87

Grifols SA EUR 5,017,000 120,508,340 4.06

264,813,303 8.93

Sweden


Intrum AB SEK 797,288 17,810,474 0.60

18,912,083 0.64

Switzerland

Barry Callebaut AG CHF 8,000 13,200,400 0.44

Tecan Group AG CHF 34,700 7,008,273 0.24

20,208,673 0.68

United Kingdom

Arrow Global Group plc GBP 13,955,365 36,618,370 1.23

Carnival plc GBP 3,759,330 201,330,014 6.79

Genus plc GBP 547,391 14,702,389 0.50

Inmarsat plc GBP 12,972,405 73,366,718 2.47

Intermediate Capital Group plc GBP 8,395,736 102,208,345 3.44

London Stock Exchange Group plc GBP 624,607 32,251,363 1.09

RELX plc EUR 10,560,852 190,068,934 6.41

650,546,133 21.93

Total Equities 2,876,874,708 96.98 Total Transferable securities and money market instruments admitted to an official exchange listing 2,876,874,708 96.98


Cash 80,140,250 2.70


Total Net Assets 2,966,496,763 100.00

89




Geographic Allocation of Portfolio (unaudited)% of

Net Assets

Germany 30.18


France 10.69

Spain 8.93

Denmark 8.18

Jersey 4.85

Norway 3.02

Belgium 2.73

Ireland 2.37

Italy 1.92

Finland 0.86

Switzerland 0.68

Sweden 0.64



Total 100.00



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsHKD 641,258 EUR 70,374 15/10/2018 J.P. Morgan 322 –

JPY 7,435,742 EUR 56,126 15/10/2018 J.P. Morgan 473 –

USD 204,069,326 EUR 175,651,031 15/10/2018 J.P. Morgan 378,241 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 379,036 0.01 EUR 605 HKD 5,582 15/10/2018 J.P. Morgan (11) –

EUR 2,968,623 USD 3,488,470 15/10/2018 J.P. Morgan (40,516) –


■ Jupiter European Growth Schedule of Investments as at 30 September 2018 (continued)

90




■ Jupiter European Opportunities Review of Portfolio as at 30 September 2018

Performance


Class D EUR Acc €13.21 €13.34 (0.97)

Class D EUR A Inc €11.31 €11.58 (0.95)+

Class E USD Acc $11.35 $11.84 (4.14)

Class I EUR Acc €29.01 €29.29 (0.96)

Class L EUR Acc €24.12 €24.55 (1.75)

Class L GBP A Inc £17.81 £18.13 (1.14)+

Class L USD Acc (1) $9.45 $10.00 (5.50)


(1) Launch date 20 February 2018

Market Review

In contrast to the exceptionally calm conditions of previous years, the period under review saw stock market volatility return with a vengeance as concerns mounted over the US-driven trade war, increased political risk in Italy, and the potential ramifications for European banks following Turkey’s currency collapse. The fierceness of some of the sell-offs were a reminder to investors of the dangers of too much complacency as ultra-low interest rates blunt the markets’ understanding of risk.

The European Central Bank (ECB) said it expected interest rates to remain at record lows ‘at least through the summer’ of 2019. Although it has also pressed ahead with plans to phase out its quantitative easing programme this year, the prospect of lower interest rates for longer weighed on bank shares. Other defensive sectors that performed poorly include telecommunications and consumer services. Nevertheless, growth expectations for European companies generally remained robust.

Performance Review

The fund underperformed the FTSE World Europe in the 12-month period under review. Strong performance in the index came primarily from oil and gas, to which our fund has no exposure. Over 12 months, the sector rose 23.8% in euro total return terms, compared to the next best performing sector, technology, which rose 8.2%. Oil & gas has long been a significant underweight for us, as we believe the sector has very low visibility and we prefer not to be exposed to inherently unforecastable oil prices.

The biggest individual detractor from performance was telecom services firm Iliad, which suffered from tough trading conditions in France and Italy. However, the company remains well-placed to benefit from ongoing consolidation in the French market. Pandora also detracted due to a slowdown in the Danish jewellery maker’s Chinese business and negative sentiment in the retail sector. So too did Bayer after the German group lost a court case in the US regarding Roundup, a weed killer it acquired as part of the acquisition of Monsanto. Ryanair also suffered due to a combination of rising fuel prices and strikes among its employees across Europe, which resulted in an earnings warning.

On the positive side, there were solid contributions to the fund’s performance from British speciality chemicals company Croda International, French corporate services firm Edenred, German commercial property investment company Aroundtown and Spanish travel technology group Amadeus IT. One holding that directly benefited from the increased volatility this year was Flow Traders, a company which makes markets in exchange-traded funds. The company was the fund’s strongest contributor to performance in the first half of the period under review.

Outlook

Looking ahead, we believe economic and company fundamentals in Europe remain strong, but we expect that bouts of market turmoil will become more common from now on. Loose monetary policy has been a major factor behind inflated asset prices since the global financial crisis and gradual tightening by central banks – or reduced quantitative easing in the case of the ECB, for now – is set to remove a major support from financial markets. We also remain mindful of the heightened political risks – including the potential for further political friction in Italy or an escalation in global trade tensions – any of which would have repercussions for equity markets.

Our view remains that we must constantly monitor our holdings for any real change in their operating environments, while maintaining a broadly diversified portfolio of companies where we can have a reasonable degree of confidence in their ability to grow. Given the significant increase in valuation in some of the highest growth businesses in Europe, we also remain vigilant about the price one must pay for this growth.

Cédric de FonclareFund Manager

30 September 2018

91




■ Jupiter European Opportunities Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesBelgiumAgeas EUR 70,143 3,251,479 1.23 Umicore SA EUR 46,186 2,224,318 0.84

5,475,797 2.07 DenmarkISS A/S DKK 141,543 4,308,358 1.63 Novo Nordisk A/S 'B' DKK 136,086 5,590,083 2.12 Pandora A/S DKK 63,917 3,413,586 1.30

13,312,027 5.05 FinlandNokia OYJ EUR 1,314,373 6,353,022 2.41

6,353,022 2.41 FranceAmundi SA EUR 69,904 4,501,818 1.71 Edenred EUR 89,589 2,946,582 1.12 Elis SA EUR 198,081 3,979,447 1.51 Essilor International Cie Generale d'Optique SA EUR 44,049 5,628,361 2.13 Iliad SA EUR 27,268 3,075,830 1.16 LVMH Moet Hennessy Louis Vuitton SE EUR 9,322 2,865,583 1.08 SPIE SA EUR 168,301 2,872,057 1.09 Thales SA EUR 52,374 6,428,908 2.44 Valeo SA EUR 70,033 2,603,127 0.99 Vinci SA EUR 78,204 6,386,921 2.42

41,288,634 15.65 GermanyBayer AG EUR 71,745 5,518,625 2.09 Continental AG EUR 24,093 3,611,541 1.37 Fresenius Medical Care AG & Co. KGaA EUR 112,254 9,974,890 3.78 Gerresheimer AG EUR 64,296 4,664,675 1.77 Henkel AG & Co. KGaA Preference EUR 34,472 3,475,639 1.32 Infineon Technologies AG EUR 184,530 3,628,782 1.37 KION Group AG EUR 63,993 3,414,027 1.29 SAP SE EUR 106,574 11,390,629 4.32 Siemens Healthineers AG EUR 113,679 4,329,465 1.64 Symrise AG EUR 50,453 3,977,715 1.51

53,985,988 20.46 IrelandCRH plc GBP 265,391 7,552,545 2.86 DCC plc GBP 74,394 5,808,041 2.20 Kingspan Group plc EUR 72,463 2,920,983 1.11 Ryanair Holdings plc EUR 404,570 5,316,050 2.02

21,597,619 8.19

92




■ Jupiter European Opportunities Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


Italy


3,353,021 1.27

Jersey

Experian plc GBP 196,334 4,367,365 1.65

4,367,365 1.65

Luxembourg

Aroundtown SA EUR 631,823 4,847,662 1.84

4,847,662 1.84

Netherlands


Euronext NV EUR 90,044 5,028,957 1.91

Flow Traders EUR 155,032 3,875,800 1.47

GrandVision NV EUR 192,242 4,071,686 1.54

IMCD NV EUR 72,782 4,861,838 1.84

ING Groep NV EUR 349,190 3,933,276 1.49

26,676,787 10.11

Spain


Applus Services SA EUR 375,182 4,592,228 1.74

Prosegur Cash SA EUR 1,829,904 3,429,240 1.30

13,075,294 4.96

Sweden


Essity AB 'B' SEK 306,054 6,581,412 2.49

10,744,615 4.07

Switzerland

Sika AG CHF 25,754 3,246,365 1.23

3,246,365 1.23

93






Quantity/ Nominal

Value

Market Value

EUR% of


United Kingdom

Carnival plc GBP 75,862 4,062,771 1.54

ConvaTec Group plc GBP 1,668,140 4,393,107 1.67


Croda International plc GBP 94,276 5,479,449 2.08

Meggitt plc GBP 650,086 4,171,528 1.58

Mondi plc GBP 346,993 8,188,611 3.10


RELX plc EUR 355,068 6,448,923 2.44

45,440,270 17.22


Worldpay, Inc. 'A' USD 53,754 4,665,048 1.77

4,665,048 1.77



Cash 2,998,298 1.14



94






Net Assets

Germany 20.46


France 15.65

Netherlands 10.11

Ireland 8.19

Denmark 5.05

Spain 4.96

Sweden 4.07

Finland 2.41

Belgium 2.07

Luxembourg 1.84


Jersey 1.65

Italy 1.27

Switzerland 1.23



Total 100.00

95




■ Jupiter Eurozone Equity Review of Portfolio as at 30 September 2018

Performance


Class I EUR Acc (1) €97.84 €100.00 (2.16)

Class I GBP Acc (1) £96.01 £100.00 (3.99)

(1) Launch date 29 August 2018

The Jupiter Eurozone Equity fund was launched on 29 August 2018 and consequently there is an insufficient performance period for a meaningful review as at 30 September 2018. A Quarterly Fund Commentary for the period to 31 December 2018 will be available in January 2019 at www.jupiteram.com.

96




■ Jupiter Eurozone Equity Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesBelgiumAgeas EUR 1,497 69,393 1.28

Umicore SA EUR 1,722 82,932 1.54

152,325 2.82 DenmarkISS A/S DKK 3,400 103,491 1.92


Pandora A/S DKK 1,342 71,672 1.33

308,090 5.71 FinlandNokia OYJ EUR 27,761 134,183 2.49

134,183 2.49 FranceAmundi SA EUR 1,718 110,639 2.05

Bureau Veritas SA EUR 4,418 98,389 1.82

Edenred EUR 1,882 61,899 1.15

Elis SA EUR 4,562 91,651 1.70

Essilor International Cie Generale d'Optique SA EUR 1,044 133,397 2.47

Iliad SA EUR 595 67,116 1.24

Ingenico Group SA EUR 1,115 72,575 1.34

LVMH Moet Hennessy Louis Vuitton SE EUR 495 152,163 2.82

SPIE SA EUR 3,484 59,455 1.10

Thales SA EUR 1,312 161,048 2.98

Valeo SA EUR 1,448 53,822 1.00

Vinci SA EUR 1,717 140,227 2.60

1,202,381 22.27 GermanyBayer AG EUR 1,656 127,380 2.36

Brenntag AG EUR 2,627 140,466 2.60


Deutsche Boerse AG EUR 932 107,203 1.99


Gerresheimer AG EUR 1,367 99,176 1.84

Henkel AG & Co. KGaA Preference EUR 729 73,501 1.36



SAP SE EUR 2,429 259,611 4.81

Siemens Healthineers AG EUR 2,452 93,384 1.73

1,388,685 25.72

97




■ Jupiter Eurozone Equity Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


Ireland

CRH plc EUR 6,913 196,640 3.64



387,688 7.18

Italy


77,675 1.44

Luxembourg

APERAM SA EUR 1,896 75,015 1.39


176,944 3.28

Netherlands

ASML Holding NV EUR 663 107,240 1.99

Euronext NV EUR 2,253 125,830 2.33

Flow Traders EUR 3,327 83,175 1.54

GrandVision NV EUR 4,131 87,495 1.62

Heineken NV EUR 2,192 178,999 3.32

ING Groep NV EUR 10,612 119,533 2.21

702,272 13.01

Spain


Applus Services SA EUR 6,411 78,471 1.45


263,426 4.88

Sweden

Assa Abloy AB 'B' SEK 5,002 86,966 1.61

Essity AB 'B' SEK 7,083 152,313 2.82

239,279 4.43

Switzerland

Sika AG CHF 571 71,976 1.33

71,976 1.33

98






Quantity/ Nominal

Value

Market Value

EUR% of


United Kingdom

RELX plc EUR 7,410 134,584 2.49

134,584 2.49



Cash 162,558 3.01



99






Net Assets

Germany 25.72

France 22.27

Netherlands 13.01

Ireland 7.18

Denmark 5.71

Spain 4.88

Sweden 4.43

Luxembourg 3.28

Belgium 2.82

United Kingdom 2.49

Finland 2.49

Italy 1.44

Switzerland 1.33



Total 100.00

100




■ Jupiter Flexible Income Review of Portfolio as at 30 September 2018

Performance


/Launch Date% Change

Class I EUR Acc (1) €100.07 €100.00 0.07

Class I EUR Q Inc (1) €100.07 €100.00 0.07

Class L EUR Acc (1) €100.05 €100.00 0.05

(1) Launch date 19 September 2018.

The Jupiter Flexible Income fund was launched on 19 September 2018 and consequently there is an insufficient performance period for a meaningful review as at 30 September 2018. A Quarterly Fund Commentary for the period to 31 December 2018 will be available in January 2019 at www.jupiteram.com

101




■ Jupiter Flexible Income Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsAustraliaAustralia Government Bond, Reg. S 2.75% 21/04/2024 AUD 2,900,000 1,841,775 3.28

1,841,775 3.28 BelgiumBelgium Government Bond, Reg. S, 144A 0.8% 22/06/2025 EUR 1,000,000 1,029,338 1.83

Sarens Finance Co. NV, Reg. S 5.125% 05/02/2022 EUR 200,000 196,035 0.35

1,225,373 2.18 Cayman IslandsMizzen Bondco Ltd., Reg. S 7% 01/05/2021 GBP 94,700 108,621 0.19

108,621 0.19 CyprusCyprus Government Bond, Reg. S 4.25% 04/11/2025 EUR 500,000 588,920 1.05

588,920 1.05 Czech RepublicEnergo-Pro A/S, Reg. S 4.5% 04/05/2024 EUR 100,000 95,437 0.17

95,437 0.17 DenmarkWelltec A/S, 144A 9.5% 01/12/2022 USD 500,000 450,095 0.80

450,095 0.80 FranceAltice France SA, 144A 7.375% 01/05/2026 USD 500,000 429,051 0.76

AXA SA, Reg. S, FRN 5.625% 16/01/2054 GBP 110,000 130,875 0.23

Electricite de France SA, Reg. S, FRN 6% Perpetual GBP 200,000 231,138 0.41

La Financiere Atalian SASU, Reg. S 5.125% 15/05/2025 EUR 100,000 98,630 0.18

Novafives SAS, Reg. S 5% 15/06/2025 EUR 100,000 93,522 0.17


1,086,229 1.93 GermanyAllianz SE, Reg. S 5.5% Perpetual USD 400,000 331,966 0.59

Wittur International Holding GmbH, Reg. S, Reg. S 8.5% 15/02/2023 EUR 100,000 103,638 0.19

435,604 0.78 IrelandBank of Ireland Group plc, Reg. S, FRN 4.125% 19/09/2027 USD 234,000 191,755 0.34

191,755 0.34 ItalyAlmaviva-The Italian Innovation Co. SpA, Reg. S 7.25% 15/10/2022 EUR 100,000 98,125 0.17

Italy Government Bond 6.875% 27/09/2023 USD 800,000 752,368 1.34

Salini Impregilo SpA, Reg. S 1.75% 26/10/2024 EUR 100,000 81,314 0.15

931,807 1.66

102




■ Jupiter Flexible Income Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsJerseyAA Bond Co. Ltd., Reg. S 5.5% 31/07/2043 GBP 100,000 103,976 0.18

HBOS Capital Funding LP, Reg. S 6.85% Perpetual USD 114,000 99,941 0.18

203,917 0.36 LuxembourgAltice Finco SA, Reg. S 9% 15/06/2023 EUR 200,000 209,814 0.37

ARD Finance SA 6.625% 15/09/2023 EUR 100,000 103,248 0.18

ContourGlobal Power Holdings SA, Reg. S 4.125% 01/08/2025 EUR 200,000 199,603 0.36

CPI Property Group SA, Reg. S, FRN 4.375% Perpetual EUR 100,000 96,379 0.17

eDreams ODIGEO SA, Reg. S 5.5% 01/09/2023 EUR 100,000 100,589 0.18

LSF10 Wolverine Investments SCA, Reg. S 5% 15/03/2024 EUR 200,000 201,168 0.36

Picard Bondco SA, Reg. S 5.5% 30/11/2024 EUR 100,000 95,402 0.17


1,452,038 2.58 NetherlandsArgentum Netherlands BV for Swiss Re Ltd., Reg. S, FRN 5.625% 15/08/2052 USD 200,000 172,660 0.30

Selecta Group BV, Reg. S 5.875% 01/02/2024 EUR 200,000 201,885 0.36

Stichting AK Rabobank Certificaten, Reg. S 6.5% Perpetual EUR 114,700 133,425 0.24

507,970 0.90 PortugalPortugal Obrigacoes do Tesouro OT, Reg. S, 144A 4.95% 25/10/2023 EUR 750,000 906,102 1.61

906,102 1.61 SpainCaixaBank SA, Reg. S, FRN 6.75% Perpetual EUR 200,000 216,370 0.39

Obrascon Huarte Lain SA, Reg. S 4.75% 15/03/2022 EUR 100,000 85,895 0.15

302,265 0.54 SupranationalAsian Development Bank 2.75% 19/01/2028 USD 1,200,000 1,001,368 1.78

1,001,368 1.78 SwitzerlandCredit Suisse Group AG, Reg. S, FRN 7.5% Perpetual USD 200,000 182,132 0.32

182,132 0.32

103






Quantity/ Nominal

Value

Market Value

EUR% of


United Kingdom

Arrow Global Finance plc, Reg. S 5.125% 15/09/2024 GBP 133,000 139,374 0.25

Aviva plc, Reg. S, FRN 6.125% 14/11/2036 GBP 100,000 123,423 0.22

Barclays plc, FRN 7.75% Perpetual USD 202,000 175,456 0.31

Boparan Finance plc, Reg. S 5.25% 15/07/2019 GBP 200,000 222,380 0.40

EI Group plc, Reg. S 7.5% 15/03/2024 GBP 100,000 114,697 0.21

Investec Bank plc, Reg. S, FRN 4.25% 24/07/2028 GBP 124,000 137,104 0.24

Lloyds Bank plc, FRN, 144A 12% Perpetual USD 129,000 136,585 0.24

Matalan Finance plc, Reg. S 6.75% 31/01/2023 GBP 200,000 200,096 0.36

Nationwide Building Society, Reg. S, FRN 10.25% Perpetual GBP 60,000 101,639 0.18

Royal Bank of Scotland Group plc 5.5% Perpetual EUR 157,000 158,966 0.28


Royal Bank of Scotland Group plc, Reg. S 5.25% Perpetual EUR 118,000 119,453 0.21

Thomas Cook Finance 2 plc, Reg. S 3.875% 15/07/2023 EUR 100,000 94,888 0.17

Viridian Group FinanceCo plc, Reg. S 4% 15/09/2025 EUR 100,000 97,532 0.17

1,957,942 3.48


American Axle & Manufacturing, Inc. 6.25% 01/04/2025 USD 500,000 430,513 0.77

Burford Capital Finance LLC 6.125% 12/08/2025 USD 158,700 139,091 0.25

Sprint Corp. 7.125% 15/06/2024 USD 500,000 448,393 0.80

United Rentals North America, Inc. 4.875% 15/01/2028 USD 500,000 406,210 0.72

United States Steel Corp. 6.25% 15/03/2026 USD 500,000 428,717 0.76

1,852,924 3.30

Total Bonds 15,322,274 27.25

Equities

Australia

Dexus, REIT AUD 20,474 134,554 0.24

Goodman Group, REIT AUD 20,740 133,719 0.24


400,410 0.71

Austria

Lenzing AG EUR 636 58,766 0.10

58,766 0.10

104






Quantity/ Nominal

Value

Market Value

EUR% of


Cayman Islands

China Evergrande Group HKD 48,000 116,386 0.21

China Resources Land Ltd. HKD 46,000 138,945 0.25

CK Asset Holdings Ltd. HKD 21,000 136,074 0.24

Country Garden Holdings Co. Ltd. HKD 116,000 126,394 0.22

Wharf Real Estate Investment Co. Ltd. HKD 24,000 133,864 0.24

651,663 1.16

Curacao

Schlumberger Ltd. USD 570 30,105 0.05

30,105 0.05

Denmark

ISS A/S DKK 4,301 130,916 0.23


286,846 0.51

Finland

DNA OJY EUR 6,616 127,887 0.23

Nokia OYJ EUR 27,346 132,177 0.23

Nokian Renkaat OYJ EUR 1,575 55,204 0.10

Sampo OYJ 'A' EUR 3,125 138,047 0.25

453,315 0.81

France

Amundi SA EUR 1,691 108,900 0.19

AXA SA EUR 6,628 151,698 0.27

Elis SA EUR 5,454 109,571 0.20

Gecina SA, REIT EUR 932 135,187 0.24

Kaufman & Broad SA EUR 1,718 69,820 0.12


Thales SA EUR 954 117,103 0.21

TOTAL SA EUR 2,242 125,160 0.22

Vinci SA EUR 2,429 198,376 0.35

1,166,485 2.07

105






Quantity/ Nominal

Value

Market Value

EUR% of


Germany

Allianz SE EUR 884 170,665 0.30

AURELIUS Equity Opportunities SE & Co. KGaA EUR 1,665 75,941 0.13

Bayer AG EUR 1,741 133,918 0.24

Brenntag AG EUR 2,663 142,390 0.25




Deutsche Wohnen SE EUR 3,204 132,069 0.23




SAP SE EUR 1,599 170,901 0.30

Siemens Healthineers AG EUR 3,184 121,263 0.22

Talanx AG EUR 3,076 101,077 0.18

Vonovia SE EUR 3,214 134,908 0.24

1,868,820 3.32

Greece

Hellenic Telecommunications Organization SA EUR 7,418 80,856 0.14

80,856 0.14

Hong Kong

China Overseas Land & Investment Ltd. HKD 54,000 146,128 0.26

Link REIT HKD 16,500 140,186 0.25

Sun Hung Kai Properties Ltd. HKD 11,000 138,427 0.25

424,741 0.76

Ireland

CRH plc GBP 2,750 78,260 0.14

CRH plc EUR 4,954 140,917 0.25


Medtronic plc USD 2,700 227,792 0.41

Pentair plc USD 498 18,699 0.03


579,102 1.03

Isle of Man

Playtech plc GBP 13,737 75,247 0.13

75,247 0.13

106






Quantity/ Nominal

Value

Market Value

EUR% of


Italy

Banca Generali SpA EUR 4,044 90,909 0.16


MARR SpA EUR 4,019 99,953 0.18

289,080 0.51

Japan

Mitsubishi Estate Co. Ltd. JPY 9,600 141,276 0.25

Mitsui Fudosan Co. Ltd. JPY 7,100 145,386 0.26

Sumitomo Realty & Development Co. Ltd. JPY 5,000 155,327 0.28

441,989 0.79

Jersey

JTC plc, Reg. S GBP 10,000 44,483 0.08

WPP plc GBP 6,000 75,746 0.13

120,229 0.21

Luxembourg

APERAM SA EUR 2,756 109,041 0.19


RTL Group SA EUR 1,048 64,452 0.12

275,108 0.49

Netherlands

Flow Traders EUR 3,143 78,575 0.14

ING Groep NV EUR 14,881 167,619 0.30


397,390 0.71

Norway

Telenor ASA NOK 10,127 171,444 0.31

Yara International ASA NOK 1,650 69,035 0.12

240,479 0.43

Spain




302,638 0.54

Supranational

Unibail-Rodamco-Westfield EUR 781 136,503 0.24

136,503 0.24

107






Quantity/ Nominal

Value

Market Value

EUR% of


Sweden

Coor Service Management Holding AB, Reg. S SEK 17,245 118,340 0.21

Essity AB 'B' SEK 5,915 127,197 0.23

Nordea Bank AB SEK 10,849 101,048 0.18

346,585 0.62

Switzerland

Chubb Ltd. USD 1,383 159,277 0.29

Novartis AG CHF 600 44,902 0.08

Roche Holding AG CHF 916 192,697 0.34

396,876 0.71

United Kingdom

Admiral Group plc GBP 2,430 56,209 0.10

Amigo Holdings plc, Reg. S GBP 28,000 75,387 0.13

AstraZeneca plc GBP 1,400 94,148 0.17

Aviva plc GBP 16,450 90,265 0.16





BP plc GBP 56,727 378,065 0.67

British American Tobacco plc GBP 4,375 178,369 0.32

BT Group plc GBP 33,910 86,640 0.15



esure Group plc GBP 28,000 87,692 0.16

Galliford Try plc GBP 4,750 54,081 0.10


Global Ports Holding plc GBP 7,365 43,586 0.08


Hollywood Bowl Group plc GBP 25,161 64,321 0.12


IMI plc GBP 3,504 43,190 0.08

Imperial Brands plc GBP 3,058 92,983 0.17

Informa plc GBP 6,678 56,983 0.10

ITV plc GBP 30,000 52,865 0.09

JD Sports Fashion plc GBP 10,000 52,136 0.09


108






Quantity/ Nominal

Value

Market Value

EUR% of





Micro Focus International plc GBP 5,143 81,796 0.15

Mondi plc GBP 6,466 152,590 0.27

N Brown Group plc GBP 34,285 52,684 0.09

NCC Group plc GBP 28,000 63,822 0.11


Royal Dutch Shell plc 'B' GBP 10,750 322,753 0.57

RPC Group plc GBP 4,500 40,613 0.07

Segro plc, REIT GBP 18,915 135,328 0.24

SSE plc GBP 3,500 45,279 0.08

Tesco plc GBP 35,000 94,617 0.17

TP ICAP plc GBP 27,000 81,824 0.15


3,890,771 6.92


AbbVie, Inc. USD 3,338 271,357 0.48

American Express Co. USD 975 90,795 0.16

American International Group, Inc. USD 4,346 200,377 0.36

Amgen, Inc. USD 1,026 185,091 0.33

Applied Materials, Inc. USD 3,619 119,858 0.21

AT&T, Inc. USD 2,093 60,372 0.11

Bank of America Corp. USD 7,130 184,362 0.33

Blackstone Group LP (The) USD 2,850 93,750 0.17

Chevron Corp. USD 1,976 208,974 0.37



Colgate-Palmolive Co USD 1,084 62,456 0.11

Comcast Corp. 'A' USD 3,392 103,173 0.18

ConocoPhillips USD 1,228 82,205 0.15

Corning, Inc. USD 1,506 46,028 0.08

CVS Health Corp. USD 2,404 163,524 0.29

DowDuPont, Inc. USD 1,411 79,603 0.14

Duke Energy Corp. USD 1,563 106,547 0.19

Emerson Electric Co. USD 1,386 91,908 0.16

Freeport-McMoRan, Inc. USD 2,889 34,588 0.06

109






Quantity/ Nominal

Value

Market Value

EUR% of



Gannett Co., Inc. USD 1,589 13,879 0.03

H&R Block, Inc. USD 1,771 39,722 0.07

Halliburton Co. USD 2,078 72,823 0.13

Hess Corp. USD 815 50,370 0.09

Honeywell International, Inc. USD 420 59,972 0.11

HP, Inc. USD 2,544 56,313 0.10

Johnson & Johnson USD 1,863 222,425 0.40

JPMorgan Chase & Co. USD 2,008 198,574 0.35

Kraft Heinz Co. (The) USD 1,681 79,885 0.14

Lincoln National Corp. USD 786 46,087 0.08

Merck & Co, Inc. USD 1,686 102,994 0.18

Newmont Mining Corp. USD 1,539 39,847 0.07

Occidental Petroleum Corp. USD 1,301 91,192 0.16

Omnicom Group, Inc. USD 1,662 97,854 0.17

Oracle Corp. USD 3,366 150,252 0.27

PepsiCo, Inc. USD 1,076 103,202 0.18

Pfizer, Inc. USD 6,064 229,896 0.41

Philip Morris International, Inc. USD 797 56,106 0.10

Procter & Gamble Co. (The) USD 1,594 114,056 0.20

Southern Co. (The) USD 1,000 37,342 0.07

SunTrust Banks, Inc. USD 1,997 115,905 0.21

TEGNA, Inc. USD 3,178 32,724 0.06

Travelers Cos. Inc (The) USD 1,194 133,108 0.24

Verizon Communications, Inc. USD 2,937 135,921 0.24

Walmart, Inc. USD 2,061 167,563 0.30

Wells Fargo & Co. USD 3,090 140,974 0.25

5,235,008 9.31


110






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketBondsCanadaBombardier, Inc., 144A 7.5% 15/03/2025 USD 500,000 445,550 0.79 First Quantum Minerals Ltd., 144A 7% 15/02/2021 USD 500,000 428,583 0.76

874,133 1.55 DenmarkDKT Finance ApS, 144A 9.375% 17/06/2023 USD 500,000 455,746 0.81

455,746 0.81 IrelandArdagh Packaging Finance plc, 144A 6% 15/02/2025 USD 500,000 425,043 0.76

425,043 0.76 LuxembourgNielsen Co. Luxembourg SARL (The), 144A 5% 01/02/2025 USD 500,000 421,994 0.75

421,994 0.75 NetherlandsConstellium NV, 144A 5.875% 15/02/2026 USD 500,000 417,882 0.74 Stars Group Holdings BV, 144A 7% 15/07/2026 USD 500,000 445,412 0.79

863,294 1.53 SupranationalEagle Intermediate Global Holding BV, 144A 7.5% 01/05/2025 USD 500,000 422,705 0.75 JBS USA LUX SA, 144A 5.75% 15/06/2025 USD 500,000 418,400 0.75

841,105 1.50 United KingdomBarclays Bank plc, FRN 6.278% Perpetual USD 150,000 132,712 0.24 Ferroglobe plc, 144A 9.375% 01/03/2022 USD 500,000 455,992 0.81 HSBC Holdings plc, FRN 6.375% Perpetual USD 226,000 194,769 0.35 Merlin Entertainments plc, 144A 5.75% 15/06/2026 USD 300,000 261,638 0.46 TransDigm UK Holdings plc, 144A 6.875% 15/05/2026 USD 500,000 441,743 0.78

1,486,854 2.64 United States of AmericaBank of America Corp., FRN 5.875% Perpetual USD 227,000 194,112 0.35 BMC East LLC, 144A 5.5% 01/10/2024 USD 500,000 417,714 0.74 BWAY Holding Co., 144A 7.25% 15/04/2025 USD 500,000 421,966 0.75 Core & Main LP, 144A 6.125% 15/08/2025 USD 500,000 414,476 0.74 DISH DBS Corp. 5.875% 15/07/2022 USD 500,000 420,924 0.75 Dresdner Funding Trust I, Reg. S 8.151% 30/06/2031 USD 103,000 110,132 0.20 Exela Intermediate LLC, 144A 10% 15/07/2023 USD 500,000 458,408 0.82 Goldman Sachs Group, Inc. (The), FRN 5% Perpetual USD 336,000 274,734 0.49 HLF Financing SARL LLC, 144A 7.25% 15/08/2026 USD 500,000 439,841 0.78 Iridium Communications, Inc., 144A 10.25% 15/04/2023 USD 500,000 472,891 0.84 JPMorgan Chase & Co., FRN 5% Perpetual USD 126,000 109,694 0.19 JPMorgan Chase & Co., FRN 6.1% Perpetual USD 121,000 108,836 0.19

111






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketBondsUnited States of America (continued)LGI Homes Inc, 144A 6.875% 15/07/2026 USD 500,000 425,269 0.76 Lions Gate Capital Holdings LLC, 144A 5.875% 01/11/2024 USD 500,000 439,763 0.78 LTF Merger Sub, Inc., 144A 8.5% 15/06/2023 USD 500,000 451,714 0.80 Meredith Corp., 144A 6.875% 01/02/2026 USD 500,000 441,868 0.79 Morgan Stanley, FRN 5.45% Perpetual USD 164,000 143,303 0.25 Novelis Corp., 144A 5.875% 30/09/2026 USD 500,000 420,101 0.75 Prestige Brands, Inc., 144A 6.375% 01/03/2024 USD 500,000 437,574 0.78 Scientific Games International, Inc., 144A 5% 15/10/2025 USD 500,000 409,476 0.73 Simmons Foods, Inc., 144A 7.75% 15/01/2024 USD 500,000 446,856 0.79 Solera LLC, 144A 10.5% 01/03/2024 USD 500,000 472,938 0.84 Sunoco LP, 144A 5.875% 15/03/2028 USD 500,000 412,679 0.73 Terex Corp., 144A 5.625% 01/02/2025 USD 500,000 427,778 0.76 Tutor Perini Corp., 144A 6.875% 01/05/2025 USD 500,000 444,227 0.79 Wells Fargo & Co., FRN 5.9% Perpetual USD 126,000 110,524 0.20 Wynn Las Vegas LLC, 144A 5.25% 15/05/2027 USD 500,000 399,602 0.71

9,727,400 17.30 Total Bonds 15,095,569 26.84 Total Transferable securities and money market instruments dealt in on another regulated market 15,095,569 26.84

Units of authorised UCITS or other collective investment undertakingsCollective Investment Schemes - AIFJersey3i Infrastructure plc Fund GBP 688,896 1,901,317 3.38

1,901,317 3.38 Total Collective Investment Schemes - AIF 1,901,317 3.38 Collective Investment Schemes - UCITSLuxembourgThe Jupiter Global Fund Jupiter Asia Pacific Income - Class D USD Q Inc Dist† USD 58,077 555,647 0.99

The Jupiter Global Fund Jupiter Global Emerging Markets Corporate Bond - Class I USD Acc† USD 25,720 2,338,338 4.16

The Jupiter Global Fund Jupiter Japan Select - Class I JPY Acc† JPY 20,775 1,673,619 2.97 4,567,604 8.12

Total Collective Investment Schemes - UCITS 4,567,604 8.12 Total Units of authorised UCITS or other collective investment undertakings 6,468,921 11.50

Total Investments 55,035,776 97.86 Cash 1,312,743 2.33Other Assets/(Liabilities) (109,403) (0.19)Total Net Assets 56,239,116 100.00† Related Party Fund

112








Luxembourg 11.94

Germany 4.10

France 4.00

Australia 3.99

Jersey 3.95

Supranational 3.52

Netherlands 3.14

Belgium 2.18

Italy 2.17

Ireland 2.13

Denmark 2.12

Portugal 1.61

Canada 1.55

Cayman Islands 1.35

Spain 1.08

Cyprus 1.05

Switzerland 1.03

Finland 0.81

Japan 0.79

Hong Kong 0.76

Sweden 0.62

Norway 0.43

Czech Republic 0.17

Greece 0.14

Isle of Man 0.13

Austria 0.10

Curacao 0.05

Total Investments 97.86 Cash and Other Assets/(Liabilities) 2.14

Total 100.00



Global Exposure

EUR


EUR% of

Net Assets

Hang Seng Index, 28/12/2018 (7) HKD (1,078,740) (9,059) (0.02)



113







Global Exposure

EUR

Market Value

EUR% of

Net Assets

40 S&P 500 Index, Call, 2,960.000, 21/12/2018 USD UBS 3,975,588 126,588 0.23




Global Exposure

EUR

Market Value

EUR% of

Net Assets

(100) EURO STOXX 50 Index, Call, 3,400.000, 21/12/2018 EUR UBS (1,665,608) (82,500) (0.15)

(50) FTSE 100 Index, Call, 7,400.000, 21/12/2018 GBP UBS (2,440,053) (117,403) (0.21)

Total Option Written Contracts (199,903) (0.36)



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsAUD 653,693 EUR 404,086 25/10/2018 J.P. Morgan 2,226 –

EUR 3,585,819 GBP 3,182,423 25/10/2018 J.P. Morgan 4,799 0.01

GBP 1,722,653 EUR 1,929,819 25/10/2018 J.P. Morgan 8,595 0.02

HKD 10,292,445 EUR 1,117,530 25/10/2018 J.P. Morgan 16,427 0.03

JPY 57,481,942 EUR 433,228 25/10/2018 J.P. Morgan 4,280 0.01

USD 19,322,325 EUR 16,500,000 25/10/2018 J.P. Morgan 153,743 0.27

Total Unrealised Gain on Forward Currency Exchange Contracts 190,070 0.34 CAD 1,705,350 USD 1,317,941 25/10/2018 J.P. Morgan (6,162) (0.01)

EUR 404,952 AUD 653,693 25/10/2018 J.P. Morgan (1,360) –

EUR 2,236,250 GBP 2,000,214 25/10/2018 J.P. Morgan (14,490) (0.03)

EUR 1,118,513 HKD 10,292,445 25/10/2018 J.P. Morgan (15,442) (0.03)

EUR 437,438 JPY 57,481,942 25/10/2018 J.P. Morgan (70) –

EUR 25,392,086 USD 29,837,046 25/10/2018 J.P. Morgan (324,204) (0.58)


114




■ Jupiter Global Absolute Return Review of Portfolio as at 30 September 2018

Performance





Class D CHF Acc HSC CHF 9.34 CHF 9.77 (4.40)

Class D EUR Acc €9.44 €9.83 (3.97)

Class D EUR A Inc Dist €9.35 €9.75 (3.89) +

Class D GBP Acc HSC £9.60 £9.90 (3.03)

Class D SEK Acc HSC SEK 94.53 SEK 98.61 (4.14)

Class D USD Acc HSC $9.82 $9.97 (1.50)

Class I EUR Acc €9.42 €9.80 (3.88)

Class I USD Acc HSC (3) – $10.01 –

Class L EUR Acc €9.27 €9.71 (4.53)

Class L EUR A Inc Dist €9.36 €9.80 (4.49)

Class L SEK Acc HSC SEK 93.00 SEK 97.63 (4.74)


Class N USD Acc HSC (1) $9.77 $10.00 (2.30)(1) Launch date 30 October 2017. (2) Launch date 15 June 2018. (3) Closed on 19 October 2017.


Market Review

Global stock markets generally increased in value during the year under review. However, the period presented unique challenges for investors as a number of unhealthy dynamics between markets became more pronounced. Rising interest rates in the US and protectionist trade policies from the Trump Administration ruffled markets, especially in the first few months of 2018. As the period progressed, the robust US dollar, which has been supported by a mix of a strong domestic economy, rising interest rates and tightening US monetary policy, created heavy weather for emerging markets (EM). Turkey bore the brunt of the market’s flight to safety. However, other EM markets followed suite as capital started to flee from Argentina, South Africa, India and Indonesia in the summer months. Some of these markets recovered somewhat in September, but the main causes of their ills were far from resolved, with 10-year US Treasury bond yields climbing above 3% at the end of the review period.

Another notable feature was the widening rift between the US and the rest of the world – not just in terms of valuations, but also attitudes to risk. US stocks make up roughly 55% of the FTSE World Index yet accounted for some 81% to the index’s return over the year*. The S&P 500 Index added a whopping 16.4%** during the period under review, with Apple and Amazon famously reaching market capitalisation of $1 trillion. This was in sharp contrast to the returns of the UK’s FTSE All-Share Index (0.3%)** and Germany’s CDAX Index (-3.1%)**.

Performance Review

Many investors in our strategy will know that the fund has been leaning gently against the central tendency in markets since the fund’s launch. The portfolio tends to be long ‘value’ shares (i.e.

invests in shares priced near or below their theoretical accounting value). It also tends to be short stocks that are either 1) reasonable companies that appear to be overpriced on a medium-term view, or 2) ‘glamour’ growth stocks, companies that generally have exciting growth plans but in our view have weak balance sheets, fragile business models or hubristic management plans.

The current bull market has been characterised by the exceptional performance of growth stocks versus value stocks, particularly in the last two years. The market has only reached such extreme levels of underperformance of value versus growth twice in the past century – around the tech bubble (2000) and the Great Depression (1929). The fund’s style has therefore been a major reason why the strategy has lost money this year. An additional impediment has been the rise in value of the US stock market, which reached record-highs during the year, while most other markets around the world have rolled considerably from their peaks. The strategy’s short positions currently tend to be in the US, while its long positions are mainly found outside of the US. The fund’s net short exposure to equities (which means on balance the fund holds greater weight in short positions than long) has been a further impediment.

Highlights from the long book: The portfolio’s long positions added value on average. Among the highlights were shares held in Burford Capital, a litigation-finance specialist, which continued to trend higher following a series of very strong results. A rise in the price of oil underpinned strong performances from several oil-related holdings, including BP, Equinor, Gazprom and drilling company Transocean. The fund’s long holding in diversified mining company BHP Billiton also added value.

115




■ Jupiter Global Absolute Return Review of Portfolio as at 30 September 2018 (continued)


Highlights from the short book: Losses on the short book exceeded the gains made by the portfolio of long holdings. Wayfair was one of about half a dozen US glamour-growth short positions that detracted from performance. The stock is symbolic of the current regime, having doubled over the summer months with the market impressed by the company’s aggressive growth plans, with seemingly little concern about losses, director selling and a fragile balance sheet. Short positions of a similar ilk that hurt performance included Netflix, Transdigm and Amazon. In our view, these companies are fragile due to factors such as excess valuations, poor balance sheets and hubristic growth plans.

Outlook

We continually check and recheck our work as part of our process of managing the fund to help us look for flaws in our own logic, as well as to consider the allocation of risk to individual positions and the portfolio overall. In general, working through the most recent company reports of our holdings has reaffirmed our stance, which is to lean gently, rather than aggressively, against the current distortions in markets. Although we will make mistakes along the way, we feel that growing distortions in the current market regime, rather than deficiencies in our fundamental analysis, have been the key impediment to recent performance.

The portfolio is highly diversified and is comprised of idiosyncratic, rather than pair1 or thematic, positions. The long book has approximately 90 positions, while the short book consists of 130 stocks – so individual position sizes tend to be modest. In an environment that is generally unfavourable for our value-based approach to short-selling, this positioning has helped to mitigate downside risk.

In terms of the market backdrop, changes in regime tend to be characterised by the collapse of fringe bubbles and the concentration of assets in an increasingly narrow range of favoured stocks. We have no special insight into when change will occur but believe that the combination of exuberance and despair seen this month is not healthy. Tightening monetary policy in the US and the recent spike in US bond yields are likely to remain key pressure points for the current regime in our view.

We therefore remain opportunistic in our approach and continue to adjust positions incrementally based on news flow and the path of share prices, rather than making dramatic changes to the portfolio. Our incremental approach should help us avoid being caught out by false positives but gives us the flexibility to react quickly as the market signals grow in strength. Overall, the fund should be well placed to benefit from a pickup in volatility and a sustained rotation from growth to value stocks and from the US to the UK market.

James ClunieFund Manager

30 September 2018

*Source: FactSet and Jupiter

**Source: Thomson Reuters1Pair trading: a strategy that involves matching a long position with a short position in two stocks within the same sector

116




■ Jupiter Global Absolute Return Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsItalyItaly Buoni Poliennali Del Tesoro 3.5% 01/12/2018 EUR 13,000,000 13,072,215 5.40

13,072,215 5.40 SpainSpain Government Bond 3.75% 31/10/2018 EUR 9,000,000 9,029,610 3.73

9,029,610 3.73 United KingdomUK Treasury, Reg. S 4.5% 07/03/2019 GBP 10,500,000 12,018,595 4.97

12,018,595 4.97 United States of AmericaUS Treasury 2.75% 15/02/2019 USD 18,000,000 15,567,120 6.43 US Treasury 1.875% 31/07/2022 USD 8,000,000 6,649,958 2.75

22,217,078 9.18 Total Bonds 56,337,498 23.28 EquitiesAustraliaNewcrest Mining Ltd. AUD 136,840 1,654,191 0.68 South32 Ltd. GBP 529,200 1,274,176 0.53


269,547 0.11 CanadaCameco Corp. USD 312,053 3,056,966 1.26

3,056,966 1.26 ChinaChina Petroleum & Chemical Corp. 'H' HKD 1,870,000 1,618,698 0.67 Jiangsu Expressway Co. Ltd. 'H' HKD 618,370 686,400 0.28

2,305,098 0.95 DenmarkAP Moller - Maersk A/S 'B' DKK 1,675 2,047,018 0.85 Novo Nordisk A/S 'B' DKK 20,070 824,427 0.34 Pandora A/S DKK 9,600 512,703 0.21


724,523 0.30 GermanyDeutsche Boerse AG EUR 14,980 1,723,075 0.71 Volkswagen AG Preference EUR 2,000 302,360 0.13

2,025,435 0.84

117




■ Jupiter Global Absolute Return Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesGuernseyBurford Capital Ltd. GBP 206,290 4,502,294 1.86


1,547,414 0.64 JapanAstellas Pharma, Inc. JPY 122,610 1,850,566 0.77 Bridgestone Corp. JPY 22,270 728,020 0.30 FANUC Corp. JPY 5,790 945,071 0.39 Hoya Corp. JPY 3,250 167,005 0.07 KDDI Corp. JPY 68,230 1,630,597 0.67 NTT DOCOMO, Inc. JPY 41,240 959,205 0.40 Sekisui Chemical Co. Ltd. JPY 146,600 2,340,705 0.97 Sumitomo Mitsui Financial Group, Inc. JPY 33,440 1,167,758 0.48 Tokio Marine Holdings, Inc. JPY 8,700 373,615 0.15






3,309,965 1.37 RussiaDetsky Mir PJSC RUB 125,000 151,802 0.06 Gazprom PJSC USD 30,000 63,819 0.03 Gazprom PJSC RUB 1,260,500 2,681,473 1.11 Magnit PJSC RUB 3,001 149,853 0.06 Mobile TeleSystems PJSC RUB 67,000 239,527 0.10 Novolipetsk Steel PJSC RUB 414,000 962,197 0.40 Sberbank of Russia PJSC Preference RUB 361,000 808,211 0.33 Sberbank of Russia PJSC RUB 472,000 1,251,080 0.52

6,307,962 2.61

118






Quantity/ Nominal

Value

Market Value

EUR% of


Switzerland

Roche Holding AG CHF 3,560 752,688 0.31

Transocean Ltd. USD 185,900 2,216,019 0.92

2,968,707 1.23

United Kingdom

Aggreko plc GBP 15,500 150,205 0.06

Babcock International Group plc GBP 133,680 1,091,155 0.45

BAE Systems plc GBP 305,890 2,165,073 0.89

Barclays plc GBP 571,286 1,108,835 0.46

BHP Billiton plc GBP 172,316 3,217,452 1.33

BP plc GBP 1,204,812 8,029,641 3.32

Capita plc GBP 577,890 918,929 0.38


Centrica plc GBP 2,940,301 5,126,663 2.12



Essentra plc GBP 232,137 1,057,985 0.44

Fresnillo plc GBP 195,330 1,758,910 0.73



Hays plc GBP 660,610 1,517,669 0.63




IMI plc GBP 86,280 1,063,476 0.44


ITE Group plc GBP 996,032 848,563 0.35


Kingfisher plc GBP 695,870 2,060,645 0.85


Meggitt plc GBP 106,320 682,243 0.28



Pearson plc GBP 126,320 1,278,607 0.53

Rio Tinto plc GBP 74,100 3,225,087 1.33


Rotork plc GBP 86,870 323,524 0.13

119






Quantity/ Nominal

Value

Market Value

EUR% of



Royal Bank of Scotland Group plc GBP 625,440 1,743,614 0.72

Royal Dutch Shell plc 'A' GBP 113,430 3,336,910 1.38

Royal Mail plc GBP 315,940 1,681,869 0.69


SIG plc GBP 391,580 556,521 0.23



Tate & Lyle plc GBP 89,990 698,358 0.29

59,882,673 24.75


Citizens Financial Group, Inc. USD 27,280 916,683 0.38

Gilead Sciences, Inc. USD 25,960 1,716,858 0.71

Tapestry, Inc. USD 35,540 1,538,873 0.64


4,658,871 1.93


Warrants


Tidewater, Inc. 31/07/2023 USD 4,000 12,521 0.01




US Treasury Bill 0% 12/09/2019 USD 12,000,000 10,112,012 4.18


120






Quantity/ Nominal

Value

Market Value

EUR% of

Net Assets


Equities

United Kingdom

GVC CVR plc Rights 28/03/2019* GBP 970,170 – –

– –


Total Other transferable securities and money market instruments – –

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

Ireland

Northern Trust The Euro Liquidity Fund – Accumulating Shares Class D EUR 24,449,779 24,031,688 9.93

24,031,688 9.93

Total Collective Investment Schemes - UCITS 24,031,688 9.93

Exchange Traded Funds

Jersey

ETFS Physical Gold Fund USD 92,665 9,050,539 3.74

9,050,539 3.74

Total Exchange Traded Funds 9,050,539 3.74 Total Units of authorised UCITS or other collective investment undertakings 33,082,227 13.67


Cash 36,633,668 15.14




121






Net Assets



Ireland 9.93

Italy 5.40

Japan 4.20

Jersey 4.05

Spain 3.73

Russia 2.61

Guernsey 1.86

Denmark 1.40

Norway 1.37

Canada 1.26

Switzerland 1.23

Australia 1.21

China 0.95

Germany 0.84

Isle of Man 0.64

France 0.30

Luxembourg 0.15

Mexico 0.14

Netherlands 0.11

Bermuda 0.11



Total 100.00

122




PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsCHF 13,760 EUR 12,129 15/10/2018 J.P. Morgan 41 –

EUR 48,112 CHF 54,353 15/10/2018 J.P. Morgan 42 –

EUR 1,979,054 JPY 250,000,000 21/11/2018 J.P. Morgan 76,614 0.03

EUR 14,526,160 USD 16,700,000 21/11/2018 J.P. Morgan 164,239 0.07

GBP 22,915,394 EUR 25,712,170 15/10/2018 J.P. Morgan 82,522 0.03

SEK 27,989,749 EUR 2,670,810 15/10/2018 J.P. Morgan 46,043 0.02

USD 7,534,105 EUR 6,485,304 15/10/2018 J.P. Morgan 13,581 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 383,082 0.16 CHF 1,887,580 EUR 1,673,231 15/10/2018 J.P. Morgan (3,848) –

EUR 18,427 CHF 20,858 15/10/2018 J.P. Morgan (20) –

EUR 434,105 GBP 387,542 15/10/2018 J.P. Morgan (2,131) –

EUR 66,436,150 GBP 59,550,000 21/11/2018 J.P. Morgan (507,743) (0.21)

EUR 71,204 SEK 749,093 15/10/2018 J.P. Morgan (1,508) –

EUR 67,977 USD 79,590 15/10/2018 J.P. Morgan (677) –

GBP 36,000 EUR 40,624 15/10/2018 J.P. Morgan (101) –





123




Global Exposure

EUR


EUR% of

Net Assets

Australia Domino's Pizza Enterprises Ltd. AUD (12,280) (406,996) 6,652 –


Canada TransCanada Corp. CAD (750) (26,178) 1,475 –

Cayman Islands NIO, Inc. USD (12,500) (76,041) 18,861 0.01



Denmark Chr Hansen Holding A/S DKK (4,500) (388,921) 4,587 –

Denmark Coloplast A/S DKK (7,810) (687,145) 32,891 0.01

Denmark Novozymes A/S DKK (17,800) (836,164) 4,178 –

France Danone SA EUR (3,060) (204,500) 3,029 –

France Remy Cointreau SA EUR (5,492) (617,026) 37,409 0.02

Germany Fraport AG Frankfurt Airport Services Worldwide EUR (6,200) (468,534) 6,478 –

Germany HelloFresh SE EUR (12,100) (128,986) 17,867 0.01

Germany Zalando SE EUR (4,500) (151,425) 10,084 –

Ireland Kerry Group plc EUR (14,959) (1,433,446) 35,528 0.01


Sweden Volvo AB SEK (60,650) (925,554) 1,619 –

Switzerland DKSH Holding AG CHF (2,500) (147,010) 9,064 –

Switzerland Straumann Holding AG CHF (625) (408,423) 18,514 0.01



United Kingdom BBA Aviation plc GBP (182,850) (610,962) 21,952 0.01


United Kingdom Genus plc GBP (7,100) (190,699) 37,180 0.02

United Kingdom Just Eat plc GBP (122,150) (929,087) 120,995 0.05


United Kingdom Restore plc GBP (58,500) (316,227) 22,399 0.01


United States of America AECOM USD (36,200) (1,019,804) 31,727 0.01



United States of America BlackRock, Inc. USD (5,650) (2,331,225) 5,059 –


United States of America Campbell Soup Co. USD (30,300) (964,527) 68,343 0.03

United States of America CarMax, Inc. USD (18,300) (1,166,416) 63,559 0.03






124




Global Exposure

EUR


EUR% of

Net Assets

United States of America Crown Castle International Corp. USD (4,830) (454,247) 21,333 0.01

United States of America Customers Bancorp, Inc. USD (10,180) (204,815) 12,306 –

United States of America Dorman Products, Inc. USD (36,750) (2,471,547) 99,213 0.04

United States of America Equinix, Inc. USD (4,120) (1,530,614) 21,585 0.01

United States of America Facebook, Inc. USD (6,900) (1,005,993) 22,618 0.01

United States of America Franklin Resources, Inc. USD (27,150) (727,578) 15,212 0.01

United States of America General Mills, Inc. USD (25,500) (947,588) 64,664 0.03

United States of America Globalstar, Inc. USD (135,800) (58,866) 926 –



United States of America Intel Corp. USD (35,550) (1,408,536) 76,908 0.03

United States of America Iron Mountain, Inc. USD (6,200) (182,532) 10,734 –


United States of America JM Smucker Co. (The) USD (15,250) (1,348,098) 15,257 0.01

United States of America Kellogg Co. USD (18,700) (1,130,552) 28,661 0.01

United States of America Kilroy Realty Corp. USD (23,500) (1,431,501) 52,658 0.02

United States of America Kimberly-Clark Corp. USD (600) (58,516) 1,344 –

United States of America Kraft Heinz Co. (The) USD (30,550) (1,451,804) 85,800 0.04

United States of America Lattice Semiconductor Corp. USD (31,900) (214,441) 132 –

United States of America LKQ Corp. USD (10,000) (273,942) 22,114 0.01



United States of America Newell Brands, Inc. USD (21,800) (385,047) 23,812 0.01

United States of America Nexstar Media Group, Inc. USD (24,350) (1,697,850) 26,283 0.01

United States of America NVIDIA Corp. USD (8,400) (1,939,683) 93,327 0.04

United States of America PayPal Holdings, Inc. USD (5,250) (403,443) 15,119 0.01

United States of America Prestige Consumer Healthcare, Inc. USD (35,100) (1,155,816) 11,550 –


United States of America Roper Technologies, Inc. USD (3,350) (851,392) 14,376 0.01

United States of America SVB Financial Group USD (8,200) (2,217,404) 67,881 0.03

United States of America Tenet Healthcare Corp. USD (56,850) (1,392,177) 239,355 0.10

United States of America WestRock Co. USD (3,850) (177,941) 5,170 –


Australia Commonwealth Bank of Australia AUD (18,201) (809,432) (2,097) –

Canada Canadian Imperial Bank of Commerce CAD (8,400) (682,029) (529) –

Cayman Islands Alibaba Group Holding Ltd. USD (1,700) (244,110) (10,493) (0.01)

France L'Oreal SA EUR (3,450) (718,118) (5,003) –




125




Global Exposure

EUR


EUR% of

Net Assets

Germany Hannover Rueck SE EUR (7,950) (964,733) (23,024) (0.01)

Japan Aeon Co. Ltd. JPY (36,900) (768,587) (92,624) (0.04)

Japan M3, Inc. JPY (52,200) (1,024,188) (51,656) (0.02)




Netherlands Fiat Chrysler Automobiles NV EUR (116,050) (1,765,121) (74,012) (0.03)

Netherlands Koninklijke Philips NV EUR (5,013) (198,051) (5,101) –

Spain CaixaBank SA EUR (231,100) (901,983) (9,706) –

Sweden Elekta AB SEK (32,900) (383,281) (1,517) –


Switzerland Nestle SA CHF (8,850) (637,098) (235) –


Thailand CP ALL PCL USD (199,000) (365,902) (11,523) (0.01)

United Kingdom Ashtead Group plc GBP (26,350) (726,579) (25,668) (0.01)

United Kingdom Diageo plc GBP (17,800) (546,898) (6,765) –

United Kingdom Halma plc GBP (36,150) (590,511) (7,532) –


United Kingdom Informa plc GBP 68,800 587,067 (3,642) –

United Kingdom Just Group plc GBP (190,000) (185,888) (32,321) (0.01)

United Kingdom Metro Bank plc GBP (35,935) (1,187,757) (57,185) (0.02)

United Kingdom Spirax-Sarco Engineering plc GBP (15,650) (1,288,790) (32,165) (0.01)

United States of America ACADIA Pharmaceuticals, Inc. USD (17,100) (322,114) (112,145) (0.05)

United States of America Air Products & Chemicals, Inc. USD (3,450) (502,013) (6,628) –

United States of America Amazon.com, Inc. USD (1,210) (2,103,048) (120) –

United States of America AMETEK, Inc. USD (26,900) (1,833,959) (46,340) (0.02)




United States of America Caterpillar, Inc. USD (21,000) (2,764,695) (246,530) (0.10)

United States of America Charter Communications, Inc. USD (6,250) (1,754,505) (79,333) (0.03)

United States of America Coca-Cola Co. (The) USD (42,250) (1,679,106) (51,301) (0.02)


United States of America Deere & Co. USD (9,850) (1,286,142) (63,067) (0.03)




126




Global Exposure

EUR


EUR% of

Net Assets


United States of America Dunkin' Brands Group, Inc. USD (13,250) (845,451) (8,979) –

United States of America Estee Lauder Cos., Inc. (The) USD (2,400) (298,661) (8,279) –


United States of America Illinois Tool Works, Inc. USD (2,800) (343,433) (7,652) –

United States of America Ingevity Corp. USD (1,400) (123,083) (973) –

United States of America Intuit, Inc. USD (3,020) (581,083) (9,556) –


United States of America McDonald's Corp. USD (12,950) (1,862,452) (48,363) (0.02)


United States of America Mondelez International, Inc. USD (24,400) (907,344) (6,810) –

United States of America NantKwest, Inc. USD (35,500) (113,266) (10,315) (0.01)

United States of America NCR Corp. USD (22,550) (556,210) (3,731) –

United States of America Netflix, Inc. USD (12,370) (4,066,562) (156,323) (0.07)


United States of America Post Holdings, Inc. USD (27,970) (2,356,495) (7,487) –

United States of America Praxair, Inc. USD (4,900) (686,856) (17,538) (0.01)

United States of America salesforce.com, Inc. USD (12,500) (1,731,677) (90,900) (0.04)

United States of America Service Corp. International/US USD (32,000) (1,209,302) (49,875) (0.02)


United States of America Snap-on, Inc. USD (5,400) (859,247) (34,948) (0.02)

United States of America Tesla, Inc. USD (23,750) (6,306,078) (168,231) (0.07)



United States of America Wayfair, Inc. USD (27,100) (3,406,542) (244,260) (0.10)




Deutsche Bank (1,091,103)


(782,722)




127







Global Exposure

EUR

Market Value

EUR% of

Net Assets

112 Commerzbank AG, Call, 8.000, 21/12/2018 EUR UBS 77,178 13,328 0.01

18,800,000 Foreign Exchange USD/CNY, Call, 7.000, 10/10/2018 USD Bank of America

Merrill Lynch 32,744,158 4,804 –



Merrill Lynch 694,819,087 308 –


Merrill Lynch 470,426,021 1,402 –

150 S&P 500 Index, Call, 3,400.000, 18/01/2019 USD UBS 377,429 8,419 –

19 Tapestry, Inc., Call, 30.000, 18/01/2019 USD UBS 81,320 33,223 0.01


128




■ Jupiter Global Convertibles Review of Portfolio as at 30 September 2018

Performance



Class A USD Acc HSC (1) $10.03 $10.00 0.30


Class D EUR Acc €11.49 €11.50 (0.09)

Class D EUR A Inc €10.09 €10.27 (0.13)+

Class D GBP A Inc HSC £11.19 £11.28 0.85+

Class D USD A Inc HSC $10.47 $10.40 2.29+

Class I CHF Acc HSC CHF 13.14 CHF 13.22 (0.61)

Class I EUR Acc €13.83 €13.84 (0.07)

Class I EUR Q Inc Dist (3) €9.65 – (2.41)+

Class I GBP A Inc HSC £12.56 £12.66 0.86+

Class I USD Acc HSC $14.40 $14.06 2.42


Class L EUR Acc €12.96 €13.08 (0.92)

Class L GBP A Inc HSC £12.23 £12.43 0.03+


Class N USD Acc HSC (1) $10.00 $10.00 –+ Performance takes into consideration dividend distributions during the year.(1) Launch date 30 October 2017. (2) Launch date 15 June 2018. (3) Launch date 31 January 2018.

Market Review

The dollar strengthened and accessing external (i.e. dollar) financing grew more expensive during the review period as in the US, interest rates rose, quantitative tightening got underway and tax breaks encouraged companies to repatriate capital. These trends, along with Washington’s intensifying trade dispute with China and imposition of tariffs on $200bn of Chinese imports, created a perfect storm in emerging markets and exacerbated country-specific issues in Argentina and Turkey, sparking currency runs and contagion fears. In Europe, Italy was an additional focus as a new populist government sent Italian government bonds gyrating, creating an extra layer of worry for European banks. The income paid on government bonds generally stayed low and credit spreads1 tight as new issuance outpaced the previous year’s levels, with $74.0 billion of convertible bonds issued globally in the first nine months of 2018, just shy of 2017’s full-year total. The US continued to lead the way in terms of issuance, especially technology names.

Performance Review

Our underweight positioning in the US, where credit quality and cashflow concerns are building, dragged on the Jupiter Global Convertibles fund’s relative performance as US markets, especially technology names, continued to rally through much of the year. However, some of this was made up at the end of the review period as sentiment towards US convertible bonds and US technology stocks turned distinctly sour and the market grew more volatile.

In contrast, the fund’s overweight position in Japan, which we believe offers better value, contributed positively to returns. We also outperformed the broader market represented by the Thomson Reuters Global Convertible Index with our UK, Germany, China, Hong Kong, and Netherlands picks.

Not owning Steinhoff Finance was a plus as its scandal-tainted South African parent, retailer Steinhoff International, flirted with bankruptcy. In July, creditors agreed to hold off debt claims for three years. Not having any exposure to Tesla was also positive for the fund’s relative returns after the electric vehicle group’s CEO Elon Musk was hit by allegations of securities fraud, prompting his departure. Not holding Twitter also benefited relative performance.

Other positive contributions to returns came from the fund’s holdings in Japanese quartet SBI Holdings, Sony Corp, Bic Cameras and Terumo Corp and Chinese trio Kunlun Energy, China Evergrande and Weibo Corp.

Leading the detractors over the review period was Nanya Technology, a Taiwan-headquartered manufacturer of DRAM products adversely impacted by the growing trade concerns. Finally, the fund’s holding in the funding vehicle of Russian gold and antimony miner Polyus dragged on returns as the US sanctions imposed on the controlling shareholder’s father soured sentiment despite a solid set of second-quarter results.

129




■ Jupiter Global Convertibles Review of Portfolio as at 30 September 2018 (continued)

Outlook

We believe that liquidity conditions in the global financial system will continue to tighten (e.g. funding costs are rising) as the US Federal Reserve remains on track for further interest rate hikes and balance sheet reduction. The removal of global liquidity has initially been felt in emerging markets, but we believe this is starting to impact developed equity markets as well. Ongoing trade issues, the Italian political situation, and US mid-term elections are also areas we believe could result in higher market volatility at a time when risk premia2 remain low, and as such we maintain our cautious positioning in the portfolio.

Lee ManziFund Manager

30 September 2018

1: The additional and variable yield paid by corporate bonds over comparable government bonds to reflect the potential for default.2: The additional returns that investors typically can expect in exchange for buying riskier assets.

130




■ Jupiter Global Convertibles Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of


BermudaHaitong International Securities Group Ltd., Reg. S 0% 25/10/2021 HKD 80,000,000 8,519,360 0.77

Johnson Electric Holdings Ltd., Reg. S 1% 02/04/2021 USD 7,000,000 6,508,708 0.58

Kunlun Energy Co. Ltd., Reg. S 1.625% 25/07/2019 CNY 87,000,000 14,969,237 1.35

29,997,305 2.70 Cayman IslandsASM Pacific Technology Ltd., Reg. S 2% 28/03/2019 HKD 28,000,000 3,139,712 0.28 China Overseas Finance Investment Cayman V Ltd., Reg. S 0% 05/01/2023 USD 8,600,000 7,856,990 0.71

CIFI Holdings Group Co. Ltd., Reg. S 0% 12/02/2019 HKD 70,000,000 7,662,055 0.69

Harvest International Co., Reg. S 0% 21/11/2022 HKD 107,000,000 11,440,039 1.03

Zhongsheng Group Holdings Ltd., Reg. S 0% 23/05/2023 HKD 50,000,000 5,322,062 0.48

35,420,858 3.19 ChinaChina Railway Construction Corp. Ltd., Reg. S 0% 29/01/2021 USD 12,000,000 11,864,001 1.07

CRRC Corp. Ltd., Reg. S 0% 05/02/2021 USD 7,500,000 6,502,895 0.58

Zhejiang Expressway Co. Ltd., Reg. S 0% 21/04/2022 EUR 8,500,000 8,112,145 0.73

26,479,041 2.38 FranceCie Generale des Etablissements Michelin SCA, Reg. S 0% 10/01/2022 USD 12,000,000 9,992,332 0.90

LVMH Moet Hennessy Louis Vuitton SE, Reg. S 0% 16/02/2021 USD 2,300,000 7,361,057 0.66

Nexity SA, Reg. S 0.125% 01/01/2023 EUR 10,000,000 6,701,150 0.60

Orange SA, Reg. S 0.375% 27/06/2021 GBP 7,500,000 8,145,633 0.73

Orpar SA, Reg. S 0% 20/06/2024 EUR 4,500,000 4,698,833 0.42



TOTAL SA, Reg. S 0.5% 02/12/2022 USD 13,000,000 12,804,735 1.15

Valeo SA, Reg. S 0% 16/06/2021 USD 9,600,000 7,755,916 0.70

Vinci SA, Reg. S 0.375% 16/02/2022 USD 8,000,000 7,444,810 0.67

Wendel SA, Reg. S 0% 31/07/2019 EUR 16,000,000 8,319,120 0.75

90,921,236 8.18 Germanyadidas AG, Reg. S 0.05% 12/09/2023 EUR 5,000,000 5,334,500 0.48

BASF SE, Reg. S 0.925% 09/03/2023 USD 19,000,000 15,327,445 1.38

Bayer AG, Reg. S 0.05% 15/06/2020 EUR 13,000,000 14,136,395 1.27

Deutsche Post AG, Reg. S 0.05% 30/06/2025 EUR 8,000,000 7,942,360 0.71

MTU Aero Engines AG, Reg. S 0.125% 17/05/2023 EUR 4,500,000 7,297,470 0.66

RAG-Stiftung, Reg. S 0% 18/02/2021 EUR 15,500,000 16,806,030 1.51

66,844,200 6.01

131




■ Jupiter Global Convertibles Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingConvertible BondsIndiaLarsen & Toubro Ltd., Reg. S 0.675% 22/10/2019 USD 10,500,000 8,993,666 0.81

8,993,666 0.81 ItalyPrysmian SpA, Reg. S 0% 17/01/2022 EUR 9,000,000 8,848,575 0.80

8,848,575 0.80 JapanAEON Financial Service Co. Ltd. 0% 13/09/2019 JPY 950,000,000 7,607,641 0.68

ANA Holdings, Inc., Reg. S 0% 16/09/2022 JPY 1,400,000,000 10,830,748 0.97

Asics Corp., Reg. S 0% 01/03/2019 JPY 700,000,000 5,311,281 0.48

Chugoku Electric Power Co., Inc. (The), Reg. S 0% 25/01/2022 JPY 950,000,000 7,972,909 0.72

Iwatani Corp., Reg. S 0% 22/10/2020 JPY 600,000,000 5,072,608 0.46

Kansai Paint Co. Ltd., Reg. S 0% 17/06/2022 JPY 1,100,000,000 8,438,574 0.76

Mebuki Financial Group, Inc., Reg. S 0% 24/04/2019 USD 9,000,000 7,620,068 0.69

Mitsubishi Chemical Holdings Corp., Reg. S 0% 29/03/2024 JPY 1,750,000,000 14,544,265 1.31

SBI Holdings, Inc., Reg. S 0% 13/09/2023 JPY 1,500,000,000 13,762,606 1.24

SCREEN Holdings Co. Ltd., Reg. S 0% 10/06/2022 JPY 500,000,000 3,797,350 0.34

Sony Corp. 0% 30/09/2022 JPY 1,500,000,000 16,228,276 1.46

Suzuki Motor Corp., Reg. S 0% 31/03/2023 JPY 400,000,000 4,839,750 0.43

Takashimaya Co. Ltd. 0% 11/12/2020 JPY 950,000,000 7,303,986 0.66

Terumo Corp., Reg. S 0% 04/12/2019 JPY 400,000,000 5,327,754 0.48

Toppan Printing Co. Ltd., Reg. S 0% 19/12/2019 JPY 750,000,000 5,796,706 0.52

Toray Industries, Inc., Reg. S 0% 30/08/2019 JPY 500,000,000 4,022,900 0.36

Yamada Denki Co. Ltd., Reg. S 0% 28/06/2019 JPY 570,000,000 4,795,352 0.43

Yamaguchi Financial Group, Inc., Reg. S, FRN 1.874% 26/03/2020 USD 13,000,000 11,386,071 1.02

144,658,845 13.01 JerseyBalfour Beatty Finance No. 2 Ltd., Reg. S 1.875% 03/12/2018 GBP 10,500,000 11,839,155 1.06 Derwent London Capital No. 2 Jersey Ltd., REIT, Reg. S 1.125% 24/07/2019 GBP 4,600,000 5,286,839 0.48

PT Jersey Ltd., Reg. S 0.5% 19/11/2019 EUR 8,500,000 8,325,920 0.75

25,451,914 2.29 LuxembourgCitigroup Global Markets Funding Luxembourg SCA, Reg. S 0.5% 04/08/2023 EUR 13,000,000 13,981,630 1.26

13,981,630 1.26

132






Quantity/ Nominal

Value

Market Value

EUR% of


Netherlands

ACS Actividades Finance 2 BV, Reg. S 1.625% 27/03/2019 EUR 5,000,000 5,489,875 0.49



Brenntag Finance BV, Reg. S 1.875% 02/12/2022 USD 15,500,000 13,384,508 1.20

Siemens Financieringsmaatschappij NV, Reg. S 1.65% 16/08/2019 USD 18,000,000 17,231,252 1.55

61,756,568 5.55

Norway

Marine Harvest ASA, Reg. S 0.125% 05/11/2020 EUR 6,000,000 9,015,960 0.81

Telenor East Holding II A/S, Reg. S 0.25% 20/09/2019 USD 11,600,000 9,804,293 0.88

18,820,253 1.69

Singapore

CapitaLand Ltd., Reg. S 1.95% 17/10/2023 SGD 14,500,000 9,200,466 0.83

9,200,466 0.83

South Korea

LG Chem Ltd., Reg. S 0% 16/04/2021 EUR 14,000,000 14,324,680 1.29

14,324,680 1.29

Spain

Corp. Economica Delta SA, Reg. S 1% 01/12/2023 EUR 4,500,000 4,490,685 0.40

4,490,685 0.40

Sweden

Industrivarden AB, Reg. S 0% 15/05/2019 SEK 100,000,000 10,041,938 0.90

10,041,938 0.90

Switzerland

Implenia AG, Reg. S 0.5% 30/06/2022 CHF 8,100,000 7,440,147 0.67

Sika AG, Reg. S 0.15% 05/06/2025 CHF 11,300,000 10,604,690 0.95

18,044,837 1.62

Taiwan

Hon Hai Precision Industry Co. Ltd., Reg. S 0% 06/11/2022 USD 9,000,000 7,436,857 0.67

United Microelectronics Corp., Reg. S 0% 18/05/2020 USD 12,000,000 11,781,572 1.06

19,218,429 1.73



DP World Ltd., Reg. S 1.75% 19/06/2024 USD 8,400,000 7,136,943 0.64

15,502,308 1.39

133






Quantity/ Nominal

Value

Market Value

EUR% of

Net Assets

Transferable securities and money market instruments admitted to an official exchange listing

Convertible Bonds

United Kingdom

BP Capital Markets plc, Reg. S 1% 28/04/2023 GBP 8,500,000 13,018,655 1.17

Inmarsat plc, Reg. S 3.875% 09/09/2023 USD 7,000,000 6,716,970 0.61

J Sainsbury plc, Reg. S 1.25% 21/11/2019 GBP 8,500,000 10,707,590 0.96

Vodafone Group plc, Reg. S 0% 26/11/2020 GBP 7,500,000 8,132,499 0.73

38,575,714 3.47


Glencore Funding LLC, Reg. S 0% 27/03/2025 USD 12,600,000 9,865,534 0.89

JPMorgan Chase Bank NA, Reg. S 0% 30/12/2020 USD 11,500,000 10,312,454 0.93

Morgan Stanley Finance LLC, Reg. S 0% 17/12/2021 EUR 8,700,000 8,631,401 0.77

National Grid North America, Inc., Reg. S 0.9% 02/11/2020 GBP 8,700,000 9,678,101 0.87

38,487,490 3.46


Asia View Ltd., Reg. S 1.5% 08/08/2019 USD 6,000,000 6,271,456 0.56

China Yangtze Power International BVI 2 Ltd., Reg. S 0% 09/11/2021 EUR 9,600,000 10,387,200 0.94

Shanghai Port Group BVI Holding Co. Ltd., Reg. S 0% 09/08/2021 USD 14,000,000 12,566,442 1.13

Smart Insight International Ltd., Reg. S 0% 27/01/2019 HKD 118,000,000 12,878,863 1.16

Strategic International Group Ltd., Reg. S 0% 21/07/2022 EUR 6,000,000 7,021,350 0.63

49,125,311 4.42


Equities


Stanley Black & Decker, Inc. Preference 5.375% USD 42,000 4,034,479 0.36

Wells Fargo & Co. Preference 7.5% USD 3,800 4,201,988 0.38

8,236,467 0.74


Transferable securities and money market instruments dealt in on another regulated marketConvertible Bonds

Cayman Islands

Momo, Inc., 144A 1.25% 01/07/2025 USD 6,000,000 5,107,298 0.46

Vipshop Holdings Ltd. 1.5% 15/03/2019 USD 8,900,000 7,566,180 0.68

12,673,478 1.14

134






Quantity/ Nominal

Value

Market Value

EUR% of

Net Assets


Convertible Bonds

Japan

CyberAgent, Inc., Reg. S 0% 19/02/2025 JPY 600,000,000 5,563,732 0.50

HIS Co. Ltd., Reg. S 0% 30/08/2019 JPY 950,000,000 7,341,879 0.66

Iida Group Holdings Co. Ltd., Reg. S 0% 18/06/2020 JPY 1,200,000,000 9,229,422 0.83

Medipal Holdings Corp., Reg. S 0% 07/10/2022 JPY 1,350,000,000 11,933,563 1.07

Nipro Corp., Reg. S 0% 29/01/2021 JPY 1,000,000,000 8,840,628 0.80

Senko Group Holdings Co. Ltd., Reg. S 0% 28/03/2022 JPY 750,000,000 6,392,542 0.58

Shimizu Corp., Reg. S 0% 16/10/2020 JPY 1,550,000,000 12,246,869 1.10

61,548,635 5.54

Netherlands

NXP Semiconductors NV 1% 01/12/2019 USD 13,500,000 12,184,144 1.09

Yandex NV 1.125% 15/12/2018 USD 8,000,000 6,880,039 0.62

19,064,183 1.71


Aerojet Rocketdyne Holdings, Inc. 2.25% 15/12/2023 USD 6,500,000 7,996,343 0.72

Akamai Technologies, Inc. 0% 15/02/2019 USD 16,500,000 14,169,450 1.27

Altaba, Inc. 0% 01/12/2018 USD 3,900,000 4,315,193 0.39

BofA Finance LLC 0.25% 01/05/2023 USD 4,500,000 3,667,137 0.33

Booking Holdings, Inc. 0.9% 15/09/2021 USD 10,000,000 10,238,324 0.92

Citrix Systems, Inc. 0.5% 15/04/2019 USD 8,000,000 10,551,857 0.95

Cypress Semiconductor Corp. 4.5% 15/01/2022 USD 4,800,000 5,182,188 0.47

DISH Network Corp. 3.375% 15/08/2026 USD 9,000,000 7,408,414 0.67

Finisar Corp. 0.5% 15/12/2033 USD 10,000,000 8,580,940 0.77

FTI Consulting, Inc., 144A 2% 15/08/2023 USD 10,000,000 8,399,347 0.75

Gannett Co., Inc., 144A 4.75% 15/04/2024 USD 8,500,000 7,734,722 0.70

InterDigital, Inc. 1.5% 01/03/2020 USD 13,800,000 13,959,796 1.26

JPMorgan Chase Financial Co. LLC 0.25% 01/05/2023 USD 2,000,000 1,616,886 0.14

Kaman Corp. 3.25% 01/05/2024 USD 10,000,000 10,118,592 0.91

Liberty Expedia Holdings, Inc., 144A 1% 30/06/2047 USD 18,500,000 16,094,389 1.45

Liberty Media Corp. 1.375% 15/10/2023 USD 7,500,000 7,682,693 0.69

Live Nation Entertainment, Inc., 144A 2.5% 15/03/2023 USD 13,500,000 12,550,819 1.13

Macquarie Infrastructure Corp. 2.875% 15/07/2019 USD 7,500,000 6,411,419 0.58

Meritor, Inc. 3.25% 15/10/2037 USD 11,000,000 9,055,298 0.81

Microchip Technology, Inc. 1.625% 15/02/2027 USD 12,000,000 10,992,928 0.99

135






Quantity/ Nominal

Value

Market Value

EUR% of

Net Assets


Convertible Bonds


Micron Technology, Inc. 3% 15/11/2043 USD 3,000,000 4,008,756 0.36

Oil States International, Inc., 144A 1.5% 15/02/2023 USD 9,000,000 8,231,850 0.74

Palo Alto Networks, Inc., 144A 0.75% 01/07/2023 USD 9,000,000 8,104,811 0.73

SEACOR Holdings, Inc. 3% 15/11/2028 USD 4,900,000 4,102,522 0.37

Synaptics, Inc. 0.5% 15/06/2022 USD 17,000,000 14,130,336 1.27

Teradyne, Inc. 1.25% 15/12/2023 USD 6,000,000 6,754,657 0.61

Vishay Intertechnology, Inc., 144A 2.25% 15/06/2025 USD 14,000,000 11,343,350 1.02

Western Digital Corp., 144A 1.5% 01/02/2024 USD 16,000,000 12,828,019 1.15

246,231,036 22.15

Total Convertible Bonds 339,517,332 30.54 Total Transferable securities and money market instruments dealt in on another regulated market 339,517,332 30.54


Cash 29,848,541 2.68


Total Net Assets 1,111,807,883 100.00

136






Net Assets


Japan 18.55

France 8.18

Netherlands 7.26

Germany 6.01


Cayman Islands 4.33

United Kingdom 3.47

Bermuda 2.70

China 2.38

Jersey 2.29

Taiwan 1.73

Norway 1.69

Switzerland 1.62


South Korea 1.29

Luxembourg 1.26

Sweden 0.90

Singapore 0.83

India 0.81

Italy 0.80

Spain 0.40



Total 100.00

137







PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsCHF 239,241 EUR 210,582 15/10/2018 J.P. Morgan 1,004 –

EUR 621 CHF 699 15/10/2018 J.P. Morgan 3 –

EUR 17,000,563 CHF 19,185,985 25/10/2018 J.P. Morgan 30,434 0.01

GBP 63,259,743 EUR 70,982,534 15/10/2018 J.P. Morgan 225,741 0.02

USD 80,253,747 EUR 69,093,152 15/10/2018 J.P. Morgan 133,365 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 390,547 0.04 CHF 268,074,272 EUR 237,631,706 15/10/2018 J.P. Morgan (545,803) (0.05)

EUR 8,720 CHF 9,920 15/10/2018 J.P. Morgan (54) –

EUR 1,079,105 GBP 962,911 15/10/2018 J.P. Morgan (4,796) –

EUR 64,378,804 GBP 57,778,689 25/10/2018 J.P. Morgan (636,629) (0.06)

EUR 49,819,120 HKD 459,307,376 25/10/2018 J.P. Morgan (784,423) (0.07)

EUR 160,754,236 JPY 21,328,563,003 25/10/2018 J.P. Morgan (1,582,228) (0.14)

EUR 9,738,371 SEK 100,492,200 25/10/2018 J.P. Morgan (16,332) –

EUR 9,215,604 SGD 14,824,221 25/10/2018 J.P. Morgan (126,282) (0.01)

EUR 400,733 USD 469,061 15/10/2018 J.P. Morgan (3,877) –

EUR 531,000,475 USD 626,608,427 25/10/2018 J.P. Morgan (9,067,878) (0.82)

GBP 1,870,371 EUR 2,107,258 15/10/2018 J.P. Morgan (1,877) –


138




■ Jupiter Global Ecology Diversified Review of Portfolio as at 30 September 2018

Performance


Class D GBP Acc HSC £10.59 £10.56 0.28

Class D GBP Q Inc Dist HSC £10.17 £10.35 0.39+

Class I EUR Acc €10.70 €10.76 (0.56)

Class I GBP Acc HSC £10.60 £10.56 0.38

Class I GBP Q Inc Dist HSC £10.46 £10.65 0.34+

Class L EUR Acc €10.55 €10.67 (1.12)


Market Review

The FTSE World Index rallied over the review period, but the gains were reliant on the US stock market and a narrow group of large US technology names. Robust US economic growth, which was underpinned by tax cuts in December last year, gave the US Federal Reserve (the Fed) cause to increase the fed funds rate (the central banks reference interest rate) to a band of 2% to 2.25%. The strengthening US dollar, and an increasingly protectionist stance from the White House, precipitated currency crises in Turkey and Argentina, both of which have high levels of dollar-denominated debt. The distress in these countries in turn ignited contagion fears among other emerging markets. Away from the US, the performance of other developed markets was relatively muted. In bond markets, US Treasury yields climbed over 3.0% and corporate bonds generally remained robust, despite an increase in potential risks.

Against that backdrop the market for labelled green bonds, to which around one-fifth of the fund is allocated, continued to make good progress, with about $114bn-worth issued in the year to October, a healthy portion of which were issued by governments. This compares with the sterling investment grade bond market, where about $20bn is issued a year

Performance Review

Tighter credit spreads, especially in the US where a lack of issuance lent technical support to the market, impeded performance from a fixed income perspective. Our corporate bond exposure continued to be more defensive than 40% MSCI World/ 60% BAML Global Corp & HY Indices (which represents the market activity), which meant that the increase in value of the market for these bonds overall impeded relative performance, as did having less income than the index.

We generally increased the fund’s US bond exposure during the year. Additions included a bond issued by ABB, which provides technology for electric vehicle (‘EV’) charging, grid infrastructure and automation, as well as bonds issued by US electricity and water utility, Eversouce, and the Asian Development Bank.

We also bought into a small perpetual bond issued by Egger Holzwerkstoffe, a family business specialising in sustainable wood-based products for the furniture, interior design and building sectors. The company runs its own timber recycling unit under the name of Timberpak, and uses recycled materials in its product range.

The fund’s equities exposure made progress in absolute terms in the review period but underperformed the broader market. US health care stocks performed well due to a mix of market-friendly regulation, share buybacks and M&A activity, among them positions we hold in HCA Healthcare and Thermo Fisher Scientific. SalMar, a Norwegian fish farm company, was another positive highlight thanks to its improved operational performance.

Industrials was the best-performing sector for the fund with Westinghouse Air Brake Technologies Corporation (WABTEC) and MSA Safety among the holdings contributing positively to relative returns.

Detracting from performance was the portfolio’s exposure to utilities, which lost ground largely in response to higher interest rates, while not holding large US technology stocks such as Apple and Amazon also impeded relative returns. Holding electrical components and equipment maker A.O. Smith also weighed due to weakness in the Chinese housing market, as did the fund’s positions in Japanese duo OMRON and NSK as companies sensitive to global growth saw their share prices fall due to the heightened global trade tensions.

A cash build-up should provide a buffer at times of turbulence, and we plan to deploy this when opportunities arise.

Outlook

Recent statements from the Federal Reserve raise the risk of a policy error that might signal the start of the end of the current market cycle. At 3.25%, US Treasuries appear fairly valued in our view. If the Fed’s view of what the natural rate should be moves higher, then the pathway for interest rates will also increase. If the Fed is right in its assessment of the US economy, then risk assets (i.e. bonds and shares) will likely perform well as interest rates rise. However, if it is wrong, the environment for risk assets will become harder and ultimately drive interest rates down again.

The UK gilt market has provided some interesting signals when it comes to Brexit-related risk. Recent movements suggest the market is more concerned about a possible demand shock than inflation. In the eurozone, the bond market is providing investors with little reward for the risks on offer, in our view. High-yield bonds, meanwhile, are highly correlated to small and mid-cap equities, so their resilience is somewhat surprising given how challenging the period has been for equity investors. We retain a defensive underweight position here.

139




■ Jupiter Global Ecology Diversified Review of Portfolio as at 30 September 2018 (continued)

Outlook continued

Stock market volatility has increased for a host of reasons but could yet offer up opportunities to buy long-term growth at more attractive valuations. As long-term investors we are focused on the company fundamentals across our universe of sustainable investment themes and remain optimistic about the growth potential.

From California’s commitment to strict emissions targets to a pledge by 19 global cities to make all buildings carbon-neutral by 2050, the policy environment remains supportive. There are growing opportunities in localised waste recycling following China’s ban on imports of recyclable materials and as pressure grows to reduce plastic waste. Offshore wind is going through a transition too as new markets open up or accelerate, with active opportunities across the US, Taiwan and, most recently, India.

Charlie Thomas and Rhys PetheramFund Managers

30 September 2018

140




■ Jupiter Global Ecology Diversified Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of


Austria

Egger Holzwerkstoffe GmbH, Reg. S, FRN 4.875% Perpetual EUR 100,000 100,493 0.79

100,493 0.79

Canada

Canadian National Railway Co. 6.25% 01/08/2034 USD 100,000 107,058 0.85

107,058 0.85

Czech Republic

Energo-Pro A/S, Reg. S 4% 07/12/2022 EUR 100,000 99,058 0.78

99,058 0.78

Denmark

Orsted A/S, Reg. S, FRN 6.25% Perpetual EUR 50,000 58,166 0.46

58,166 0.46

Finland

Fingrid OYJ, Reg. S 1.125% 23/11/2027 EUR 100,000 99,793 0.79

Municipality Finance plc, Reg. S 1.375% 21/09/2021 USD 200,000 164,425 1.29

264,218 2.08

Germany

Deutsche Bahn Finance GMBH, Reg. S 2.75% 20/06/2022 GBP 50,000 58,949 0.46

Kreditanstalt fuer Wiederaufbau 1.875% 30/11/2020 USD 175,000 147,752 1.17

206,701 1.63

IndiaIndian Renewable Energy Development Agency Ltd., Reg. S 7.125% 10/10/2022 INR 10,000,000 111,833 0.88

111,833 0.88

Jersey

Porterbrook Rail Finance Ltd., Reg. S 5.5% 20/04/2019 GBP 100,000 115,025 0.91

115,025 0.91

Netherlands

Nederlandse Waterschapsbank NV, Reg. S 2.375% 24/03/2026 USD 200,000 162,738 1.28

TenneT Holding BV, Reg. S 0.875% 04/06/2021 EUR 100,000 102,017 0.81

264,755 2.09

Norway

Statkraft A/S, Reg. S 1.125% 20/03/2025 EUR 100,000 100,890 0.80

100,890 0.80

141




■ Jupiter Global Ecology Diversified Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsSupranationalAsian Development Bank 6% 24/02/2021 INR 10,000,000 115,180 0.91 Asian Development Bank 1.75% 14/08/2026 USD 150,000 116,890 0.92 Asian Development Bank 2.375% 10/08/2027 USD 75,000 60,811 0.48 Asian Development Bank 3.125% 26/09/2028 USD 100,000 85,932 0.68 European Bank for Reconstruction & Development 1.875% 15/07/2021 USD 100,000 83,766 0.66 European Investment Bank 2.375% 24/05/2027 USD 165,000 133,991 1.06 International Bank for Reconstruction & Development 2.125% 03/03/2025 USD 110,000 89,754 0.71

International Finance Corp. 2% 24/10/2022 USD 150,000 124,429 0.98 International Finance Corp. 2.125% 07/04/2026 USD 100,000 80,710 0.63 Nordic Investment Bank 2.25% 30/09/2021 USD 200,000 168,868 1.33

1,060,331 8.36 SwedenKommuninvest I Sverige AB, Reg. S 1.875% 01/06/2021 USD 200,000 167,592 1.32

167,592 1.32 United KingdomAnglian Water Osprey Financing plc, Reg. S 4% 08/03/2026 GBP 100,000 104,790 0.83 Bazalgette Finance plc, Reg. S 2.375% 29/11/2027 GBP 125,000 137,749 1.09 BUPA Finance plc, FRN 6.125% Perpetual GBP 75,000 89,537 0.70 Eversholt Funding plc, Reg. S 5.831% 02/12/2020 GBP 100,000 122,477 0.96 Greater Gabbard OFTO plc, Reg. S 4.137% 29/11/2032 GBP 88,336 111,429 0.88 Northumbrian Water Finance plc, Reg. S 2.375% 05/10/2027 GBP 100,000 108,997 0.86 Stagecoach Group plc, Reg. S 4% 29/09/2025 GBP 100,000 116,575 0.92 Transport for London, Reg. S 2.125% 24/04/2025 GBP 100,000 114,147 0.90 Wellcome Trust Ltd. (The), Reg. S 1.125% 21/01/2027 EUR 175,000 176,399 1.39

1,082,100 8.53 United States of AmericaABB Finance USA, Inc. 4.375% 08/05/2042 USD 150,000 132,060 1.04 American Water Capital Corp. 6.593% 15/10/2037 USD 100,000 110,522 0.87 Burlington Northern Santa Fe LLC 3.4% 01/09/2024 USD 150,000 129,035 1.02 Burlington Northern Santa Fe LLC 4.05% 15/06/2048 USD 75,000 63,335 0.50 Danaher Corp. 4.375% 15/09/2045 USD 100,000 88,656 0.70 Eaton Corp. 2.75% 02/11/2022 USD 115,000 96,401 0.76 Ecolab, Inc. 4.35% 08/12/2021 USD 106,000 94,277 0.74 Eversource Energy 2.9% 01/10/2024 USD 175,000 144,048 1.14 MidAmerican Energy Co. 3.1% 01/05/2027 USD 125,000 103,278 0.82 Parker-Hannifin Corp. 1.125% 01/03/2025 EUR 150,000 150,006 1.18 Prologis LP, REIT 3% 18/01/2022 EUR 100,000 108,325 0.86 Republic Services, Inc. 2.9% 01/07/2026 USD 100,000 80,407 0.63

142






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsUnited States of America (continued)Southern Power Co. 1% 20/06/2022 EUR 100,000 101,634 0.80 US Treasury 4.5% 15/02/2036 USD 95,000 97,720 0.77 US Treasury 2.75% 15/08/2042 USD 125,000 100,533 0.79 US Treasury 2.5% 15/05/2046 USD 17,000 12,879 0.10 US Treasury 2.25% 15/08/2046 USD 90,000 64,582 0.51 Waste Management, Inc. 4.1% 01/03/2045 USD 178,000 151,734 1.20 Welltower, Inc., REIT 4.25% 01/04/2026 USD 115,000 98,837 0.78 Xylem, Inc. 3.25% 01/11/2026 USD 175,000 142,297 1.12

2,070,566 16.33 Total Bonds 5,808,786 45.81 Convertible BondsFranceSuez, Reg. S 0% 27/02/2020 EUR 250,000 45,882 0.36

45,882 0.36 ItalyPrysmian SpA, Reg. S 0% 17/01/2022 EUR 100,000 98,317 0.77


111,243 0.88 Total Convertible Bonds 255,442 2.01 EquitiesAustriaANDRITZ AG EUR 1,370 69,870 0.55 Mayr Melnhof Karton AG EUR 440 48,444 0.38

118,314 0.93 BermudaBrookfield Renewable Partners LP CAD 2,116 55,250 0.44

55,250 0.44 CanadaCanadian National Railway Co. CAD 300 23,262 0.18 Innergex Renewable Energy, Inc. CAD 8,700 74,479 0.59

97,741 0.77 Cayman IslandsLee & Man Paper Manufacturing Ltd. HKD 36,000 28,779 0.23

28,779 0.23

143






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesChinaGuangshen Railway Co. Ltd. 'H' HKD 60,000 23,138 0.18

23,138 0.18 DenmarkNovo Nordisk A/S 'B' DKK 1,674 68,764 0.54

Orsted A/S DKK 1,088 63,082 0.50

131,846 1.04 FinlandWartsila OYJ Abp EUR 3,852 65,195 0.51

65,195 0.51 FranceEngie SA EUR 6,241 78,153 0.62


Suez EUR 3,577 43,612 0.34

Veolia Environnement SA EUR 2,152 36,794 0.29

235,427 1.86 GermanyFresenius SE & Co. KGaA EUR 1,118 70,725 0.56

Innogy SE EUR 1,300 47,577 0.37

Siemens AG EUR 1,056 116,857 0.92

235,159 1.85 GuernseyRenewables Infrastructure Group Ltd. (The) GBP 24,310 30,799 0.24

30,799 0.24 Hong KongHong Kong & China Gas Co. Ltd. HKD 25,410 43,598 0.34

MTR Corp. Ltd. HKD 8,000 36,390 0.29

79,988 0.63 IrelandEaton Corp. plc USD 721 54,024 0.43

Greencoat Renewables plc EUR 65,498 68,118 0.54



Pentair plc USD 1,041 39,088 0.31

281,634 2.22 ItalyPrysmian SpA EUR 2,688 54,647 0.43

54,647 0.43

144






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesJapanAir Water, Inc. JPY 2,000 31,735 0.25 Azbil Corp. JPY 3,400 64,057 0.50 Denso Corp. JPY 1,100 50,253 0.40 East Japan Railway Co. JPY 1,000 80,423 0.63 FANUC Corp. JPY 300 48,967 0.39 Kubota Corp. JPY 3,200 47,056 0.37 NSK Ltd. JPY 5,500 54,553 0.43 Omron Corp. JPY 1,200 43,915 0.35

420,959 3.32 JerseyAptiv plc USD 1,198 87,045 0.69

87,045 0.69 New ZealandMercury NZ Ltd. NZD 30,394 58,210 0.46

58,210 0.46 NorwaySalmar ASA NOK 1,800 78,018 0.62

78,018 0.62 SwedenAlfa Laval AB SEK 2,657 62,771 0.50 Atlas Copco AB 'A' SEK 1,890 47,495 0.37 SKF AB 'B' SEK 2,688 45,997 0.36

156,263 1.23 United KingdomJohnson Matthey plc GBP 1,145 45,576 0.36 National Express Group plc GBP 15,162 66,524 0.53 National Grid plc GBP 3,940 34,807 0.27 Pennon Group plc GBP 5,036 39,541 0.31 Severn Trent plc GBP 3,185 65,836 0.52 United Utilities Group plc GBP 5,298 41,347 0.33

293,631 2.32

145






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesUnited States of AmericaAgilent Technologies, Inc. USD 1,500 91,716 0.72 AO Smith Corp. USD 1,404 65,594 0.52 Aqua America, Inc. USD 1,790 56,486 0.45 Cerner Corp. USD 1,067 59,155 0.47 CSX Corp. USD 1,189 76,196 0.60 Danaher Corp. USD 1,381 129,008 1.02 DaVita, Inc. USD 788 48,470 0.38 Ecolab, Inc. USD 336 45,503 0.36 Emerson Electric Co. USD 1,600 106,099 0.84 Fortive Corp. USD 537 39,245 0.31 HCA Healthcare, Inc. USD 1,139 136,055 1.07 Hubbell, Inc. USD 201 23,183 0.18 MSA Safety, Inc. USD 1,178 107,202 0.84 Mueller Water Products, Inc. 'A' USD 5,464 54,235 0.43 NextEra Energy Partners LP USD 1,022 42,478 0.33 Republic Services, Inc. USD 1,050 65,865 0.52 Roper Technologies, Inc. USD 246 62,520 0.49 Thermo Fisher Scientific, Inc. USD 410 86,492 0.68 Wabtec Corp. USD 1,148 105,988 0.84


Transferable securities and money market instruments dealt in on another regulated marketBondsCanadaCanadian National Railway Co. 2.75% 01/03/2026 USD 110,000 89,267 0.70 Lower Mattagami Energy LP 4.331% 18/05/2021 CAD 150,000 103,372 0.82

192,639 1.52 United States of AmericaApple, Inc. 2.85% 23/02/2023 USD 135,000 114,668 0.90 Aquarion Co., 144A 4% 15/08/2024 USD 100,000 86,724 0.68 Avangrid, Inc. 3.15% 01/12/2024 USD 200,000 164,839 1.30 MidAmerican Energy Co. 3.65% 01/08/2048 USD 100,000 79,650 0.63 Universal Health Services, Inc., 144A 4.75% 01/08/2022 USD 55,000 47,995 0.38 Ventas Realty LP, REIT 4% 01/03/2028 USD 150,000 125,361 0.99

619,237 4.88 Total Bonds 811,876 6.40 Total Transferable securities and money market instruments dealt in on another regulated market 811,876 6.40

146






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsUnits of authorised UCITS or other collective investment undertakingsCollective Investment Schemes - AIFJerseyForesight Solar Fund Ltd. GBP 24,062 30,011 0.24

30,011 0.24 Total Collective Investment Schemes - AIF 30,011 0.24 Total Units of authorised UCITS or other collective investment undertakings 30,011 0.24

Total Investments 10,839,648 85.48 Cash 1,770,330 13.96Other Assets/(Liabilities) 70,729 0.56Total Net Assets 12,680,707 100.00

147






Net Assets



Supranational 8.36

Germany 3.48

Japan 3.32

Canada 3.14

Finland 2.59

Sweden 2.55

Ireland 2.22

France 2.22

Netherlands 2.09

Jersey 1.84

Austria 1.72

Denmark 1.50

Norway 1.42

Italy 1.20

India 0.88

Czech Republic 0.78

Hong Kong 0.63

New Zealand 0.46

Bermuda 0.44

Guernsey 0.24

Cayman Islands 0.23

China 0.18



Total 100.00

148







Global Exposure

EUR


EUR% of

Net Assets

Euro-OAT, 06/12/2018 (3) EUR (453,735) 3,825 0.03

Long Gilt, 27/12/2018 (2) GBP (272,949) 2,466 0.02


Net Unrealised Gain on Financial Futures Contracts 6,291 0.05



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsGBP 8,935,536 EUR 10,026,407 15/10/2018 J.P. Morgan 31,872 0.25

Total Unrealised Gain on Forward Currency Exchange Contracts 31,872 0.25 EUR 262,908 CAD 401,434 31/10/2018 J.P. Morgan (2,937) (0.02)

EUR 1,500,287 GBP 1,342,659 31/10/2018 J.P. Morgan (10,218) (0.08)

EUR 136,038 HKD 1,253,390 31/10/2018 J.P. Morgan (1,999) (0.02)

EUR 455,990 JPY 60,583,999 31/10/2018 J.P. Morgan (5,109) (0.04)

EUR 53,053 NZD 94,006 31/10/2018 J.P. Morgan (454) –

EUR 5,433,239 USD 6,409,327 31/10/2018 J.P. Morgan (88,197) (0.70)




Global Exposure

EUR

Market Value

EUR% of

Net Assets

12 S&P 500 Emini Index, Put, 2,400.000, 21/12/2018 USD Deutsche Bank 1,512,318 3,238 0.03


149




■ Jupiter Global Ecology Growth Review of Portfolio as at 30 September 2018

Performance


Class D EUR Acc €10.54 €10.33 2.03

Class D EUR A Inc Dist €12.64 €12.48 2.06+

Class L EUR Acc €14.87 €14.72 1.02

Class L EUR A Inc Dist €12.45 €12.33 0.97

Class L GBP A Inc £14.42 £14.19 1.62

Class L USD Acc $11.20 $11.30 (0.88)


Market Review

Although the FTSE World Index performed strongly over the review period conditions have grown increasingly fragile, with the outsized gains on the US stock market doing much of the heavy lifting in the face of mediocre performances in other developed markets. Emerging markets have also been under heavy pressure as currency crises in Turkey and Argentina spread contagion fears. The underlying causes of their distress – namely, rising US interest rates, creeping inflationary concerns and the strong dollar – are far from resolved.

Policy Review

Against this backdrop, the fund underperformed the FTSE ET100 and FTSE World indices (which represents the market activity). The key impediment to relative performance was the fund’s underweight exposure to the US, and stock selection in that country. The portfolio has a natural underweight in the US since the investment universe of environmental and sustainable solutions companies is relatively less prevalent there than other regions. In terms of stock selection, the strong performance of Apple and Amazon, both of which reached market caps of $1 trillion during the period, as well as Microsoft, hurt performance. These companies are not held in the fund as they fall outside the fund’s environmental solutions remit.

Compared to the FTSE ET100 Index, which is a closer representation of the sorts of stocks held in the portfolio, the fund outperformed. Not holding Tesla was a key benefit during the quarter; the stock lost ground after the company’s charismatic CEO, Elon Musk, was required to pay a $20 million settlement and step down as chairman after an ill-considered tweet in which he claimed to have secured funding to take the company private.

The biggest positive contribution to the fund’s relative returns came from Tomra, the recycling technology leader. Also adding value were the fund’s holdings in Casella (waste systems) and Xylem (water technology). Tomra’s share price reached new highs following a positive capital markets day at which it highlighted a positive five-year growth trajectory. The Norwegian company is one of a limited number of businesses actively providing solutions for the circular economy and the reduction of plastic waste. Xylem ended higher after its second-quarter results in the summer beat expectations and the US group presented a more confident outlook.

Trimble Inc, a new position to the portfolio focused on precision agriculture, also surged following quarterly results that pointed to double-digit organic revenue growth and a dampening of trade-related disruption – as did offshore salmon farmer SalMar, another recent addition.

Another positive contributor was Alfa Laval, which is benefiting from efforts to reduce emissions in the shipping sector, in part because of the voluntary goals due to be tightened by the International Maritime Organization in 2020. As part of its product range, Alfa Laval manufactures specialist scrubbers that remove sulphur oxides from ship exhaust gases.

Less successful was the fund’s holding in United Natural Foods (UNFI), which lost value on news it had bid for mainstream grocery distributor Supervalu. The company is sensibly seeking to diversify its business following Amazon’s takeover of UNFI’s strategic client Whole Foods, but investors have been concerned about the amount of leverage UNFI will require to fund the deal

Wind power companies had a tougher year too as auction-based approaches to allocating power development permits put pressure on profit margins, including those of Danish holding Vestas.

Investment Outlook

Global equity markets have grown more volatile because of a range of concerns, including escalating trade tensions and the potential impact of monetary tightening in the US and Europe. Companies providing environmental services and sustainable solutions, and their share prices, are not immune to these dynamics. While periods of market volatility can be unsettling for investors, they can also present opportunities to buy long-term growth at more attractive valuations. As long-term investors we remain focused on the fundamentals of companies across our universe of sustainable investment themes and remain optimistic about the overall growth potential. Where the consumer, economic and regulatory drivers of these investment themes have interacted, they have increased the growth potential of key areas, including the provision of better air quality and reduction of waste.There continue to be pockets of environmental policy momentum, from California’s continued commitment to strict emissions targets, to a recent pledge from 19 cities around the world to make all buildings carbon neutral by 2050. Waste markets are also experiencing an upheaval, due to the focus on reducing plastic waste ‘leakage’ and China disrupting the global trade recycling pattern. This offers increasing opportunities as the onus for waste recycling ‘localises’. Finally, offshore wind is going through an important transition, as new markets open and accelerate with active opportunities across the US, Taiwan and, most recently, India.

Charlie ThomasFund Manager

30 September 2018

150




■ Jupiter Global Ecology Growth Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesAuto ComponentsBorgWarner, Inc. USD 3,971 146,672 1.34

146,672 1.34 Building ProductsAO Smith Corp. USD 7,218 337,219 3.07 Johnson Controls International plc USD 5,242 160,892 1.47 Owens Corning USD 4,133 196,088 1.79

694,199 6.33 ChemicalsJohnson Matthey plc GBP 6,873 273,575 2.49 Lenzing AG EUR 806 74,474 0.68 Novozymes A/S 'B' DKK 4,107 192,929 1.76 Toray Industries, Inc. JPY 12,600 81,944 0.75

622,922 5.68 Commercial Services & SuppliesBrambles Ltd. AUD 13,674 92,845 0.85 Casella Waste Systems, Inc. 'A' USD 6,600 175,958 1.60 China Everbright International Ltd. HKD 104,148 77,626 0.71 Clean Harbors, Inc. USD 3,749 229,519 2.09 Covanta Holding Corp. USD 12,149 171,258 1.56 Daiseki Co. Ltd. JPY 7,400 177,018 1.61 Renewi plc GBP 170,960 111,763 1.02 Republic Services, Inc. USD 4,289 269,042 2.45 RPS Group plc GBP 47,516 117,590 1.07 Stericycle, Inc. USD 2,013 101,520 0.92 Tetra Tech, Inc. USD 2,616 153,040 1.39 Tomra Systems ASA NOK 16,803 353,508 3.22 Waste Connections, Inc. USD 3,388 232,593 2.12

2,263,280 20.61 Construction & EngineeringKeller Group plc GBP 9,581 110,056 1.00

110,056 1.00 Containers & PackagingMayr Melnhof Karton AG EUR 1,408 155,021 1.41

155,021 1.41 DistributorsLKQ Corp. USD 9,067 248,384 2.26

248,384 2.26 Electric UtilitiesOrsted A/S DKK 2,993 173,534 1.58

173,534 1.58

151




■ Jupiter Global Ecology Growth Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


Electrical Equipment

Prysmian SpA EUR 7,448 151,418 1.38

Regal Beloit Corp. USD 3,842 274,940 2.50


Sensata Technologies Holding plc USD 4,859 209,470 1.91

Vestas Wind Systems A/S DKK 3,673 214,340 1.95

1,058,680 9.64

Electronic Equipment, Instruments & Components

Azbil Corp. JPY 16,400 308,980 2.81

Horiba Ltd. JPY 3,700 169,695 1.54

Itron, Inc. USD 3,826 212,677 1.94

Spectris plc GBP 2,906 77,299 0.70

Trimble, Inc. USD 4,080 152,389 1.39

921,040 8.38

Food & Staples Retailing

United Natural Foods, Inc. USD 4,947 127,958 1.16

127,958 1.16

Food Products

Cranswick plc GBP 7,489 285,486 2.60

Salmar ASA NOK 2,156 93,448 0.85

378,934 3.45

Independent Power and Renewable Electricity Producers

Huaneng Renewables Corp. Ltd. 'H' HKD 410,000 105,181 0.96

Ormat Technologies, Inc. USD 3,558 164,445 1.50

269,626 2.46

Leisure Products

Shimano, Inc. JPY 800 111,564 1.02

111,564 1.02

152






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesMachineryAlfa Laval AB SEK 9,093 214,821 1.96 ANDRITZ AG EUR 3,095 157,845 1.44 Atlas Copco AB 'A' SEK 3,600 90,466 0.82 Miura Co. Ltd. JPY 5,000 133,975 1.22 NSK Ltd. JPY 16,600 164,651 1.50 Pentair plc USD 2,463 92,483 0.84 SKF AB 'B' SEK 9,008 154,145 1.40 Vossloh AG EUR 758 34,413 0.31 Wabtec Corp. USD 1,568 144,765 1.32 Watts Water Technologies, Inc. 'A' USD 2,373 169,509 1.54 Xylem, Inc. USD 5,509 381,913 3.48

1,738,986 15.83 Metals & MiningSims Metal Management Ltd. AUD 4,348 34,246 0.31

34,246 0.31 Multi-UtilitiesInnogy SE EUR 1,973 72,207 0.66 Suez EUR 9,388 114,463 1.04 Veolia Environnement SA EUR 8,356 142,867 1.30

329,537 3.00 Professional ServicesStantec, Inc. CAD 6,724 143,897 1.31

143,897 1.31 Road & RailEast Japan Railway Co. JPY 2,300 184,973 1.68 Firstgroup plc GBP 105,336 108,335 0.98 National Express Group plc GBP 39,523 173,409 1.58

466,717 4.24 Semiconductors & Semiconductor EquipmentFirst Solar, Inc. USD 3,704 155,201 1.41 Infineon Technologies AG EUR 8,060 158,500 1.44


Total Investments 10,308,954 93.86 Cash 625,146 5.69Other Assets/(Liabilities) 49,370 0.45Total Net Assets 10,983,470 100.00

153






Net Assets

Commercial Services & Supplies 20.61

Machinery 15.83


Electronic Equipment, Instruments & Components 8.38

Building Products 6.33

Chemicals 5.68

Road & Rail 4.24

Food Products 3.45

Multi-Utilities 3.00


Independent Power and Renewable Electricity Producers 2.46

Distributors 2.26

Electric Utilities 1.58

Containers & Packaging 1.41

Auto Components 1.34


Food & Staples Retailing 1.16

Leisure Products 1.02

Construction & Engineering 1.00

Metals & Mining 0.31



Total 100.00

154




■ Jupiter Global Emerging Markets Corporate Bond Review of Portfolio as at 30 September 2018

Performance


Class I USD Acc $105.49 $105.82 (0.31)

Market Review

It was a challenging second half for the period under review as we saw volatility rising from US dollar strengthening, global trade tensions ratcheting up, and external financing becoming costlier with every US interest rate rise. Turkey and Argentina were in the eye of the storm as the receding tide of global liquidity brought their vulnerabilities into focus, sparking currency runs and fears of wider market contagion. Both countries bounced back in September, however, as Turkey’s Central Bank surprised the market by raising interest rates by more than 6.25%, restoring some of its credibility, while Argentina’s ongoing discussions with the IMF sent a positive signal to the markets and supported a wider relief rally in emerging markets. Nevertheless, at the time of writing, investors are still cautious of those countries with wide current account deficits.

Performance Review

The Jupiter Global Emerging Markets Corporate Bond fund outperformed the JPM CEMBI Broad Diversified Total Return Index (which represents the market activity) over the review period, although it delivered a slightly negative return. The fund outperformed the benchmark in each of the broad geographical regions and was particularly helped by its exposure to diverse sectors and geographies. On a regional level, the biggest outperformer was Africa followed by Europe, Middle East and Latin America. On a country level, the major outperformance contributors were Turkey, Nigeria and Chile and the detractors were India and Singapore.

The overweight allocation to Africa and the underweight allocation to the Middle East were two of the major contributors of outperformance for the fund. Despite the wider Emerging Market caution and aversion to higher volatility names, the fund benefited from its focus on high conviction, company specific bond selection in those regions e.g. Seplat, Zenith Bank, etc. This was complemented by active risk management in Turkey, Argentina, Mexico and Brazil to mitigate the ever-changing political landscape and headline driven price volatility.

Although the blended credit rating of the fund was lower than the above index rating of BBB- by one notch on average, the fund outperformed both the high yield and the investment grade segments of the index due to individual credit selection.

Outlook

Market volatility this year has created some excellent opportunities for emerging markets. Events in Turkey and Argentina will likely still dictate sentiment towards emerging markets over the rest of 2018. We maintain the overall defensive positioning for the portfolio going into next year but stand ready to selectively take advantage of oversold markets. In both Turkey and Argentina, we were and remain cautious but have selectively added some names which we view as oversold relative to their credit fundamentals.

The cautious view is expressed through maintaining a well-diversified portfolio and relying heavily on corporate bonds which are fundamentally strong. We believe fundamentals will become ever more important as we are entering the uncertain territory of trade wars and global liquidity tightening.

We believe the turmoil has made emerging markets debt more attractive, creating better entry points to buy quality bonds without sacrificing yield. Our investible universe encompasses close to 60 countries, many of which are more focused on reforms now than ever before. Several emerging market central banks are also acting proactively to protect their economies from the potential for negative investor sentiment further ahead, even though inflation expectations remain well anchored. For example, interest rate hikes have already been seen in Indonesia and India this year. For dedicated emerging market investors, it’s reassuring to see this level of sophistication.

Looking ahead, we believe volatility is here to stay given US (and maybe European) quantitative tightening, higher interest rates and the uncertainties around rising US trade protectionism. But volatility combined with supportive fundamentals creates opportunities for active investors. We believe emerging market investors are being compensated for taking risk in a way that hasn’t been seen for a while. In this environment, it is important to recognise the differences between emerging markets and to focus exposure on those that are in the sweet spots of the economic cycle.

Alejandro AreveloFund Manager

30 September 2018

155





Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsArgentinaArgentina Government Bond 6.625% 06/07/2028 USD 1,200,000 1,008,642 0.90

Autonomous City of Buenos Aires Argentina, Reg. S 8.95% 19/02/2021 USD 650,000 656,376 0.58


Provincia de Neuquen Argentina, Reg. S 8.625% 12/05/2028 USD 880,000 814,295 0.73

Transportadora de Gas del Sur SA, Reg. S 6.75% 02/05/2025 USD 800,000 772,088 0.69

4,009,237 3.58 AustraliaAusdrill Finance Pty. Ltd., Reg. S 6.875% 01/11/2019 USD 1,100,000 1,103,965 0.99

1,103,965 0.99 AustriaEldorado Intl. Finance GmbH, Reg. S 8.625% 16/06/2021 USD 500,000 513,668 0.46

JBS Investments GmbH, Reg. S 7.75% 28/10/2020 USD 500,000 511,108 0.45

Suzano Austria GmbH, Reg. S 7% 16/03/2047 USD 900,000 938,317 0.84

1,963,093 1.75 AzerbaijanState Oil Co. of the Azerbaijan Republic, Reg. S 6.95% 18/03/2030 USD 693,000 750,772 0.67

750,772 0.67 BermudaCBQ Finance Ltd., Reg. S 2.875% 24/06/2019 USD 1,000,000 994,585 0.89

Geopark Ltd., Reg. S 6.5% 21/09/2024 USD 1,083,000 1,092,487 0.98


Ooredoo International Finance Ltd., Reg. S 5% 19/10/2025 USD 500,000 516,723 0.46

Ooredoo International Finance Ltd., Reg. S 3.75% 22/06/2026 USD 500,000 477,912 0.43

Qatar Reinsurance Co. Ltd., Reg. S, FRN 4.95% Perpetual USD 1,009,000 979,441 0.87

5,184,523 4.63 BrazilGlobo Comunicacao e Participacoes SA, Reg. S 4.843% 08/06/2025 USD 1,000,000 939,630 0.84

939,630 0.84 Cayman IslandsAKCB Finance Ltd., Reg. S 3.25% 22/10/2018 USD 800,000 799,928 0.71

Alibaba Group Holding Ltd. 4.5% 28/11/2034 USD 800,000 789,132 0.70

BOS Funding Ltd., Reg. S 3.374% 08/06/2020 USD 698,000 688,361 0.62

China Aoyuan Property Group Ltd., Reg. S 6.35% 11/01/2020 USD 679,000 676,284 0.60

China SCE Group Holdings Ltd., Reg. S 10% 02/07/2020 USD 400,000 416,481 0.37

Comunicaciones Celulares SA, Reg. S 6.875% 06/02/2024 USD 1,000,000 1,027,145 0.92

DP World Crescent Ltd., Reg. S 4.848% 26/09/2028 USD 2,000,000 1,986,880 1.77

Fibria Overseas Finance Ltd. 4% 14/01/2025 USD 750,000 693,075 0.62

156





Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsCayman Islands (continued)

Guanay Finance Ltd., Reg. S 6% 15/12/2020 USD 285,195 287,234 0.26

Longfor Group Holdings Ltd., Reg. S 4.5% 16/01/2028 USD 800,000 722,135 0.65

MAF Global Securities Ltd., Reg. S, FRN 5.5% Perpetual USD 892,000 851,936 0.76

QNB Finance Ltd., Reg. S 2.125% 07/09/2021 USD 1,000,000 953,733 0.85

Saudi Electricity Global Sukuk Co. 4, Reg. S 4.723% 27/09/2028 USD 1,600,000 1,602,968 1.43

Yuzhou Properties Co. Ltd., Reg. S 6.375% 06/03/2021 USD 1,000,000 973,026 0.87

12,468,318 11.13

China

China Minmetals Corp., Reg. S, FRN 4.45% Perpetual USD 1,000,000 988,911 0.88

988,911 0.88

Colombia

Ecopetrol SA 5.375% 26/06/2026 USD 300,000 310,181 0.28

Ecopetrol SA 7.375% 18/09/2043 USD 1,000,000 1,126,670 1.00

1,436,851 1.28

Curacao

Teva Pharmaceutical Finance Co. BV 3.65% 10/11/2021 USD 1,064,000 1,034,799 0.92

1,034,799 0.92

Czech Republic

Energo-Pro A/S, Reg. S 4.5% 04/05/2024 EUR 771,000 852,140 0.76

852,140 0.76

Georgia

Bank of Georgia JSC, Reg. S 6% 26/07/2023 USD 1,000,000 979,705 0.88


1,599,364 1.43

Hong Kong

China CITIC Bank International Ltd., Reg. S, FRN 6% 07/05/2024 USD 471,000 475,775 0.43

CNAC HK Finbridge Co. Ltd., Reg. S 3.5% 19/07/2022 USD 1,000,000 967,957 0.86


Yanlord Land HK Co. Ltd., Reg. S 6.75% 23/04/2023 USD 900,000 900,832 0.80

3,125,091 2.79

India


NTPC Ltd., Reg. S 4.25% 26/02/2026 USD 800,000 766,408 0.68

1,806,756 1.61

157







Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsIreland

Koks OAO, Reg. S 7.5% 04/05/2022 USD 850,000 848,530 0.76

848,530 0.76

Isle of Man

AngloGold Ashanti Holdings plc 5.375% 15/04/2020 USD 1,000,000 1,019,320 0.91


1,804,004 1.61

Israel

Israel Chemicals Ltd., Reg. S, 144A 6.375% 31/05/2038 USD 968,000 970,202 0.87

Israel Electric Corp. Ltd., Reg. S 7.25% 15/01/2019 USD 1,000,000 1,012,520 0.90

1,982,722 1.77

Ivory Coast

Ivory Coast Government Bond, Reg. S 6.125% 15/06/2033 USD 850,000 781,686 0.70

781,686 0.70

Kazakhstan

Halyk Savings Bank of Kazakhstan JSC, Reg. S 5.5% 21/12/2022 USD 1,000,000 999,785 0.89

999,785 0.89

Kenya

Kenya Government Bond, Reg. S 8.25% 28/02/2048 USD 1,200,000 1,165,542 1.04

1,165,542 1.04

Luxembourg

ALROSA Finance SA, Reg. S 7.75% 03/11/2020 USD 800,000 853,704 0.76


Kernel Holding SA, Reg. S 8.75% 31/01/2022 USD 500,000 510,443 0.46

Rumo Luxembourg Sarl, Reg. S 7.375% 09/02/2024 USD 1,100,000 1,119,382 1.00

Sberbank of Russia, Reg. S, FRN 5.5% 26/02/2024 USD 1,000,000 997,500 0.89


5,170,526 4.62

Mauritius

HTA Group Ltd., Reg. S 9.125% 08/03/2022 USD 975,000 996,996 0.89

Neerg Energy Ltd., Reg. S 6% 13/02/2022 USD 800,000 773,640 0.69

1,770,636 1.58

Mexico

Trust F/1401, REIT, Reg. S 5.25% 15/12/2024 USD 400,000 407,298 0.36

Trust F/1401, REIT, Reg. S 5.25% 30/01/2026 USD 750,000 750,892 0.67

1,158,190 1.03

158







Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsMoroccoOCP SA, Reg. S 5.625% 25/04/2024 USD 969,000 997,527 0.89


Listrindo Capital BV, Reg. S 4.95% 14/09/2026 USD 1,005,000 935,032 0.83

Metinvest BV, Reg. S 7.75% 23/04/2023 USD 1,100,000 1,058,640 0.95

Minejesa Capital BV, Reg. S 4.625% 10/08/2030 USD 1,100,000 1,011,477 0.90

Myriad International Holdings BV, Reg. S 4.85% 06/07/2027 USD 1,050,000 1,037,153 0.93


Petrobras Global Finance BV 7.25% 17/03/2044 USD 500,000 481,185 0.43 Samvardhana Motherson Automotive Systems Group BV, Reg. S 4.875% 16/12/2021 USD 779,000 778,128 0.69

Sigma Finance Netherlands BV, Reg. S 4.875% 27/03/2028 USD 1,000,000 981,880 0.88


VEON Holdings BV, Reg. S 4.95% 16/06/2024 USD 1,000,000 951,645 0.85

VTR Finance BV, Reg. S 6.875% 15/01/2024 USD 351,000 357,699 0.32

10,350,891 9.24 NigeriaAccess Bank plc, Reg. S 10.5% 19/10/2021 USD 719,000 770,441 0.69



2,225,152 1.99 PanamaAES Panama SRL, Reg. S 6% 25/06/2022 USD 728,000 753,884 0.67


1,391,412 1.24 ParaguayBanco Regional SAECA, Reg. S 8.125% 24/01/2019 USD 800,000 804,396 0.72

804,396 0.72 PeruSAN Miguel Industrias Pet SA, Reg. S 4.5% 18/09/2022 USD 800,000 785,316 0.70

785,316 0.70 PhilippinesSan Miguel Corp., Reg. S 4.875% 26/04/2023 USD 727,000 706,317 0.63

SMC Global Power Holdings Corp., Reg. S, FRN 7.5% Perpetual USD 1,065,000 1,094,611 0.98

1,800,928 1.61

159







Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsSingapore

Oversea-Chinese Banking Corp. Ltd., Reg. S 4.25% 19/06/2024 USD 1,000,000 995,040 0.89

Pakuwon Prima Pte. Ltd., Reg. S 5% 14/02/2024 USD 750,000 710,101 0.64


2,437,088 2.18

South Korea

Woori Bank, Reg. S, FRN 4.5% Perpetual USD 900,000 881,015 0.79

881,015 0.79

Supranational

African Export-Import Bank (The), Reg. S 4.125% 20/06/2024 USD 1,000,000 962,605 0.86

Banque Ouest Africaine de Developpement, Reg. S 5% 27/07/2027 USD 1,014,000 981,957 0.88 Eastern & Southern African Trade & Development Bank, Reg. S 5.375% 14/03/2022 USD 750,000 751,339 0.67

2,695,901 2.41

Thailand

PTTEP Treasury Center Co. Ltd., Reg. S, FRN 4.6% Perpetual USD 1,000,000 965,425 0.86

965,425 0.86

Turkey

Coca-Cola Icecek A/S, Reg. S 4.75% 01/10/2018 USD 994,000 992,410 0.89


Turkey Government Bond 3.25% 23/03/2023 USD 1,000,000 872,500 0.78




Turkiye Vakiflar Bankasi TAO, Reg. S 6% 01/11/2022 USD 725,000 579,228 0.52

5,259,561 4.70

Ukraine

Ukraine Government Bond, Reg. S 7.75% 01/09/2026 USD 800,000 756,080 0.67

756,080 0.67


Abu Dhabi Crude Oil Pipeline LLC, Reg. S 4.6% 02/11/2047 USD 1,000,000 976,075 0.87



Union National Bank PJSC, Reg. S 4% 13/03/2023 USD 1,000,000 992,960 0.89

3,550,144 3.17

160







Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsUnited Kingdom



Fresnillo plc, Reg. S 5.5% 13/11/2023 USD 1,000,000 1,029,875 0.92

MARB BondCo plc, Reg. S 6.875% 19/01/2025 USD 1,123,000 1,044,199 0.93

Vedanta Resources plc, Reg. S 6% 31/01/2019 USD 500,000 502,467 0.45


4,285,033 3.83


CNOOC Finance 2015 USA LLC 4.375% 02/05/2028 USD 800,000 808,660 0.72

808,660 0.72


Central American Bottling Corp., Reg. S 5.75% 31/01/2027 USD 714,000 711,715 0.63

Studio City Co. Ltd., Reg. S 7.25% 30/11/2021 USD 691,000 715,727 0.64

Studio City Finance Ltd., Reg. S 8.5% 01/12/2020 USD 533,000 536,963 0.48

1,964,405 1.75



Argentina

Genneia SA, Reg. S 8.75% 20/01/2022 USD 1,212,000 1,129,202 1.01

1,129,202 1.01

Australia

Adani Abbot Point Terminal Pty. Ltd., Reg. S 4.45% 15/12/2022 USD 550,000 493,651 0.44

493,651 0.44

Bermuda

Tengizchevroil Finance Co. International Ltd., Reg. S 4% 15/08/2026 USD 1,100,000 1,044,208 0.93

1,044,208 0.93

Canada


893,408 0.80

161







Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketBondsCayman IslandsEnerguate Trust, Reg. S 5.875% 03/05/2027 USD 500,000 475,590 0.43

Grupo Aval Ltd., Reg. S 4.75% 26/09/2022 USD 750,000 744,060 0.66

Industrial Senior Trust, Reg. S 5.5% 01/11/2022 USD 700,000 688,086 0.61

Latam Finance Ltd., Reg. S 6.875% 11/04/2024 USD 500,000 488,168 0.44

2,395,904 2.14 ChileColbun SA, Reg. S 3.95% 11/10/2027 USD 500,000 474,150 0.43

SACI Falabella, Reg. S 3.75% 30/10/2027 USD 800,000 741,580 0.66

1,215,730 1.09 ColombiaTransportadora de Gas Internacional SA ESP, Reg. S 5.7% 20/03/2022 USD 700,000 711,652 0.64

711,652 0.64 KazakhstanKazTransGas JSC, Reg. S 4.375% 26/09/2027 USD 1,000,000 955,620 0.85

955,620 0.85 LuxembourgNexa Resources SA, Reg. S 5.375% 04/05/2027 USD 950,000 918,517 0.82

918,517 0.82 MexicoCydsa SAB de CV, Reg. S 6.25% 04/10/2027 USD 750,000 714,540 0.64

Grupo Bimbo SAB de CV, Reg. S, FRN 5.95% Perpetual USD 850,000 853,179 0.76

Mexico Generadora de Energia S de rl, Reg. S 5.5% 06/12/2032 USD 879,710 875,936 0.78


3,077,396 2.75 NetherlandsTeva Pharmaceutical Finance Netherlands III BV 6.75% 01/03/2028 USD 500,000 527,675 0.47

527,675 0.47 ParaguayTelefonica Celular del Paraguay SA, Reg. S 6.75% 13/12/2022 USD 471,000 484,781 0.43

484,781 0.43 SupranationalJBS USA LUX SA, 144A 7.25% 01/06/2021 USD 800,000 811,140 0.72

811,140 0.72 United KingdomPetra Diamonds US Treasury plc, Reg. S 7.25% 01/05/2022 USD 670,000 647,746 0.58

647,746 0.58

162







Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments dealt in on another regulated marketTotal Bonds 15,306,630 13.67 Total Transferable securities and money market instruments dealt in on another regulated market 15,306,630 13.67

Total Investments 110,210,635 98.40 Cash 257,000 0.23Other Assets/(Liabilities) 1,532,962 1.37Total Net Assets 112,000,597 100.00

163







Net AssetsCayman Islands 13.27 Netherlands 9.71 Bermuda 5.56 Luxembourg 5.44 Turkey 4.70 Argentina 4.59 United Kingdom 4.41 Mexico 3.78 United Arab Emirates 3.17 Supranational 3.13 Hong Kong 2.79 Singapore 2.18 Nigeria 1.99 Colombia 1.92 Israel 1.77 Virgin Islands, British 1.75 Austria 1.75 Kazakhstan 1.74 India 1.61 Isle of Man 1.61 Philippines 1.61 Mauritius 1.58 Georgia 1.43 Australia 1.43 Panama 1.24 Paraguay 1.15 Chile 1.09 Kenya 1.04 Curacao 0.92 Morocco 0.89 China 0.88 Thailand 0.86 Brazil 0.84 Canada 0.80 South Korea 0.79 Czech Republic 0.76 Ireland 0.76 United States of America 0.72Peru 0.70 Ivory Coast 0.70 Ukraine 0.67 Azerbaijan 0.67 Total Investments 98.40 Cash and Other Assets/(Liabilities) 1.60Total 100.00

164








PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


USD% of

Net AssetsUSD 874,692 EUR 741,384 31/10/2018 J.P. Morgan 14,088 0.01

Net Unrealised Gain on Forward Currency Exchange Contracts 14,088 0.01

165





Review of Portfolio as at 30 September 2018

Performance


Class D USD Acc $10.29 $12.63 (18.53)

Class F JPY Acc JPY 8,428 JPY 10,239.00 (17.69)

Class F JPY Acc HSC JPY 7,796 JPY 9,770.00 (20.20)

Class L USD Acc $10.01 $12.38 (19.14)

Market Review

Emerging markets endured a difficult final quarter to the review period as a perfect storm of dollar strength, concerns over global trade in the wake of the trade war between the US and China, and country-specific issues – particularly in Turkey and Argentina – caused markets to fall. As the selloff in emerging market shares quickened, so the market began fretting about the potential for contagion from emerging to developed markets.

Performance Review

The fund underperformed the MSCI Emerging Markets Index (which represents the market activity) as sentiment tilted towards the safe (by emerging market standards) havens of large caps, to which the fund is underweight, and away from both small- and medium-sized listed companies and from the least developed markets – so-called ‘frontier’ markets – where the fund is overweight.

On a country level, India was by far the biggest detractor from the fund’s performance. Indian oil marketing company HPCL fell on concerns the Indian government would not allow to pass on the impact of the higher oil price and weaker rupee to customers. Interglobe Aviation, which operates Indian budget airline IndiGo, performed poorly after reporting a disappointing set of results that were compounded by the rise in fuel costs as well as higher maintenance costs. The fund’s positions in Reliance Capital and Cox & Kings suffered too.

Elsewhere, PT Bumi Serpong Damai was a detractor after the Indonesian property developer posted weak second-quarter results. Turkish duo DP Eurasia and Ulker Biskuvi were also poor performers, as the Turkish market fell sharply due to concerns about its falling currency. In our view both are fundamentally sound businesses and have limited exposure to lira risk due to significant foreign revenues and prudent hedges. We also believe our original case for investing in Taiwanese tech hardware firm Bizlink, another detractor, remains intact and added to the position.

Not owning Tencent and Alibaba was a net positive for the fund’s relative performance as their performances turned negative. Vesta, the Mexican real estate company, benefited from a stronger peso, news of a new NAFTA trade deal, and a strong set of quarterly results. Taiwanese electronic measuring gear maker Chroma also contributed positively to returns.

Outlook

The last few months have been painful for the fund and its investors. Macroeconomic factors have had a significant impact on emerging market returns this year; however, these factors are often difficult, if not impossible, to predict. We believe our expertise lies in finding opportunities where an element of change is underappreciated by the market, but during periods where the market is preoccupied with macroeconomics, such fundamental stock characteristics will often go overlooked.

Though it is painful to experience a period of underperformance, we have confidence in the effectiveness of our investment process over the medium-to-long-term. Some of the ways in which we believe the positioning of the fund is appropriate for the current environment include: avoidance of highly-valued large cap growth stocks that in our view are crowded trades; exposure to major positive structural changes in emerging markets, such as financial inclusion and rising healthcare spending, which are also somewhat insulated from trade tariffs; and a higher weighting than the above index to smaller companies which, although more volatile, should present superior stock-picking opportunities, we believe.

Despite the market volatility, most of our emerging market holdings have delivered strong earnings growth and valuations now look compelling to us both in a historical context and relative to developed markets.

Ross TeversonFund Manager

30 September 2018

166





Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesBrazilMills Estruturas e Servicos de Engenharia SA BRL 1,287,915 596,911 0.76

T4F Entretenimento SA BRL 494,009 909,064 1.16

1,505,975 1.92 Cayman Islands3SBio, Inc. HKD 695,500 1,170,459 1.49

Baidu, Inc., ADR USD 7,808 1,799,666 2.29

Bitauto Holdings Ltd., ADR USD 65,605 1,502,026 1.92

Bizlink Holding, Inc. TWD 292,606 1,387,815 1.77

Consun Pharmaceutical Group Ltd. HKD 1,410,000 1,125,188 1.43

Ginko International Co. Ltd. TWD 300,000 1,968,446 2.51

Haichang Ocean Park Holdings Ltd. HKD 4,262,000 912,225 1.16


NetEase, Inc., ADR USD 7,670 1,730,199 2.21

Vinda International Holdings Ltd. HKD 586,000 1,002,655 1.28

13,475,364 17.18 ColombiaAlmacenes Exito SA COP 313,102 1,568,813 2.00

1,568,813 2.00 Hong KongChina Unicom Hong Kong Ltd. HKD 1,918,000 2,258,486 2.88

2,258,486 2.88 IndiaCox & Kings Ltd. INR 408,865 945,671 1.21

Fortis Healthcare Ltd. INR 629,175 1,172,950 1.50

Hindustan Petroleum Corp. Ltd. INR 634,443 2,198,168 2.80

InterGlobe Aviation Ltd. INR 109,733 1,246,918 1.59

Reliance Capital Ltd. INR 234,163 905,708 1.15

6,469,415 8.25 IndonesiaBumi Serpong Damai Tbk. PT IDR 26,400,100 2,050,674 2.62

2,050,674 2.62 KenyaKCB Group Ltd. KES 5,580,018 2,232,837 2.85

2,232,837 2.85

167







Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesMexicoCorp. Inmobiliaria Vesta SAB de CV MXN 1,514,618 2,315,099 2.95 Fibra Uno Administracion SA de CV, REIT MXN 1,258,465 1,645,482 2.10 Grupo Lala SAB de CV MXN 1,225,157 1,385,805 1.77 Grupo Rotoplas SAB de CV MXN 918,314 1,133,490 1.44

6,479,876 8.26 NetherlandsDP Eurasia NV GBP 757,772 852,397 1.09

852,397 1.09 NigeriaGuaranty Trust Bank plc NGN 25,098,844 2,521,263 3.22 SEPLAT Petroleum Development Co. plc NGN 711,806 1,218,302 1.55

3,739,565 4.77 PakistanUnited Bank Ltd. PKR 1,259,200 1,560,547 1.99

1,560,547 1.99 PhilippinesGT Capital Holdings, Inc. PHP 84,429 1,275,181 1.63

1,275,181 1.63 RussiaLSR Group PJSC, GDR USD 498,066 991,649 1.26 MMC Norilsk Nickel PJSC, ADR USD 102,511 1,763,410 2.25 Sberbank of Russia PJSC Preference RUB 736,522 1,909,616 2.44

4,664,675 5.95 South AfricaAscendis Health Ltd. ZAR 1,934,399 1,392,543 1.78 Naspers Ltd. 'N' ZAR 6,877 1,455,125 1.85

2,847,668 3.63 South KoreaHyundai Motor Co. Preference KRW 11,482 874,857 1.11 LG Chem Ltd. Preference KRW 13,891 2,538,052 3.24 Samsung Electronics Co. Ltd. Preference KRW 107,078 3,649,937 4.65 SK Hynix, Inc. KRW 51,220 3,376,448 4.31

10,439,294 13.31 TaiwanChroma ATE, Inc. TWD 317,000 1,524,288 1.95 Hon Hai Precision Industry Co. Ltd. TWD 493,000 1,278,579 1.63 MediaTek, Inc. TWD 182,000 1,468,511 1.87 Merida Industry Co. Ltd. TWD 289,000 1,358,875 1.73 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 196,000 1,684,230 2.15

7,314,483 9.33

168







Quantity/ Nominal

Value

Market Value

USD% of


Turkey


Ulker Biskuvi Sanayi A/S TRY 370,460 1,034,450 1.32

1,810,998 2.31


Air Arabia PJSC AED 2,945,705 773,919 0.98

Emaar Malls PJSC AED 2,004,996 993,491 1.27

1,767,410 2.25

United Kingdom

Bank of Georgia Group plc GBP 59,065 1,324,729 1.69

1,324,729 1.69


Despegar.com Corp. USD 64,590 1,077,039 1.37

Hollysys Automation Technologies Ltd. USD 96,271 2,004,362 2.56

3,081,401 3.93



Cash 889,909 1.13



169







Net Assets


South Korea 13.31

Taiwan 9.33

Mexico 8.26

India 8.25

Russia 5.95

Nigeria 4.77


South Africa 3.63

Hong Kong 2.88

Kenya 2.85

Indonesia 2.62

Turkey 2.31


Colombia 2.00

Pakistan 1.99

Brazil 1.92

United Kingdom 1.69

Philippines 1.63

Netherlands 1.09



Total 100.00



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


USD% of

Net AssetsUSD 394,092 JPY 44,014,906 15/10/2018 J.P. Morgan 5,694 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 5,694 0.01 JPY 1,455,670,483 USD 13,088,020 15/10/2018 J.P. Morgan (242,843) (0.31)


170


Performance

NAV 30 September 2018 30 September 2017 /Launch Date

% Change

Class F EUR Acc HSC (1) €100.11 €100.00 0.11

Class F GBP Acc HSC (1) £100.49 £100.00 0.49

Class F USD Acc (1) $101.04 $100.00 1.04

Class I EUR Acc HSC (2) €98.42 €100.00 (1.58)

Class I GBP A Inc HSC (3) €99.88 €100.00 0.33+

Class I USD Acc $100.47 $100.15 0.32

+ Performance takes into consideration dividend distributions during the year. (1) Launch date 23 May 2018. (2) Launch date 20 February 2018. (3) Launch date 21 August 2018.



■ Jupiter Global Emerging Markets Short Duration Bond Review of Portfolio as at 30 September 2018

Market Review

It was a challenging second half for the period under review as we saw volatility rising from US dollar strengthening, global trade tensions ratcheting up, and external financing becoming costlier with every US interest rate rise. Turkey and Argentina were in the eye of the storm as the receding tide of global liquidity brought their vulnerabilities into focus, sparking currency runs and fears of wider market contagion. Both countries bounced back in September, however, as Turkey’s Central Bank surprised the market by raising interest rates by more than 6.25%, restoring some of its credibility, while Argentina’s ongoing discussions with the IMF sent a positive signal to the markets and supported a wider relief rally in emerging markets. Nevertheless, at the time of writing, investors are still cautious of those countries with wide current account deficits.

Performance Review

The Jupiter Global Emerging Market Short Duration Bond fund delivered a positive return over the review period and strongly outperformed its peer group due to virtually no allocation to local currency, active risk management in Turkey and Argentina, and strong credit selection in Africa.

On a regional basis, Africa was the best performer helped by corporate and sovereign positioning in Nigeria. On a country level, after Nigeria the best performing country was Kazakhstan where the corporate holdings acted as a safe haven from some of the geopolitical risks of the region.

By sector, financials, followed by oil and gas, were the strongest positive contributors to gains, with positions held in Dubai-headquartered offshore support vessel company Topaz Energy and Marine, Kazakhstan’s KazMunayGas and Nigerian duo Access Bank and Guaranty Trust Bank among the notable gainers. On the downside, the fund’s positions in Indiabulls Housing Finance Ltd and Russian miner Polyus Gold detracted from the overall performance.

The average credit rating of the assets in the fund increased to BBB- from BB, thanks to the opportunities we found across the credit ratings spectrum. We kept the average duration (that is, the sensitivity of a bond’s price to changes in interest rates) of the portfolio short at 2.1 years.

Outlook

Market volatility this year has created some excellent opportunities for emerging markets. Events in Turkey and Argentina will likely still dictate sentiment towards emerging markets over the rest of 2018. We maintain the overall defensive positioning for the portfolio going into next year but stand ready to selectively take advantage of oversold markets. In both Turkey and Argentina, we were and remain cautious but have selectively added some names which we view as oversold relative to their credit fundamentals.

The cautious view is expressed through maintaining a well-diversified portfolio and relying heavily on corporate bonds which are fundamentally strong. We believe fundamentals will become ever more important as we are entering the uncertain territory of trade wars and global liquidity tightening.

We believe the turmoil has made emerging markets debt more attractive, creating better entry points to buy quality bonds without sacrificing yield. Our investible universe encompasses close to 60 countries, many of which are more focused on reforms now than ever before. Several emerging market central banks are also acting proactively to protect their economies from the potential for negative investor sentiment further ahead, even though inflation expectations remain well anchored. For example, interest rate hikes have already been seen in Indonesia and India this year. For dedicated emerging market investors, it’s reassuring to see this level of sophistication.

Looking ahead, we believe volatility is here to stay given US (and maybe European) quantitative tightening, higher interest rates and the uncertainties around rising US trade protectionism. But volatility combined with supportive fundamentals creates opportunities for active investors. We believe emerging market investors are being compensated for taking risk in a way that hasn’t been seen for a while. In this environment, it is important to recognise the differences between emerging markets and to focus exposure on those that are in the sweet spots of the economic cycle.

Alejandro ArevaloFund Manager

30 September 2018

171



Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsArgentinaArgentina Government Bond 6.25% 22/04/2019 USD 350,000 351,944 0.61 Argentina Government Bond 6.875% 22/04/2021 USD 200,000 194,733 0.34 Autonomous City of Buenos Aires Argentina, Reg. S 8.95% 19/02/2021 USD 350,000 353,434 0.61 Pampa Energia SA, Reg. S 7.375% 21/07/2023 USD 350,000 332,967 0.58 Provincia de Cordoba, Reg. S 7.125% 10/06/2021 USD 400,000 378,918 0.66 YPF SA, Reg. S 8.875% 19/12/2018 USD 550,000 552,855 0.96

2,164,851 3.76 AustraliaAusdrill Finance Pty. Ltd., Reg. S 6.875% 01/11/2019 USD 700,000 702,524 1.22

702,524 1.22 AustriaEldorado Intl. Finance GmbH, Reg. S 8.625% 16/06/2021 USD 400,000 410,934 0.71 JBS Investments GmbH, Reg. S 7.75% 28/10/2020 USD 200,000 204,443 0.36

615,377 1.07 BermudaCBQ Finance Ltd., Reg. S 2.875% 24/06/2019 USD 600,000 596,751 1.04 Kosmos Energy Ltd., 144A 7.875% 01/08/2021 USD 600,000 612,750 1.06 Qatar Reinsurance Co. Ltd., Reg. S, FRN 4.95% Perpetual USD 450,000 436,817 0.76

1,646,318 2.86 BrazilGlobo Comunicacao e Participacoes SA, Reg. S 4.875% 11/04/2022 USD 450,000 447,545 0.78

447,545 0.78 Cayman IslandsAKCB Finance Ltd., Reg. S 3.25% 22/10/2018 USD 570,000 569,949 0.99 Azure Orbit III International Finance Ltd., Reg. S 2.625% 21/03/2021 USD 550,000 533,102 0.93 BOS Funding Ltd., Reg. S 3.374% 08/06/2020 USD 400,000 394,476 0.69 China Aoyuan Property Group Ltd., Reg. S 6.525% 25/04/2019 USD 200,000 201,200 0.35 China Aoyuan Property Group Ltd., Reg. S 6.35% 11/01/2020 USD 200,000 199,200 0.35 Country Garden Holdings Co. Ltd., Reg. S 7.5% 09/03/2020 USD 318,000 324,371 0.56 DP World Crescent Ltd., Reg. S 4.848% 26/09/2028 USD 550,000 546,392 0.95 ENN Energy Holdings Ltd., Reg. S 3.25% 24/07/2022 USD 400,000 384,850 0.67 Guanay Finance Ltd., Reg. S 6% 15/12/2020 USD 455,183 458,438 0.80 MAF Global Securities Ltd., Reg. S, FRN 5.5% Perpetual USD 450,000 429,788 0.75 QNB Finance Ltd., Reg. S 2.75% 31/10/2018 USD 400,000 399,940 0.69 QNB Finance Ltd., Reg. S 2.125% 07/09/2021 USD 600,000 572,240 0.99 Saudi Electricity Global Sukuk Co. 4, Reg. S 4.723% 27/09/2028 USD 550,000 551,020 0.96 Yuzhou Properties Co. Ltd., Reg. S 6.375% 06/03/2021 USD 250,000 243,256 0.42

5,808,222 10.10



■ Jupiter Global Emerging Markets Short Duration Bond Schedule of Investments as at 30 September 2018

172




■ Jupiter Global Emerging Markets Short Duration Bond Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

USD% of


Chile

Empresa Nacional del Petroleo, Reg. S 4.75% 06/12/2021 USD 600,000 613,608 1.07

Itau CorpBanca, Reg. S 3.875% 22/09/2019 USD 570,000 573,078 0.99

1,186,686 2.06

ChinaIndustrial & Commercial Bank of China Ltd., Reg. S, FRN 3.102% 14/12/2020 USD 600,000 600,607 1.04

600,607 1.04

Colombia

Bancolombia SA 5.95% 03/06/2021 USD 600,000 629,190 1.10

Ecopetrol SA 7.625% 23/07/2019 USD 350,000 363,020 0.63

992,210 1.73

Costa Rica

Instituto Costarricense de Electricidad, Reg. S 6.95% 10/11/2021 USD 200,000 202,833 0.35

202,833 0.35

Curacao

Teva Pharmaceutical Finance Co. BV 3.65% 10/11/2021 USD 600,000 583,533 1.01

583,533 1.01

Czech Republic

Energo-Pro A/S, Reg. S 4% 07/12/2022 EUR 236,000 270,735 0.47

270,735 0.47

Egypt

Egypt Government Bond, Reg. S 5.75% 29/04/2020 USD 450,000 457,495 0.80

457,495 0.80

Georgia

Bank of Georgia JSC, Reg. S 6% 26/07/2023 USD 450,000 440,867 0.77


647,420 1.13

Hong Kong

Bao-trans Enterprises Ltd., Reg. S 3.75% 12/12/2018 USD 700,000 700,071 1.22

CNAC HK Finbridge Co. Ltd., Reg. S 3% 19/07/2020 USD 700,000 688,209 1.20

CRCC Yupeng Ltd., Reg. S, FRN 3.95% Perpetual USD 550,000 549,852 0.95



2,382,890 4.14

173





Quantity/ Nominal

Value

Market Value

USD% of


India

Adani Ports & Special Economic Zone Ltd., Reg. S 3.5% 29/07/2020 USD 266,000 262,590 0.46

Axis Bank Ltd., Reg. S 3.25% 21/05/2020 USD 400,000 394,130 0.68

JSW Steel Ltd., Reg. S 4.75% 12/11/2019 USD 500,000 499,972 0.87

1,156,692 2.01

Indonesia

Pertamina Persero PT, Reg. S 4.875% 03/05/2022 USD 600,000 614,514 1.07

Perusahaan Listrik Negara PT, Reg. S 5.5% 22/11/2021 USD 500,000 522,087 0.91

1,136,601 1.98

Ireland

Koks OAO, Reg. S 7.5% 04/05/2022 USD 300,000 299,481 0.52

Phosagro OAO, Reg. S 3.95% 03/11/2021 USD 250,000 242,431 0.42

Russian Railways, Reg. S 3.45% 06/10/2020 USD 400,000 396,132 0.69

938,044 1.63

Isle of Man

AngloGold Ashanti Holdings plc 5.375% 15/04/2020 USD 400,000 407,728 0.71


800,070 1.39

Israel

Israel Electric Corp. Ltd., Reg. S 7.25% 15/01/2019 USD 450,000 455,634 0.79

455,634 0.79

Kazakhstan

Halyk Savings Bank of Kazakhstan JSC, Reg. S 7.25% 28/01/2021 USD 200,000 212,787 0.37

Halyk Savings Bank of Kazakhstan JSC, Reg. S 5.5% 21/12/2022 USD 450,000 449,903 0.78

KazMunayGas National Co. JSC, Reg. S 3.875% 19/04/2022 USD 600,000 598,878 1.04

1,261,568 2.19

Kenya

Kenya Government Bond, Reg. S 6.875% 24/06/2024 USD 500,000 501,940 0.87

501,940 0.87

Kuwait

Kuwait Government Bond, Reg. S 2.75% 20/03/2022 USD 500,000 488,935 0.85

488,935 0.85


174






Quantity/ Nominal

Value

Market Value

USD% of


LuxembourgALROSA Finance SA, Reg. S 7.75% 03/11/2020 USD 400,000 426,852 0.74

Gazprom Neft OAO, Reg. S 4.375% 19/09/2022 USD 200,000 196,021 0.34


Kernel Holding SA, Reg. S 8.75% 31/01/2022 USD 400,000 408,354 0.71

Rumo Luxembourg Sarl, Reg. S 7.375% 09/02/2024 USD 400,000 407,048 0.71

Sberbank of Russia, Reg. S, FRN 5.5% 26/02/2024 USD 500,000 498,750 0.87


2,889,697 5.02 MauritiusAzure Power Energy Ltd., 144A 5.5% 03/11/2022 USD 250,000 239,144 0.42

239,144 0.42 MexicoComision Federal de Electricidad, Reg. S 4.875% 26/05/2021 USD 550,000 562,111 0.98


Lukoil International Finance BV, Reg. S 6.656% 07/06/2022 USD 200,000 213,961 0.37

Marfrig Holdings Europe BV, Reg. S 8% 08/06/2023 USD 600,000 603,693 1.05

Metinvest BV, Reg. S 7.75% 23/04/2023 USD 500,000 481,200 0.84

Petrobras Global Finance BV 5.375% 27/01/2021 USD 400,000 407,178 0.71

Petrobras Global Finance BV 4.375% 20/05/2023 USD 260,000 248,239 0.43 Samvardhana Motherson Automotive Systems Group BV, Reg. S 4.875% 16/12/2021 USD 500,000 499,440 0.87

2,835,497 4.93 NigeriaAccess Bank plc, Reg. S 10.5% 19/10/2021 USD 400,000 428,618 0.74

Guaranty Trust Bank plc, Reg. S 6% 08/11/2018 USD 400,000 401,050 0.70



1,673,677 2.91 PanamaAES Panama SRL, Reg. S 6% 25/06/2022 USD 550,000 569,555 0.99


867,002 1.51 ParaguayBanco Regional SAECA, Reg. S 8.125% 24/01/2019 USD 500,000 502,748 0.87

502,748 0.87

175






Quantity/ Nominal

Value

Market Value

USD% of


Peru

SAN Miguel Industrias Pet SA, Reg. S 4.5% 18/09/2022 USD 400,000 392,658 0.68

392,658 0.68

Saudi Arabia

Saudi Government Bond, Reg. S 2.375% 26/10/2021 USD 600,000 579,783 1.01

579,783 1.01

Singapore


393,520 0.68

South Africa

ZAR Sovereign Capital Fund Pty. Ltd., Reg. S 3.903% 24/06/2020 USD 600,000 598,443 1.04

598,443 1.04

South Korea

Korea East-West Power Co. Ltd., Reg. S 2.625% 19/06/2022 USD 550,000 527,623 0.92

Korea Western Power Co. Ltd., Reg. S 2.875% 10/10/2018 USD 220,000 219,984 0.38

Woori Bank, Reg. S, FRN 4.5% Perpetual USD 400,000 391,562 0.68

1,139,169 1.98

Sri Lanka

Sri Lanka Government Bond, Reg. S 6% 14/01/2019 USD 550,000 551,540 0.96

551,540 0.96

Supranational

Africa Finance Corp., Reg. S 4.375% 29/04/2020 USD 400,000 402,210 0.70

African Export-Import Bank (The), Reg. S 4.75% 29/07/2019 USD 650,000 656,061 1.14

Banque Ouest Africaine de Developpement, Reg. S 5.5% 06/05/2021 USD 500,000 515,360 0.90 Eastern & Southern African Trade & Development Bank, Reg. S 5.375% 14/03/2022 USD 500,000 500,893 0.87

2,074,524 3.61

Turkey

Coca-Cola Icecek A/S, Reg. S 4.75% 01/10/2018 USD 600,000 599,040 1.04






Turkiye Vakiflar Bankasi TAO, Reg. S 6% 01/11/2022 USD 375,000 299,601 0.52

2,749,493 4.78

176






Quantity/ Nominal

Value

Market Value

USD% of



Emirates NBD PJSC, Reg. S 3.25% 14/11/2022 USD 600,000 580,176 1.01



Union National Bank PJSC, Reg. S 4% 13/03/2023 USD 400,000 397,184 0.69

2,228,777 3.88

United Kingdom



Fresnillo plc, Reg. S 5.5% 13/11/2023 USD 450,000 463,444 0.80

Friends Life Holdings plc, Reg. S, FRN 7.875% Perpetual USD 250,000 251,725 0.44

Vedanta Resources plc, Reg. S 6% 31/01/2019 USD 400,000 401,974 0.70


1,926,233 3.35


Freeport-McMoRan, Inc. 4% 14/11/2021 USD 400,000 397,632 0.69

Gerdau Holdings, Inc., Reg. S 7% 20/01/2020 USD 490,000 511,499 0.89

Stillwater Mining Co., Reg. S 6.125% 27/06/2022 USD 200,000 194,312 0.34

1,103,443 1.92


Sinochem Offshore Capital Co. Ltd., Reg. S 3.25% 29/04/2019 USD 410,000 409,293 0.71

Studio City Co. Ltd., Reg. S 7.25% 30/11/2021 USD 300,000 310,735 0.54

720,028 1.25



Argentina

Genneia SA, Reg. S 8.75% 20/01/2022 USD 500,000 465,843 0.81

465,843 0.81

Canada


446,704 0.78

177






Quantity/ Nominal

Value

Market Value

USD% of


Cayman Islands

Grupo Aval Ltd., Reg. S 4.75% 26/09/2022 USD 500,000 496,040 0.86

Industrial Senior Trust, Reg. S 5.5% 01/11/2022 USD 400,000 393,192 0.69

889,232 1.55

Chile

Latam Airlines Group SA, Reg. S 7.25% 09/06/2020 USD 300,000 307,741 0.53

307,741 0.53

Colombia

Transportadora de Gas Internacional SA ESP, Reg. S 5.7% 20/03/2022 USD 200,000 203,329 0.35

203,329 0.35

Costa Rica

Banco Nacional de Costa Rica, Reg. S 4.875% 01/11/2018 USD 200,000 199,616 0.35

Banco Nacional de Costa Rica, Reg. S 5.875% 25/04/2021 USD 300,000 299,286 0.52

498,902 0.87

France

Credit Agricole SA, Reg. S, FRN 8.375% Perpetual USD 500,000 521,895 0.91

521,895 0.91

Mexico

Grupo Bimbo SAB de CV, Reg. S 4.875% 30/06/2020 USD 550,000 562,122 0.98

Grupo Bimbo SAB de CV, Reg. S, FRN 5.95% Perpetual USD 400,000 401,496 0.70

Petroleos Mexicanos 8% 03/05/2019 USD 350,000 360,411 0.62

Petroleos Mexicanos 6% 05/03/2020 USD 300,000 309,592 0.54

1,633,621 2.84

Netherlands

Myriad International Holdings BV, Reg. S 6% 18/07/2020 USD 550,000 572,302 0.99

572,302 0.99

Paraguay

Telefonica Celular del Paraguay SA, Reg. S 6.75% 13/12/2022 USD 200,000 205,852 0.36

205,852 0.36

Peru


500,143 0.87

Supranational

JBS USA LUX SA, 144A 7.25% 01/06/2021 USD 400,000 405,570 0.70

405,570 0.70

178






Quantity/ Nominal

Value

Market Value

USD% of


United Kingdom

Petra Diamonds US Treasury plc, Reg. S 7.25% 01/05/2022 USD 255,000 246,530 0.43

246,530 0.43


GameStop Corp., 144A 6.75% 15/03/2021 USD 500,000 510,957 0.89

510,957 0.89


Sinochem Global Capital Co. Ltd., Reg. S, FRN 5% Perpetual USD 200,000 200,247 0.35

200,247 0.35



Cash (370,479) (0.64)



179






Net AssetsCayman Islands 11.65 Netherlands 5.92 Luxembourg 5.02 Turkey 4.78 Argentina 4.57 Supranational 4.31 Hong Kong 4.14 United Arab Emirates 3.88 Mexico 3.82 United Kingdom 3.78 Nigeria 2.91 Bermuda 2.86 United States of America 2.81 Chile 2.59 Kazakhstan 2.19 Colombia 2.08 India 2.01 South Korea 1.98 Indonesia 1.98 Ireland 1.63 Virgin Islands, British 1.60 Peru 1.55 Panama 1.51 Isle of Man 1.39 Paraguay 1.23 Australia 1.22 Costa Rica 1.22 Georgia 1.13 Austria 1.07 China 1.04 South Africa 1.04 Curacao 1.01 Saudi Arabia 1.01 Sri Lanka 0.96 France 0.91 Kenya 0.87 Kuwait 0.85 Egypt 0.80 Israel 0.79 Brazil 0.78 Canada 0.78 Singapore 0.68 Czech Republic 0.47 Mauritius 0.42 Total Investments 99.24 Cash and Other Assets/(Liabilities) 0.76Total 100.00

180







PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


USD% of

Net AssetsGBP 6,405,220 USD 8,346,898 15/10/2018 J.P. Morgan 11,637 0.02

USD 29,353 EUR 25,002 15/10/2018 J.P. Morgan 368 –

USD 282,397 EUR 239,366 31/10/2018 J.P. Morgan 4,539 0.01

USD 76,416 GBP 58,148 15/10/2018 J.P. Morgan 536 –

Total Unrealised Gain on Forward Currency Exchange Contracts 17,080 0.03 EUR 8,382,027 USD 9,735,115 15/10/2018 J.P. Morgan (17,892) (0.03)

Total Unrealised Loss on Forward Currency Exchange Contracts (17,892) (0.03) Net Unrealised Loss on Forward Currency Exchange Contracts (812) –

181



Jupiter Global Financials

■ Jupiter Global Financials Review of Portfolio as at 30 September 2018

Performance


Class D EUR Acc €12.11 €10.56 14.68

Class D GBP Acc £17.67 £15.32 15.34

Class D USD Acc $14.26 $12.69 12.37

Class L EUR Acc €17.65 €15.51 13.80

Class L GBP A Inc £19.90 £17.39 14.43

Class L USD Acc $13.30 $11.92 11.58


Market Review

US banks generally trended higher as the sector benefited from robust quarterly earnings and the continuing gradual tightening in US monetary policy. The Federal Reserve has now raised US interest rates eight times since late 2015 and further modest hikes are projected as inflationary expectations edge higher, which has lifted benchmark US Treasury yields (an important measure of investor confidence) to their highest levels since 2011.

European banks largely underperformed their US counterparts as concerns about deficit spending by Italy’s new government weighed on investor sentiment. Quantitative tightening in the eurozone looks set to be phased out by end-2018 but the European Central Bank has pledged to keep interest rates at record lows ‘through the summer’ of 2019.

Emerging market financials also lagged due to growing trade concerns between the US and China and country-specific issues in Turkey and Argentina.

Performance Review

The fund outperformed MSCI ACWI/ Financials Index in the review period. Spread-betting firm Plus500 provided the biggest positive contribution to returns. In its half-year update, the Israel-based, London-listed company said both revenue and profits for the full year were on track to be significantly ahead of market expectations.

Several of the fund’s consumer finance holdings performed well too, including PayPal, Worldpay, Adyen and Global Payments. PayPal reported better-than-expected numbers for the second quarter and raised its full-year forecast, while Global Payments reported better-than-expected second-quarter earnings. Likewise, Adyen reported a 75% jump in first-half net profit. The consumer sector remains an important component of the fund, as consumer finance companies continue to benefit from elevated or accelerating consumer spending trends across most regions globally.

Not holding banks such as BNP Paribas, BBVA, HSBC and being underweight ING – four banks seen as exposed to Turkey’s currency crisis – also helped the fund’s relative returns. The fund’s exposure to global exchanges also contributed positively to performance. Chicago Mercantile Exchange, for example, performed well over the period. London Stock Exchange was another particularly strong performer; the exchange reported strong interim results with double-digit revenue growth across its information services, clearing and capital markets segments.

Further gains came from ASA International, which provides small loans to business owners in frontier and developing markets where it is difficult to gain access to credit from traditional banks, particularly for women. We participated in the IPO of the microfinance specialist in July.

By country, India was the biggest detractor to performance. The Indian stock market has underperformed year-to-date, as pressures from higher crude oil prices and US dollar strength have negatively impacted investor sentiment. Reliance Capital, for example, was among the biggest fallers, due to concerns that financial difficulties at Reliance Communications (which has the same majority shareholder as Reliance Capital) could affect the business. However, we believe concerns over contagion are overblown. The fund is underweight emerging markets versus the above index, which contributed positively to relative returns overall.

Outlook

Given the current environment, we remain positive on the outlook for the financial sector, as banks are beneficiaries of rising interest rates, steadily increasing inflation and rising bond yields. We continue to hold a diversified portfolio, balancing developed market stocks with some emerging market exposure, and interest rate-sensitive companies with fast-growing financial technology firms, as well as looking out for companies that offer good restructuring potential.

The fund remains well exposed to the US banking sector and the sector has continued to enjoy several tailwinds. A number of US banks have announced plans to increase share buybacks and quarterly dividend payments, and we believe the US banking sector could benefit from a pickup in loan growth.

Although the fund retains a relatively underweight position in European banks compared with the above index, we are becoming more positive on the outlook for the sector. Valuations are at all-time lows and share prices appear to be discounting very negative news, even though European banks are seeing a steady improvement in profitability. We will continue to look for signs of cost-cutting and strong dividend payouts across the sector.

Guy de BlonayFund Manager

30 September 2018

182




■ Jupiter Global Financials Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of


Banks

Bank of America Corp. USD 41,178 1,064,749 1.00

Citigroup, Inc. USD 50,341 3,170,845 2.97

JPMorgan Chase & Co. USD 53,315 5,272,389 4.93

SVB Financial Group USD 18,795 5,082,452 4.75

14,590,435 13.65

Capital Markets

Aquis Exchange plc GBP 50,000 247,756 0.23

Cboe Global Markets, Inc. USD 17,693 1,493,552 1.40

CME Group, Inc. USD 28,504 4,232,318 3.96

E*TRADE Financial Corp. USD 7,020 319,967 0.30

Intermediate Capital Group plc GBP 107,758 1,311,829 1.23

MSCI, Inc. USD 12,115 1,868,735 1.75

Nasdaq, Inc. USD 6,612 493,606 0.46


S&P Global, Inc. USD 11,710 2,062,489 1.93

SBI Holdings, Inc. JPY 41,800 1,122,416 1.05

16,007,854 14.98

Communications Equipment

Palo Alto Networks, Inc. USD 13,167 2,566,740 2.40

2,566,740 2.40

Consumer Finance

Green Dot Corp. 'A' USD 20,834 1,579,249 1.48

1,579,249 1.48

Health Care Technology

Veeva Systems, Inc. 'A' USD 3,597 331,299 0.31

331,299 0.31

Insurance

AIA Group Ltd. HKD 101,600 783,894 0.73

Ping An Insurance Group Co. of China Ltd. 'H' HKD 403,500 3,538,386 3.31

Trupanion, Inc. USD 7,656 230,819 0.22

4,553,099 4.26

Internet & Direct Marketing Retail


546,233 0.51

183




■ Jupiter Global Financials Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


IT Services

Adyen NV EUR 2,693 1,877,829 1.76

Alliance Data Systems Corp. USD 3,554 725,000 0.68


Cognizant Technology Solutions Corp. 'A' USD 9,694 642,575 0.60

Evo Payments, Inc. 'A' USD 39,283 820,876 0.77

Fidelity National Information Services, Inc. USD 17,060 1,602,381 1.50

First Data Corp. 'A' USD 73,996 1,544,658 1.44

Global Payments, Inc. USD 38,555 4,218,249 3.94

Mastercard, Inc. 'A' USD 17,009 3,265,166 3.05

Pagseguro Digital Ltd. 'A' USD 39,178 934,211 0.87

PayPal Holdings, Inc. USD 53,853 4,138,407 3.87

Total System Services, Inc. USD 24,641 2,082,513 1.95

Visa, Inc. 'A' USD 25,174 3,261,606 3.05

WEX, Inc. USD 6,405 1,098,969 1.03

Worldline SA EUR 11,265 614,506 0.58

Worldpay, Inc. 'A' USD 9,358 812,135 0.76

31,868,729 29.81

Professional Services

IHS Markit Ltd. USD 38,085 1,756,279 1.64

TransUnion USD 34,063 2,142,302 2.00

3,898,581 3.64

Software

Argo Blockchain plc GBP 4,125,000 330,987 0.31

Bottomline Technologies DE, Inc. USD 31,004 1,899,048 1.78

Envestnet, Inc. USD 20,296 1,066,859 1.00

Guidewire Software, Inc. USD 18,510 1,611,667 1.51

New Relic, Inc. USD 6,201 513,096 0.48

Q2 Holdings, Inc. USD 18,468 955,222 0.89

Rapid7, Inc. USD 83,306 2,670,189 2.50

Splunk, Inc. USD 9,623 984,744 0.92

SS&C Technologies Holdings, Inc. USD 44,337 2,153,700 2.01

Temenos AG CHF 14,183 2,029,234 1.90

14,214,746 13.30

184






Quantity/ Nominal

Value

Market Value

EUR% of


Technology Hardware, Storage & Peripherals

NetApp, Inc. USD 7,292 539,333 0.50

539,333 0.50

Thrifts & Mortgage Finance

Axos Financial, Inc. USD 10,674 313,329 0.29

Charter Court Financial Services Group plc GBP 28,783 110,241 0.10

423,570 0.39



Cash 3,481,180 3.26



185





Industry Sector Allocation of Portfolio (unaudited)% of

Net Assets

IT Services 29.81

Capital Markets 14.97

Banks 13.65

Software 13.29

Insurance 4.26


Communications Equipment 2.40

Consumer Finance 1.48

Internet & Direct Marketing Retail 0.51

Technology Hardware, Storage & Peripherals 0.50

Thrifts & Mortgage Finance 0.40

Health Care Technology 0.31



Total 100.00



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsUSD 4,346,589 EUR 3,741,863 15/10/2018 J.P. Morgan 7,485 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 7,485 0.01 EUR 110,992 USD 130,231 15/10/2018 J.P. Morgan (1,345) –


186







Global Exposure

EUR


EUR% of

Net Assets

Guernsey SafeCharge International Group Ltd. GBP 431,385 1,549,736 14,574 0.01

United Kingdom Avast plc GBP 329,900 1,069,425 105,570 0.10

United Kingdom Learning Technologies Group plc GBP 915,771 1,704,238 489,610 0.46

United States of America Square, Inc. USD 26,297 2,223,945 211,177 0.20


Guernsey Burford Capital Ltd. GBP 31,715 692,182 (4,215) –

Israel Plus500 Ltd. GBP 177,123 2,672,893 (394,096) (0.37)

United Kingdom ASA International Group plc GBP 333,112 1,838,275 (7,409) (0.01)

United Kingdom Charter Court Financial Services Group plc GBP 573,172 2,195,298 (117,327) (0.11)

United Kingdom First Derivatives plc GBP 30,314 1,404,802 (42,673) (0.04)

United Kingdom Gocompare.Com Group plc GBP 231,328 255,954 (10,811) (0.01)

United Kingdom London Stock Exchange Group plc GBP 84,672 4,372,009 (38,127) (0.04)




Deutsche Bank 211,177

Bank of America Merrill Lynch (4,904)

206,273

187


Performance


/Launch date % Change

Class F EUR Acc HSC (1) €92.44# €100.00 (7.56)

Class F GBP Acc (1) £93.49# £100.00 (6.51)

Class F SEK Acc HSC (2) SEK 93.68# SEK 100.00 (6.32)

Class F USD Acc HSC (1) $94.70# $100.00 (5.30)

Class I EUR Acc HSC (3) €99.95# €100.00 (0.05)

Class I GBP Acc (1) £93.27# £100.00 (6.73)

(1) Launch date 19 October 2017. (2) Launch date 15 November 2017. (3) Launch date 3 September 2018. #Net Asset Values per share include Swing Pricing Adjustments. For current year, refer to Note 14 for further details.

Please note: The Jupiter Global Levered Absolute Return fund was launched on 19 October 2017. The following commentary covers the period 19 October 2017 to 30 September 2018.

Market Review

Global stock markets generally increased in value during the year under review. However, the period presented unique challenges for investors as a number of unhealthy dynamics between markets became more pronounced. Rising interest rates in the US and protectionist trade policies from the Trump Administration ruffled markets, especially in the first few months of 2018. As the period progressed, the robust US dollar, which has been supported by a mix of a strong domestic economy, rising interest rates and tightening US monetary policy, created heavy weather for emerging markets (EM). Turkey bore the brunt of the market’s flight to safety. However, other EM markets followed suite as capital started to flee from Argentina, South Africa, India and Indonesia in the summer months. Some of these markets recovered somewhat in September, but the main causes of their ills were far from resolved, with 10-year US Treasury bond yields climbing above 3% at the end of the review period.

Another notable feature was the widening rift between the US and the rest of the world – not just in terms of valuations, but also attitudes to risk. US stocks make up roughly 55% of the FTSE World Index yet accounted for some 81% to the index’s return over the year*. The S&P 500 Index added a whopping 16.4%** during the period under review, with Apple and Amazon famously reaching market capitalisation of $1 trillion. This was in sharp contrast to the returns of the UK’s FTSE All-Share Index (0.3%)** and Germany’s CDAX Index (-3.1%)**.

Performance Review

Many investors in our strategy will know that the fund has been leaning gently against the central tendency in markets since the fund’s launch. The portfolio tends to be long ‘value’ shares (i.e. invests in shares priced near or below their theoretical accounting value). It also tends to be short stocks that are either 1) reasonable companies that appear to be overpriced on a medium-term view, or 2) ‘glamour’ growth stocks, companies that generally have exciting growth plans but, in our view, have weak balance sheets, fragile business models or hubristic management plans.

The current bull market has been characterised by the exceptional performance of growth stocks versus value stocks, particularly in the last two years. The market has only reached such extreme levels of underperformance of value versus growth twice in the past century – around the tech bubble (2000) and the Great Depression (1929). The fund’s style has therefore been a major reason why the strategy has lost money this year. An additional impediment has been the rise in value of the US stock market, which reached record-highs during the year, while most other markets around the world have rolled considerably from their peaks. The strategy’s short positions currently tend to be in the US, while its long positions are mainly found outside of the US. The fund’s net short exposure to equities (which means on balance the fund holds greater weight in short positions than long) has been a further impediment.

Highlights from the long book: The portfolio’s long positions added value on average. Among the highlights were shares held in Burford Capital, a litigation-finance specialist, which continued to trend higher following a series of very strong results. A rise in the price of oil underpinned strong performances from several oil-related holdings, including BP, Equinor, Gazprom and drilling company Transocean. The fund’s long holding in diversified mining company BHP Billiton also added value.

Highlights from the short book: Losses on the short book exceeded the gains made by the portfolio of long holdings. Wayfair was one of about half a dozen US glamour-growth short positions that detracted from performance. The stock is symbolic of the current regime, having doubled over the summer months with the market impressed by the company’s aggressive growth plans, with seemingly little concern about losses, director selling and a fragile balance sheet. Short positions of a similar ilk that hurt performance included Netflix, Transdigm and Amazon. In our view, these companies are fragile due to factors such as excess valuations, poor balance sheets and hubristic growth plans.

We continually check and recheck our work as part of our process of managing the fund to help us look for flaws in our own logic, as well as to consider the allocation of risk to individual positions and the portfolio overall. In general, working through the most recent company reports of our holdings has reaffirmed our stance, which is to lean gently, rather than aggressively, against the current distortions in markets.



■ Jupiter Global Levered Absolute Return Review of Portfolio as at 30 September 2018

188




■ Jupiter Global Levered Absolute Return Review of Portfolio as at 30 September 2018 (continued)


Although we will make mistakes along the way, we feel that growing distortions in the current market regime, rather than deficiencies in our fundamental analysis, have been the key impediment to recent performance.

The portfolio is highly diversified and is comprised of idiosyncratic, rather than pair1 or thematic, positions. The long book has approximately 90 positions, while the short book consists of 130 stocks – so individual position sizes tend to be modest. In an environment that is generally unfavourable for our value-based approach to short-selling, this positioning has helped to mitigate downside risk.

In terms of the market backdrop, changes in regime tend to be characterised by the collapse of fringe bubbles and the concentration of assets in an increasingly narrow range of favoured stocks. We have no special insight into when change will occur but believe that the combination of exuberance and despair seen this month is not healthy. Tightening monetary policy in the US and the recent spike in US bond yields are likely to remain key pressure points for the current regime in our view.

We therefore remain opportunistic in our approach and continue to adjust positions incrementally based on news flow and the path of share prices, rather than making dramatic changes to the portfolio. Our incremental approach should help us avoid being caught out by false positives but gives us the flexibility to react quickly as the market signals grow in strength. Overall, the fund should be well placed to benefit from a pickup in volatility and a sustained rotation from growth to value stocks and from the US to the UK market.

James ClunieFund Manager

30 September 2018

*Source: FactSet and Jupiter

**Source: Thomson Reuters1Pair trading: a strategy that involves matching a long position with a short position in two stocks within the same sector

189




■ Jupiter Global Levered Absolute Return Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value GBP

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquitiesAustraliaNewcrest Mining Ltd. AUD 63,988 686,861 1.34

South32 Ltd. GBP 253,679 542,366 1.06


138,479 0.27 CanadaCameco Corp. CAD 155,660 1,354,761 2.64

1,354,761 2.64 ChinaChina Petroleum & Chemical Corp. 'H' HKD 902,000 693,312 1.35


982,732 1.92 DenmarkAP Moller - Maersk A/S 'B' DKK 731 793,273 1.55


Pandora A/S DKK 4,450 211,034 0.41


318,532 0.62 GermanyDeutsche Boerse AG EUR 7,048 719,874 1.40

Volkswagen AG Preference EUR 950 127,531 0.25

847,405 1.65 GuernseyBurford Capital Ltd. GBP 121,604 2,356,686 4.60


657,193 1.28

190




■ Jupiter Global Levered Absolute Return Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value GBP

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listingEquities

JapanAstellas Pharma, Inc. JPY 64,090 858,948 1.68


FANUC Corp. JPY 2,810 407,278 0.79

Hoya Corp. JPY 1,250 57,037 0.11

KDDI Corp. JPY 33,770 716,639 1.40

NTT DOCOMO, Inc. JPY 21,760 449,417 0.88

Sekisui Chemical Co. Ltd. JPY 74,500 1,056,251 2.06

Sumitomo Mitsui Financial Group, Inc. JPY 16,760 519,707 1.01







1,428,638 2.79 RussiaDetsky Mir PJSC RUB 65,000 70,094 0.14

Gazprom PJSC USD 603,000 1,139,058 2.22

Magnit PJSC RUB 1,400 62,076 0.12


Novolipetsk Steel PJSC USD 200,000 412,754 0.80



2,601,823 5.08

191






Quantity/ Nominal

Value

Market Value GBP

% of Net Assets


SwitzerlandRoche Holding AG CHF 1,551 291,189 0.57

Transocean Ltd. USD 91,200 965,355 1.88

1,256,544 2.45 United KingdomAggreko plc GBP 8,500 73,142 0.14



Barclays plc GBP 290,084 499,960 0.98

BHP Billiton plc GBP 81,781 1,355,929 2.65

BP plc GBP 579,125 3,427,262 6.69

Capita plc GBP 271,670 383,598 0.75


Centrica plc GBP 1,337,381 2,070,600 4.04



Essentra plc GBP 132,474 536,122 1.05

Fresnillo plc GBP 92,574 740,222 1.44



Hays plc GBP 352,048 718,178 1.40




IMI plc GBP 41,126 450,124 0.88


ITE Group plc GBP 550,186 416,216 0.81


Kingfisher plc GBP 319,810 840,940 1.64


Meggitt plc GBP 47,602 271,236 0.53



Pearson plc GBP 60,844 546,866 1.07

Rio Tinto plc GBP 34,755 1,343,194 2.62


Rotork plc GBP 37,791 124,975 0.24

192






Quantity/ Nominal

Value

Market Value GBP

% of Net Assets




Royal Dutch Shell plc 'B' GBP 48,623 1,296,289 2.53

Royal Mail plc GBP 140,293 663,165 1.29


SIG plc GBP 193,831 244,615 0.48



Tate & Lyle plc GBP 44,736 308,276 0.60

25,466,368 49.70 United States of AmericaCitizens Financial Group, Inc. USD 12,282 366,473 0.72

Gilead Sciences, Inc. USD 12,837 753,861 1.47

Tapestry, Inc. USD 17,764 683,005 1.33


1,992,574 3.89 Total Equities 47,305,276 92.32 WarrantsUnited States of AmericaTidewater, Inc. 31/07/2023 USD 2,200 6,115 0.01

6,115 0.01 Total Warrants 6,115 0.01 Total Transferable securities and money market instruments admitted to an official exchange listing 47,311,391 92.33

Other transferable securities and money market instrumentsEquitiesUnited KingdomGVC CVR plc Rights 28/03/2019* GBP 506,884 – –

Total Equities – – Total Other transferable securities and money market instruments – –


193



Quantity/ Nominal

Value

Market Value GBP

% of Net Assets

Units of authorised UCITS or other collective investment undertakings Exchange Traded FundsJerseyETFS Physical Gold Fund USD 14,200 1,231,530 2.40

ETFS Physical Gold Fund GBP 28,038 2,431,596 4.75

3,663,126 7.15 Total Exchange Traded Funds 3,663,126 7.15 Total Units of authorised UCITS or other collective investment undertakings 3,663,126 7.15

Total Investments 50,974,517 99.48 Cash 2,605,039 5.08Other Assets/(Liabilities) (2,337,245) (4.56)Total Net Assets 51,242,311 100.00




194






Net Assets


Japan 8.91

Jersey 7.76

Russia 5.08

Guernsey 4.60


Norway 2.79

Denmark 2.66

Canada 2.64

Switzerland 2.45

Australia 2.40

China 1.92

Germany 1.65

Isle of Man 1.28

France 0.62

Mexico 0.34

Luxembourg 0.30

Bermuda 0.27

Netherlands 0.21



Total 100.00

195




PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


GBP% of

Net AssetsGBP 342,234 AUD 600,000 21/11/2018 J.P. Morgan 11,154 0.02

GBP 704,087 EUR 790,576 15/10/2018 J.P. Morgan 1,758 –

GBP 717,880 EUR 800,000 21/11/2018 J.P. Morgan 6,240 0.01

GBP 1,491,255 JPY 210,000,000 21/11/2018 J.P. Morgan 69,708 0.14

GBP 28,348 SEK 328,234 15/10/2018 J.P. Morgan 44 –

GBP 115,417 USD 150,283 15/10/2018 J.P. Morgan 254 –

GBP 1,639,127 USD 2,100,000 21/11/2018 J.P. Morgan 32,608 0.07

SEK 51,962,749 GBP 4,417,559 15/10/2018 J.P. Morgan 63,246 0.12

USD 437,353 GBP 332,447 15/10/2018 J.P. Morgan 2,701 0.01


GBP 97,192 SEK 1,142,362 15/10/2018 J.P. Morgan (1,316) –

GBP 152,351 USD 200,392 15/10/2018 J.P. Morgan (1,212) –

SEK 533,522 GBP 46,109 15/10/2018 J.P. Morgan (103) –

USD 12,563,514 GBP 9,640,955 15/10/2018 J.P. Morgan (13,421) (0.03)

Total Unrealised Loss on Forward Currency Exchange Contracts (96,538) (0.19) Net Unrealised Gain on Forward Currency Exchange Contracts 91,175 0.18



Global Exposure

GBP

Market Value GBP

% of Net Assets

128 Commerzbank AG, Call, 8.000, 21/12/2018 EUR UBS 78,322 13,525 0.03

9,400,000 Foreign Exchange USD/CNY, Call, 7.000, 10/10/2018 USD Bank of America Merrill Lynch 14,537,909 2,133 –



Merrill Lynch 308,489,124 137 –


Merrill Lynch 208,877,626 623 –

80 S&P 500 Index, Call, 3,400.000, 18/01/2019 USD UBS 178,744 3,987 0.01

11 Tapestry, Inc., Call, 30.000, 18/01/2019 USD UBS 41,806 17,079 0.03






196




Global Exposure

GBP


GBP% of

Net Assets

Australia Domino's Pizza Enterprises Ltd. AUD (6,689) (196,857) 3,217 0.01


Canada TransCanada Corp. CAD (650) (20,146) 1,135 –

Cayman Islands NIO, Inc. USD (5,440) (29,386) 7,387 0.01



Denmark Chr Hansen Holding A/S DKK (2,467) (189,329) 2,233 –

Denmark Coloplast A/S DKK (4,455) (348,051) 15,757 0.03

Denmark Novozymes A/S DKK (8,172) (340,877) 1,703 –

France Danone SA EUR (1,703) (101,061) 1,497 –

France Remy Cointreau SA EUR (3,112) (310,464) 19,895 0.04

Germany Fraport AG Frankfurt Airport Services Worldwide EUR (3,048) (204,533) 3,925 0.01

Germany HelloFresh SE EUR (4,800) (45,436) 5,965 0.01

Germany Zalando SE EUR (1,800) (53,784) 3,710 0.01


Ireland Kerry Group plc EUR (1,023) (87,047) 2,157 –

Sweden Volvo AB SEK (26,896) (364,466) 637 –

Switzerland DKSH Holding AG CHF (1,085) (56,655) 3,493 0.01

Switzerland Straumann Holding AG CHF (272) (157,833) 7,155 0.01



United Kingdom BBA Aviation plc GBP (99,090) (294,000) 12,059 0.02


United Kingdom Genus plc GBP (3,700) (88,245) 16,903 0.03

United Kingdom Just Eat plc GBP (55,579) (375,381) 44,744 0.09


United Kingdom Restore plc GBP (26,322) (126,346) 8,858 0.02


United States of America AECOM USD (20,200) (505,310) 13,946 0.03



United States of America BlackRock, Inc. USD (2,620) (959,920) 1,114 –


United States of America Campbell Soup Co. USD (15,400) (435,302) 30,601 0.06

United States of America CarMax, Inc. USD (8,750) (495,232) 28,413 0.06






197




Global Exposure

GBP


GBP% of

Net Assets

United States of America Crown Castle International Corp. USD (2,120) (177,043) 8,314 0.02


United States of America Dorman Products, Inc. USD (17,250) (1,030,146) 40,586 0.08

United States of America Equinix, Inc. USD (1,940) (639,983) 7,896 0.02

United States of America Facebook, Inc. USD (3,910) (506,198) 8,009 0.02

United States of America Franklin Resources, Inc. USD (12,250) (291,503) 4,284 0.01

United States of America General Mills, Inc. USD (13,000) (428,964) 24,709 0.05

United States of America Globalstar, Inc. USD (66,600) (25,635) 273 –



United States of America Intel Corp. USD (16,750) (589,307) 30,666 0.06

United States of America Iron Mountain, Inc. USD (2,500) (65,356) 3,843 0.01


United States of America JM Smucker Co. (The) USD (8,150) (639,746) 7,554 0.02

United States of America Kellogg Co. USD (9,100) (488,527) 12,138 0.02

United States of America Kilroy Realty Corp. USD (13,300) (719,405) 26,072 0.05

United States of America Kimberly-Clark Corp. USD (250) (21,650) 497 –

United States of America Kraft Heinz Co. (The) USD (14,950) (630,864) 37,104 0.07

United States of America Lattice Semiconductor Corp. USD (17,300) (103,267) 2,925 0.01

United States of America LKQ Corp. USD (5,800) (141,086) 9,494 0.02



United States of America Newell Brands, Inc. USD (11,300) (177,229) 11,782 0.02

United States of America Nexstar Media Group, Inc. USD (11,700) (724,410) 10,806 0.02

United States of America NVIDIA Corp. USD (4,150) (850,938) 40,759 0.08

United States of America PayPal Holdings, Inc. USD (2,950) (201,300) 6,406 0.01

United States of America Prestige Consumer Healthcare, Inc. USD (16,750) (489,772) 1,267 –


United States of America Roper Technologies, Inc. USD (1,850) (417,498) 5,699 0.01

United States of America SVB Financial Group USD (3,900) (936,470) 28,252 0.06

United States of America Tenet Healthcare Corp. USD (26,150) (568,635) 96,283 0.19

United States of America WestRock Co. USD (1,750) (71,821) 2,087 –





198




Global Exposure

GBP


GBP% of

Net Assets

Australia Commonwealth Bank of Australia AUD (8,172) (322,710) (2,072) –

Canada Canadian Imperial Bank of Commerce CAD (3,650) (263,157) (204) –

Cayman Islands Alibaba Group Holding Ltd. USD (800) (102,006) (4,023) (0.01)


Germany Hannover Rueck SE EUR (4,650) (501,061) (11,863) (0.02)

Japan Aeon Co. Ltd. JPY (21,800) (403,200) (49,233) (0.10)

Japan M3, Inc. JPY (29,200) (508,733) (20,723) (0.04)




Netherlands Fiat Chrysler Automobiles NV EUR (56,395) (761,672) (32,990) (0.06)

Netherlands Koninklijke Philips NV EUR (2,425) (85,073) (2,191) –

Spain CaixaBank SA EUR (112,581) (390,177) (2,072) –

Sweden Elekta AB SEK (16,667) (172,416) (682) –


Switzerland Nestle SA CHF (5,009) (320,193) (789) –


Thailand CP ALL PCL USD (137,500) (224,498) (9,201) (0.02)

United Kingdom Ashtead Group plc GBP (11,417) (279,545) (9,876) (0.02)




United Kingdom Informa plc GBP 30,134 228,325 (1,416) –

United Kingdom Just Group plc GBP (80,000) (69,500) (12,288) (0.02)

United Kingdom Metro Bank plc GBP (17,158) (503,587) (25,050) (0.05)

United Kingdom Spirax-Sarco Engineering plc GBP (9,536) (697,320) (17,403) (0.03)

United States of America ACADIA Pharmaceuticals, Inc. USD (10,400) (173,958) (61,618) (0.12)


United States of America Amazon.com, Inc. USD (670) (1,034,038) (2,716) (0.01)

United States of America AMETEK, Inc. USD (15,900) (962,571) (25,233) (0.05)




United States of America Caterpillar, Inc. USD (10,300) (1,204,102) (110,401) (0.22)

United States of America Charter Communications, Inc. USD (2,950) (735,351) (34,438) (0.07)

United States of America Coca-Cola Co. (The) USD (19,150) (675,800) (21,185) (0.04)





199




Global Exposure

GBP


GBP% of

Net Assets

United States of America Deere & Co. USD (5,300) (614,507) (31,122) (0.06)


United States of America Dunkin' Brands Group, Inc. USD (7,350) (416,446) (3,309) (0.01)

United States of America Estee Lauder Cos., Inc. (The) USD (1,500) (165,751) (5,006) (0.01)


United States of America Illinois Tool Works, Inc. USD (1,200) (130,696) (2,912) (0.01)

United States of America Ingevity Corp. USD (1,200) (93,680) (741) –



United States of America McDonald's Corp. USD (7,050) (900,332) (23,379) (0.05)


United States of America Mondelez International, Inc. USD (14,000) (462,283) (3,351) (0.01)

United States of America NantKwest, Inc. USD (20,200) (57,230) (5,868) (0.01)

United States of America NCR Corp. USD (11,950) (261,733) (2,238) –

United States of America Netflix, Inc. USD (5,960) (1,739,811) (72,345) (0.14)

United States of America Planet Fitness, Inc. USD (15,900) (654,860) (28,987) (0.06)

United States of America Post Holdings, Inc. USD (13,350) (998,742) (1,909) –

United States of America Praxair, Inc. USD (3,400) (423,201) (10,806) (0.02)

United States of America salesforce.com, Inc. USD (5,910) (727,013) (36,484) (0.07)

United States of America Service Corp. International/US USD (15,200) (510,066) (21,724) (0.04)


United States of America Snap-on, Inc. USD (3,100) (438,010) (18,110) (0.04)

United States of America Tesla, Inc. USD (11,300) (2,664,234) (80,626) (0.16)


United States of America USG Corp. USD (6,400) (212,409) (908) –

United States of America Wayfair, Inc. USD (13,400) (1,495,710) (104,786) (0.20)






Counterparty Unrealised Gain/(Loss) GBP



(458,398)

200




■ Jupiter Global Value Review of Portfolio as at 30 September 2018

Performance


/Launch date % Change

Class D EUR Acc (1) €10.67 €10.00 6.70

Class D GBP Acc $13.50 £11.87 13.73

Class D USD Acc (2) £9.73 £10.00 (2.70)

Class I GBP Acc £13.14 £11.54 13.86

Class L EUR Acc €25.47 €22.70 12.20

Class L GBP A Inc £21.90 £19.60 12.87+

Class L USD Acc $20.11 $18.29 9.95

+ Performance takes into consideration dividend distributions during the year. (1) Launch date 18 December 2017. (2) Launch date 27 April 2018.

Market Review

Over the 12 months to 30 September 2018, the Jupiter Global Value fund returned 10.0%, underperforming the MSCI AC World Index (which represents the market activity), which rose 10.3%. However, the period was very difficult for value investing. Year to date the MSCI World Value Index has returned 1.1%, whilst the MSCI World Growth Index has risen 10.6%. This underperformance within the index has acted as a significant headwind to the fund, which was particularly evident in the third quarter of 2018.There are worries over economic growth in all areas of the world outside of the US. This is unhelpful for a value strategy. Valuation dispersion is now reaching levels not seen since previous periods of stress (1998 Russian default, the collapse of Long Term Capital Management and the 2000 tech boom). Historically, this has been a floor from which valuations narrow again. As we are value investors, the fund is always likely to own a disproportionately high proportion of the most lowly-valued companies in the market. If this area is getting cheaper relative to the rest of the market it creates a performance headwind that is difficult to overcome. However, we believe this environment creates an opportunity for the future. There are now some extreme divergences in valuations even within the same sector. A good example of this is the valuation of Volkswagen relative to Ferrari. Ferrari is rightly seen as being the high-quality name in the autos sector with impressive growth. However, the valuation of its shares is about seven times that of Volkswagen. This gap is obviously extreme, but it highlights a theme that is prevalent across sectors: the price the market is willing to pay for growth and/or quality is exceptionally high. Within the fund the biggest contributor to returns came from our holdings within US retail; Ralph Lauren, Urban Outfitters and Abercrombie & Fitch. US retail had performed very badly moving into 2017 and companies offered some very low valuations at the time of purchase but later recovered significantly. We have subsequently sold our holdings in the latter two. Flow Traders, meanwhile, benefited from the rise in market volatility at the start of 2018 and Pearson continued to recover after profit warnings issued in 2017.Seven West Media made a significant positive contribution. The TV advertising market in Australia posted moderate growth but this was much better than expectations and was enough to send the shares sharply higher. We used the opportunity to reduce the fund’s holding

and have recycled part of the position into Sky New Zealand which faces similar issues to Seven West Media (competition from online operators such as Netflix) but is on a much lower valuation.Tesco shares were strong, reporting good full year results with UK profit margins recovering faster than the market had been expecting. Although the shares are still not that expensive there is now a fair degree of optimism baked into the share price and as a result Tesco has been fully sold from the portfolio. Ericsson shares were also strong as they reported results in which their gross profit margin improved materially driven by market share gains for their new 5G Ericsson Radio System. TP ICAP was very weak following a profit warning in early July. The issue relates to profit forecasts which were too ambitious – in particular synergy targets given by the CEO (who has now been fired). While disappointing, we believe the share price declines following the announcement have been excessive especially considering the business itself is performing reasonably well.Barrick Gold’s shares were also weak due to a declining gold price. The company has announced a merger with Randgold Resources, partially in response to this low gold price environment. We believe the shares provide a useful hedge if the macroeconomic environment were to deteriorate. Standard Chartered was very weak. There was no material stock specific news that caused this, just an environment in which banking shares in general performed poorly. On top of this Standard Chartered, as an Asian focused trade bank, is seen to be more vulnerable to any potential trade war. However trading at more than a 40% discount to tangible book value these worries seem to us to be more than discounted in the price. This is a similar level to Italian banks, but we see far less risk and a much stronger balance sheet at Standard Chartered.Over the period we have sold the fund’s positions in Metcash, Via Varejo, AP Moller Maersk, Coface, Teradata and Cisco, and opened new positions in Scandinavian Tobacco, Dai-Dan, Toagosei, Hi-Lex and Harley Davidson.Given that valuations of the cheaper parts of the market are lowwe believe it is very unlikely valuation dispersion can increase much further from this point and is much more likely to fall. If we are correct it should be materially helpful for fund performance.

Ben Whitmore and Dermot MurphyFund Managers

30 September 2018

201




■ Jupiter Global Value Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

USD% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesAustraliaSeven West Media Ltd. AUD 17,000,000 12,288,835 2.74 South32 Ltd. AUD 3,215,000 9,099,091 2.03

21,387,926 4.77 BermudaPAX Global Technology Ltd. HKD 27,580,000 14,008,927 3.12 Signet Jewelers Ltd. USD 170,000 11,169,850 2.49

25,178,777 5.61 CanadaBarrick Gold Corp. USD 1,400,000 15,589,000 3.47

15,589,000 3.47 Czech RepublicPhilip Morris CR A/S CZK 13,000 8,747,009 1.95

8,747,009 1.95 DenmarkScandinavian Tobacco Group A/S 'A' DKK 760,000 11,736,665 2.62

11,736,665 2.62 GermanyVolkswagen AG Preference EUR 87,000 15,231,964 3.39

15,231,964 3.39 GreeceHellenic Exchanges - Athens Stock Exchange SA EUR 1,476,314 7,552,619 1.68

7,552,619 1.68 JapanDai-Dan Co. Ltd. JPY 114,100 2,874,755 0.64 Hazama Ando Corp. JPY 1,305,000 9,974,302 2.22 HI-LEX Corp. JPY 363,100 8,082,404 1.80 Kato Sangyo Co. Ltd. JPY 225,000 7,596,862 1.69 Maeda Road Construction Co. Ltd. JPY 510,000 10,403,667 2.32 Nippon Television Holdings, Inc. JPY 557,000 9,670,838 2.16 Sankyo Co. Ltd. JPY 337,000 13,190,638 2.94 Toagosei Co. Ltd. JPY 800,000 9,259,929 2.06 TS Tech Co. Ltd. JPY 282,500 9,781,097 2.18

80,834,492 18.01 NetherlandsFlow Traders EUR 383,000 11,088,711 2.47

11,088,711 2.47 New ZealandSKY Network Television Ltd. NZD 9,000,000 13,169,060 2.93

13,169,060 2.93 SwedenTelefonaktiebolaget LM Ericsson 'B' SEK 900,000 8,053,816 1.80

8,053,816 1.80

202




■ Jupiter Global Value Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

USD% of


United Kingdom

Anglo American plc GBP 360,000 8,070,442 1.80

Aviva plc GBP 2,150,000 13,662,636 3.04

Barclays plc GBP 5,815,000 13,070,891 2.91

BP plc GBP 2,025,000 15,629,467 3.48

Centrica plc GBP 7,500,000 15,144,207 3.37

Marks & Spencer Group plc GBP 3,800,000 14,268,208 3.18

Pearson plc GBP 1,500,000 17,583,224 3.92

Royal Bank of Scotland Group plc GBP 4,000,000 12,914,188 2.88

Standard Chartered plc GBP 2,200,000 18,203,893 4.06

TP ICAP plc GBP 3,600,000 12,634,568 2.81

141,181,724 31.45


H&R Block, Inc. USD 560,000 14,546,000 3.24

Harley-Davidson, Inc. USD 222,000 9,991,110 2.23

Omnicom Group, Inc. USD 230,000 15,682,550 3.49

Ralph Lauren Corp. USD 70,000 9,633,750 2.15

Western Union Co. (The) USD 950,000 17,997,750 4.01

67,851,160 15.12



Cash 20,387,879 4.54



203




■ Jupiter Global Value Schedule of Investments as at 30 September 2018 (continued)


Net Assets


Japan 18.01


Bermuda 5.61

Australia 4.77

Canada 3.47

Germany 3.39

New Zealand 2.93

Denmark 2.62

Netherlands 2.47

Czech Republic 1.95

Sweden 1.80

Greece 1.68



Total 100.00

204




■ Jupiter India Select Review of Portfolio as at 30 September 2018

Performance


Class D EUR Acc €10.68 €13.21 (19.15)

Class D GBP Acc £7.67 £9.43 (18.66)

Class D USD Acc $10.89 $13.74 (20.74)

Class L EUR Acc €14.84 €18.54 (19.96)

Class L GBP A Inc £15.68 £19.48 (19.51)

Class L USD A Inc $165.20 $210.55 (21.54)

Market Review

Like other emerging markets India has been buffeted by headwinds whipped up offshore, not least the stronger dollar, which has reinforced capital outflows and exacerbated the negative effects of a higher oil price. That said, the operational performance of companies remains strong and with US$400 billion in reserves at the Reserve Bank of India, the country has stronger defences than other emerging markets. India’s fiscal deficit is also still under control (3.3% of GDP targeted this financial year), as is inflation, and with the US accounting for just 16% of exports and 6% of imports, India is relatively insulated from the ongoing trade war tensions.

Performance Review

The MSCI India Index returned 1.1% in the 12 months under review (in US dollar terms), and the fund underperformed the MSCI India Index (which represents the market activity), returning -21.5%.

The most immediate impact of higher oil prices and dollar strength was the decision by the government to reduce taxes on fuel with Indian oil marketing firms being asked to take a Rs 1 hit to their fuel retailing margins. This hurt three of the fund’s holdings in the review period: Hindustan Petroleum, Bharat Petroleum and Indian Oil. The subsequent selloff, though, was an overreaction in our view. India’s finance minister has given assurances that this is a short-term measure, and there is no suggestion of a return to full price controls. Furthermore, in the case of Hindustan Petroleum, fuel retailing represents just 20% of earnings, so the impact on what is a sound business should be limited.

Having an underweight IT position in comparison to the above index dragged on performance too as these stocks made gains. We continue to believe that few companies in this sector fulfil our bottom-up GARP criteria (where we look for companies that can provide growth at a reasonable price). While Indian exporters of IT services to the US and Europe could benefit from the weaker rupee, we think their revenues risk being disrupted as client firms shift to new technologies like cloud computing and artificial intelligence.

Shares held in Reliance Capital also weighed on the fund’s performance. We believe contagion concerns sparked by financial difficulties at Reliance Communications (which has the same majority shareholder as Reliance Capital) are overblown. The company operates top-class asset management, housing finance and general insurance businesses and the stock is attractively valued, in our view.

The biggest positive contributor to performance also happened to be the fund’s biggest position – Biocon, a producer of generic biologic drugs. Several of Biocon’s biosimilars were approved for sale in the US, the European Union and Australia – including a biosimilar (a ‘generic’ version) of Neulasta, which is used to stimulate white blood cell growth after chemotherapy and gained US clearance. We believe the market opportunity for biosimilars is large and analysts expect profits to grow significantly in the next few years.

Battery maker Exide Industries was another positive contributor. We think there continues to be a large runway for growth in regular automotive batteries as well as in new industries such as solar power and electric vehicles.

Outlook

While it can be uncomfortable to go through a period of underperformance, we believe our bottom-up GARP approach should lead to attractive returns over the long term, as indeed has been the case historically. India benefits from several structural trends that the fund should be well placed to tap into, including increased internet penetration, growing financial inclusion and improvements to the social security system. These trends are moving fast and are, we think, underappreciated by the market – for instance, India is now the number one country in the world for mobile data consumption. We think these factors will result in rapidly changing domestic consumption patterns that could benefit a wide range of industries, for example domestic air travel, life insurance and branded apparel. The fund is predominantly exposed to domestic consumption.

At a company level, fundamentals continue to be strong and the underlying companies in the fund have reported solid results, where growth prospects remain strong and are well-supported by valuations. We have been selectively adding to positions where valuations now look compelling.

Avinash VaziraniFund Manager

30 September 2018

205




■ Jupiter India Select Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

USD% of


India

Aditya Birla Fashion and Retail Ltd. INR 675,243 1,709,181 0.62

Anant Raj Ltd. INR 177,356 91,375 0.03

Apollo Micro Systems Ltd. INR 175,180 310,996 0.11

Arvind Ltd. INR 527,029 2,311,454 0.84

Bharat Petroleum Corp. Ltd. INR 1,632,255 8,424,142 3.07

Biocon Ltd. INR 1,794,609 17,114,324 6.23

Bodal Chemicals Ltd. INR 498,145 685,770 0.25

BSE Ltd. INR 223,722 2,108,070 0.77

Byke Hospitality Ltd. (The) INR 574,322 562,874 0.20

Canara Bank INR 1,121,363 3,416,139 1.24

Capital First Ltd. INR 342,859 2,317,414 0.84

Coffee Day Enterprises Ltd. INR 504,227 1,963,839 0.72

Cox & Kings Ltd. INR 999,153 2,318,195 0.84

Crompton Greaves Consumer Electricals Ltd. INR 1,190,692 3,677,439 1.34

Deccan Gold Mines Ltd. INR 964,114 434,879 0.16

Edelweiss Financial Services Ltd. INR 1,311,257 3,427,591 1.25

Eicher Motors Ltd. INR 8,660 2,889,104 1.05

EIH Associated Hotels INR 1,277,802 5,742,574 2.09

Elpro International Ltd. INR 2,248,152 1,718,017 0.63

Emami Ltd. INR 380,716 2,596,662 0.95

Exide Industries Ltd. INR 1,513,353 5,541,342 2.02

Federal Bank Ltd. INR 1,726,743 1,683,988 0.61

Force Motors Ltd. INR 102,843 2,598,845 0.95

Fortis Healthcare Ltd. INR 4,020,955 7,485,039 2.72

Gillette India Ltd. INR 90,676 8,367,908 3.05

Godfrey Phillips India Ltd. INR 964,524 9,997,149 3.64

HCL Technologies Ltd. INR 290,517 4,359,258 1.59

HDFC Bank Ltd. INR 260,317 7,203,378 2.62

Himatsingka Seide Ltd. INR 388,632 1,181,255 0.43

Hindustan Petroleum Corp. Ltd. INR 4,901,539 17,001,062 6.19

Hindustan Zinc Ltd. INR 381,812 1,523,667 0.55

Housing Development Finance Corp. Ltd. INR 59,086 1,429,980 0.52

ICICI Bank Ltd. INR 1,060,855 4,471,263 1.63

ICICI Prudential Life Insurance Co. Ltd. INR 1,338,715 6,163,130 2.24

India Grid Trust INR 1,607,445 1,995,587 0.73

Indian Oil Corp. Ltd. INR 2,748,442 5,813,830 2.12

206




■ Jupiter India Select Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

USD% of


India (continued)

Indo Count Industries Ltd. INR 854,645 760,981 0.28

IndoStar Capital Finance Ltd. INR 358,267 1,576,731 0.57

InterGlobe Aviation Ltd. INR 546,473 6,227,207 2.27

JBF Industries Ltd. INR 756,703 275,041 0.10

Kaveri Seed Co. Ltd. INR 334,375 2,673,109 0.97

KDDL Ltd. INR 51,281 300,457 0.11

Max Financial Services Ltd. INR 723,439 4,074,490 1.48

Max India Ltd. INR 464,114 473,749 0.17

Milk Food Ltd. INR 58,698 362,252 0.13

MRF Ltd. INR 4,536 3,979,351 1.45

Multi Commodity Exchange of India Ltd. INR 60,415 573,732 0.21

Narayana Hrudayalaya Ltd. INR 246,370 832,448 0.30

Natco Pharma Ltd. INR 392,219 4,065,833 1.48

NBCC India Ltd. INR 1,210,280 976,638 0.36

Nestle India Ltd. INR 51,345 6,869,833 2.50

Olectra Greentech Ltd. INR 166,981 467,809 0.17

Oriental Bank of Commerce INR 2,007,421 1,702,964 0.62

Power Grid Corp. of India Ltd. INR 1,006,126 2,614,720 0.95

Prism Johnson Ltd. INR 3,043,446 3,677,576 1.34

Procter & Gamble Hygiene & Health Care Ltd. INR 37,017 4,962,918 1.81

Punjab & Sind Bank INR 1,175,636 420,015 0.15

Quick Heal Technologies Ltd. INR 275,407 799,685 0.29

Reliance Capital Ltd. INR 2,027,315 7,891,693 2.87

Reliance Home Finance Ltd. INR 831,128 563,486 0.21

Royal Orchid Hotels Ltd. INR 305,264 496,246 0.18

Rural Electrification Corp. Ltd. INR 1,273,809 1,720,200 0.63

SML ISUZU Ltd. INR 118,223 1,112,025 0.40

Southern Online Bio Technologies Ltd. INR 775,507 20,432 0.01

SpiceJet Ltd. INR 2,477,664 2,329,165 0.85

State Bank of India INR 2,118,373 7,758,163 2.82

Sun Pharmaceutical Industries Ltd. INR 596,881 5,131,472 1.87

Suprajit Engineering Ltd. INR 129,751 425,076 0.15

Syndicate Bank INR 1,508,998 643,190 0.23

Syngene International Ltd. INR 150,631 1,248,246 0.45

TAKE Solutions Ltd. INR 288,782 609,272 0.22

Tasty Bite Eatables Ltd. INR 6,500 755,635 0.28

Tech Mahindra Ltd. INR 493,347 5,073,318 1.85

207






Quantity/ Nominal

Value

Market Value

USD% of


India (continued)

Texmaco Rail & Engineering Ltd. INR 2,063,972 1,692,574 0.62

Torrent Pharmaceuticals Ltd. INR 86,875 1,980,407 0.72

Torrent Power Ltd. INR 711,305 2,162,516 0.79

Triveni Turbine Ltd. INR 1,108,511 1,579,546 0.58

TTK Healthcare Ltd. INR 67,087 880,612 0.32

Union Bank of India INR 1,550,143 1,405,916 0.51

United Spirits Ltd. INR 572,945 4,064,634 1.48

Whirlpool of India Ltd. INR 164,920 3,069,998 1.12

Yes Bank Ltd. INR 974,531 2,468,758 0.90

254,386,839 92.61

Isle of Man

Eros International plc USD 322,106 4,090,746 1.49

4,090,746 1.49

Israel

Taro Pharmaceutical Industries Ltd. USD 12,152 1,191,382 0.43

1,191,382 0.43


208






Quantity/ Nominal

Value

Market Value

USD% of


Mauritius

Bank of Mauritius 0% 10/05/2019 MUR 4,500,000 128,415 0.05

128,415 0.05

Total Bonds 128,415 0.05 Total Transferable securities and money market instruments dealt in on another regulated market 128,415 0.05


Convertible Bonds

India

Piramal Enterprises Ltd. 7.8% 19/04/2019* INR 604,000,000 7,662,914 2.79

7,662,914 2.79


Equities

Isle of Man

Hirco plc* GBP 50,000 – –

– –


Total Other transferable securities and money market instruments 7,662,914 2.79


Cash 7,373,187 2.68




209






Net Assets

India 95.40

Isle of Man 1.49

Israel 0.43

Mauritius 0.05



Total 100.00

210




■ Jupiter Japan Select Review of Portfolio as at 30 September 2018

Performance



Class D EUR Acc €12.23 €10.86 12.62

Class D USD Acc $14.68 $13.30 10.38

Class I JPY Acc (1) JPY 10,656.00 JPY 10,000.00 6.56

Class L EUR Acc €22.83 €20.43 11.75

Class L GBP A Inc £23.17 £20.68 12.40+

Class L USD Acc $19.07 $17.41 9.53

+ Performance takes into consideration dividend distributions during the year. (1) Launch date 13 September 2018.

Market ReviewThe past year was a strong one for Japanese equities, underpinned by robust economic data and company earnings. Fears linked to rising US interest rates and the potential impact on Japan of the trade war between the US and China tempered those gains as markets became more volatile.

Even so, trading conditions for Japanese corporates are among the best they have ever been. Until recently, the pre-tax profits of Japanese companies had oscillated within a range of around 2%-4% for about 60 years. There was understandably a trough in profit margins at the time of the global financial crisis, but the ensuing recovery has apparently resulted in a breaking of the usual cycle, as profit margins rose back up to 4% but kept climbing, hitting 6% recently before ticking back slightly. It has been an unprecedented move.

Japan’s corporate sector has traditionally been smart about cutting costs when times are tough, especially when the yen has been strong. A profitability boom on this scale is something they haven’t encountered before, however, so we have been fascinated to see how they are responding. From our recent research it is clear that, for many companies, the answer is that record profits provide the opportunity to accept the higher up-front costs required to grow their businesses.

Performance ReviewThe fund’s top positive contributor in the review period was GMO Internet. Our original decision to invest in the company was based on the company’s exposure to electronic payments. However, when the share price rallied it was largely due to positive developments in its cryptocurrency unit. After researching that side of the business we felt we did not understand it enough to have confidence in it as a sustainable driver of revenue. So we decided to bank the profits and move on to a new idea.

Asahi Intecc, which specialises in the manufacture of equipment for minimally invasive cardiac surgery, was another notable contributor to returns after a key competitor’s operations were damaged by a hurricane. Leaving aside this one-off event, the underlying growth of Asahi Intecc’s market and its growing market share remain the primary attraction to us. We nonetheless trimmed the holding and used the proceeds to invest in Terumo, a maker of consumable medical products that also made a positive contribution to performance during the period under review. Another new addition that contributed positively was Nomura Research Institute, which we view as one of Japan’s highest-quality plays on white collar productivity.

Also adding to gains was niche semiconductor manufacturing equipment maker Lasertec. The company is establishing itself as a key beneficiary of two emerging technology trends: extreme ultraviolet lithography and silicon carbide-based chips for power devices.

However, by far the largest drag on relative performance was Tateru (formerly Investors Cloud), which operates an apartment management platform that includes matching investors with higher-yielding real estate assets. The market reacted positively to its full-year results in February, but in September the shares fell sharply as the company became embroiled in a scandal, after one of its salespeople was found to have exaggerated the savings record of a prospective client when applying for a mortgage. Tateru confirmed that fact and announced an investigation that is expected to conclude around the end of 2018. Given the extreme share price fall, however, as well a disappointing lack of engagement from management and the fog of uncertainty surrounding the company, we took the decision to sell the fund’s entire position.

OutlookMarkets worldwide continue to be concerned about the impact of the ongoing trade war between the US and China, which clearly has implications for global trade more widely. A decline in world trade would be bad for Japanese corporate profits and the Japanese market generally, even though the country’s GDP is less reliant on exports than other major economies. This sensitivity to trade makes the ongoing spat between the US and the rest of the world, principally China, especially pertinent.

The good news is that it is possible that the US Trump administration’s belligerence could have planted the seed of a new and better trading relationship between Japan and China. That’s because in several product categories – mainly high-end manufactured goods – the natural replacement for an out-of-favour US company in China is its Japanese competitor. For example, in the field of construction machinery the closest substitute for a Caterpillar excavator is a Komatsu equivalent. Similarly, should the Chinese semiconductor manufacturers seek an alternative to Applied Materials for their lithography devices, then companies like Tokyo Electron will be on hand to step in. We are continuing to hunt for such ideas and think it is a matter of time before market focus shifts in a similar fashion.

Dan CarterFund Manager

30 September 2018

211




■ Jupiter Japan Select Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

USD% of


Japan

Asahi Intecc Co. Ltd. JPY 10,800 472,473 2.13

Aucnet, Inc. JPY 14,000 156,557 0.71

BayCurrent Consulting, Inc. JPY 8,200 228,792 1.03


Daifuku Co. Ltd. JPY 7,100 362,088 1.63

Don Quijote Holdings Co. Ltd. JPY 9,700 491,691 2.22

en-japan, Inc. JPY 11,600 582,889 2.63

Fukuoka Financial Group, Inc. JPY 21,600 595,531 2.68


Hoya Corp. JPY 7,200 428,471 1.93

Iriso Electronics Co. Ltd. JPY 8,000 420,329 1.89

Katitas Co. Ltd. JPY 7,900 241,314 1.09

KDDI Corp. JPY 44,600 1,234,378 5.56

Koito Manufacturing Co. Ltd. JPY 4,800 315,670 1.42

Komatsu Ltd. JPY 19,100 582,168 2.62

Lasertec Corp. JPY 6,700 223,560 1.01

Marui Group Co. Ltd. JPY 25,000 618,195 2.79

Nippon Telegraph & Telephone Corp. JPY 25,100 1,136,896 5.12

Nissan Chemical Corp. JPY 13,600 719,355 3.24

Nitta Corp. JPY 9,200 351,990 1.59

Nomura Co. Ltd. JPY 21,400 443,149 2.00

Nomura Research Institute Ltd. JPY 12,300 622,401 2.80

ORIX Corp. JPY 59,300 962,805 4.34

Prestige International, Inc. JPY 44,700 536,707 2.42

Rohm Co. Ltd. JPY 5,200 379,336 1.71


Sekisui House Ltd. JPY 39,800 607,429 2.74

SHO-BOND Holdings Co. Ltd. JPY 7,400 598,537 2.70

Sosei Group Corp. JPY 13,800 166,486 0.75

Star Asia Investment Corp., REIT JPY 485 442,950 2.00

Sumitomo Mitsui Financial Group, Inc. JPY 33,300 1,346,707 6.07

Takeda Pharmaceutical Co. Ltd. JPY 11,300 484,684 2.18


Terumo Corp. JPY 9,800 581,426 2.62


212




■ Jupiter Japan Select Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

USD% of


Japan (continued)

Tokyo Electron Ltd. JPY 3,100 426,665 1.92

Toyota Motor Corp. JPY 24,400 1,526,788 6.88

Zenkoku Hosho Co. Ltd. JPY 12,400 497,104 2.24

21,940,954 98.88


Units of authorised UCITS or other collective investment undertakingsCollective Investment Schemes - UCITS

Ireland

Northern Trust The US Dollar Fund – Share Class D USD 163 163 –

Total Collective Investment Schemes - UCITS 163 – Total Units of authorised UCITS or other collective investment undertakings 163 –


Cash 106,879 0.48




Net Assets

Japan 98.88

Ireland –



Total 100.00

213



Jupiter New Europe

■ Jupiter New Europe Review of Portfolio as at 30 September 2018

Performance


Class L EUR Acc €8.01 €8.00 0.12

Class L GBP A Inc £8.93 £9.13 0.68+

Class L USD Acc $6.61 $6.75 (2.07)


Market Review The Russian stock market performed strongly during the period under review, returning almost 17% in euro terms. This more than offset the effect of falling share prices elsewhere in the region. Russian shares were driven upward by the rising price of crude oil, which increased from ~$55/barrel a year ago to ~$83/barrel by the end of September 2018. Oil & gas companies were the prime beneficiaries of this trend; one of the fund’s largest holdings, Lukoil, returned +54%. A new budget rule was introduced: oil and gas tax receipts above $40/barrel are to be saved rather than spent. This held down the costs of Russian exporters by preventing the rouble from strengthening along with the oil price. Banks and retailers, with their rouble-denominated earnings, struggled, in part due to worries that the US might widen the scope of sanctions. Central and Eastern European economies enjoyed robust economic growth. Year-on-year figures for the second quarter of 2018 show Poland (+5.0%), Hungary (+4.8%), and the Czech Republic (+2.4%) continuing to expand faster than the EU average of 2.1%. However, markets did not gain, as global risk aversion mounted amid an escalating trade dispute between the US and China and the populist victory in Italian elections which reignited fears over Eurozone cohesion. The Greek market – particularly the banks – also suffered as a result of this development, despite the progress made by the Greek economy, which posted GDP growth of 1.8% in the second quarter. The Turkish stock market fell -41% in euro terms. It was buffeted by election-related uncertainty and a currency crisis that climaxed in August with the lira bottoming out at around 7 to the US dollar (compared to 3.6 lira/$ a year ago). The reluctance of the Turkish central bank to raise interest rates and a political quarrel with the US caused the currency to depreciate rapidly until it eventually stabilised at just over 6 lira/$, after policy changes were made including interest rate hikes and fiscal cuts.

Policy ReviewThe performance of the Jupiter New Europe fund was almost flat (+0.1%) in the period under review, while the MSCI Emerging Markets Europe 10/40 Index (which represent the market activity) made a small return of 1.3%. The fund is 11.1 percentage points ahead of the index since the current manager took over (at the end of March 2014). Stock selection in Russia had a positive effect; the decisions to favour oil producers such as Lukoil and Rosneft and dispose of food retailer Magnit worked well. However, this was outweighed by unfavourable trends in Poland and Turkey, where stocks traditionally seen as defensive did not hold up as well as one might have expected. For example, Turkish automaker Tofas has ‘take-or-pay’ export contracts in euros; during past bouts of market volatility (e.g. 2013-14) this caused the stock to outperform the broader Turkish market. However, on this occasion it did not. Similarly, Polish telecom provider Play ought to have held up relatively well in a falling market, given that telecoms are traditionally seen as defensive. Unfortunately, a change in EU roaming regulations caused earnings to

be cut by -26%. In our view, Play’s share price fall of 40% is excessive; even the most pessimistic forecasts of 1.2 PLN/share imply an attractive yield of almost 6% as at end September 2018. A further headwind for relative performance was an expensive index stock which became even more expensive; Polish computer game developer CD Projekt Red (not held in the fund) traded on ~33 times earnings last year, but its share price subsequently went up by over 60% amid speculation about a forthcoming launch. We believe that this share-price move more than prices in even the most optimistic scenario. In September, we added to positions in Turkey on the view that the combination of positive policy changes and lower share prices had created an opportunity.

Investment OutlookAcross much of the region, we have seen a divergence between share prices and fundamentals over the last year. In Central Europe, markets have been driven down by external factors such as global risk aversion, even as companies continue to deliver strong and growing earnings. In Turkey, the situation is a little different; the economic outlook has deteriorated, and a recession seems likely. However, we believe that this is amply reflected in the significant currency depreciation and stock market fall already seen. Recent moves towards sounder fiscal policies, combined with some easing of tensions with the US following the release of a US pastor imprisoned in Turkey, have already caused the currency to stabilise. Turkish stocks currently trade on distressed valuations – the banks, for example, trade well below the book value of their assets. They are cheaper on this measure than during the depths of the 2008-09 global financial crisis; we have not seen this since the early 2000s, when inflation was running at over 40% (currently it is 25%, and was in high single digits for most of the last decade). If there are no further external shocks and policy remains sensible, then there is scope for inflation to return to more normalised levels that have, in the past, been accompanied by far higher valuations for Turkish stocks.In Russia, the short-term outlook is clouded by uncertainty surrounding US sanctions. In 2014, the imposition of sanctions caused bouts of market volatility; however, experience subsequently showed that the Russian economy was able to adapt both to sanctions and to lower oil prices, resuming a growth trajectory in 2017. The Russian market delivered – mostly through cash dividends paid – a positive return of +21% during the three years to the end of 2016, despite the imposition of Western sanctions and a halving of the oil price. This shows that the medium-term market impact of such measures can be overestimated, and it has proved possible for investors to make healthy returns regardless of their effect. We carefully monitor the development of the US-Russia sanctions debate, and remain alert to the need both to manage short-term risks and take advantage of any opportunities that may emerge.

Colin CroftFund Manager

30 September 2018

214



Jupiter New Europe

■ Jupiter New Europe Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of


Czech Republic

Komercni banka A/S CZK 2,040 72,043 1.71

Moneta Money Bank A/S CZK 36,000 113,930 2.70

O2 Czech Republic A/S CZK 4,300 43,172 1.02

229,145 5.43

Greece

Alpha Bank AE EUR 38,239 48,411 1.15

JUMBO SA EUR 3,800 48,336 1.14

OPAP SA EUR 5,930 55,964 1.33

152,711 3.62

Hungary

MOL Hungarian Oil & Gas plc HUF 5,680 51,864 1.23

OTP Bank Nyrt. HUF 3,564 111,095 2.63

162,959 3.86

Luxembourg

PLAY Communications SA PLN 15,000 71,537 1.70

71,537 1.70

Netherlands

X5 Retail Group NV, GDR USD 2,662 52,087 1.23

52,087 1.23

Poland

Alior Bank SA PLN 6,077 90,568 2.15

Bank Pekao SA PLN 6,900 171,955 4.08

CCC SA PLN 1,140 58,872 1.39

Dino Polska SA PLN 2,200 50,982 1.21

KGHM Polska Miedz SA PLN 2,250 46,799 1.11

Polski Koncern Naftowy ORLEN SA PLN 4,100 96,832 2.30

Powszechna Kasa Oszczednosci Bank Polski SA PLN 12,740 126,714 3.00

Powszechny Zaklad Ubezpieczen SA PLN 10,300 95,812 2.27

738,534 17.51

Romania

OMV Petrom SA RON 678,675 52,722 1.25

52,722 1.25

215



Jupiter New Europe

■ Jupiter New Europe Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of


Russia

Gazprom PJSC USD 58,000 123,384 2.93

Gazprom PJSC RUB 105,757 224,978 5.33

LUKOIL PJSC, ADR USD 6,280 410,717 9.74

MMC Norilsk Nickel PJSC USD 996 147,904 3.51

Mobile TeleSystems PJSC USD 21,700 77,578 1.84

Moscow Exchange MICEX-RTS PJSC USD 37,000 47,210 1.12

Novatek PJSC USD 1,821 27,601 0.65

Novatek PJSC RUB 11,879 180,055 4.27

PhosAgro PJSC, GDR EUR 7,700 88,463 2.10

Rosneft Oil Co. PJSC, GDR USD 31,200 199,875 4.74


Severstal PJSC USD 3,700 52,609 1.25

Surgutneftegas PJSC Preference USD 110,059 55,473 1.31

Tatneft PJSC, ADR USD 1,644 106,994 2.54

Tatneft PJSC Preference RUB 13,800 102,147 2.42

2,174,093 51.55

Turkey

Akbank T.A.S. TRY 55,000 55,598 1.32


Eregli Demir ve Celik Fabrikalari TAS TRY 27,000 42,890 1.02

KOC Holding A/S TRY 27,355 66,684 1.58

Sok Marketler Ticaret A/S TRY 52,900 67,348 1.60

Tofas Turk Otomobil Fabrikasi A/S TRY 15,290 47,698 1.13

Turkcell Iletisim Hizmetleri A/S TRY 16,501 27,493 0.65

Turkiye Garanti Bankasi A/S TRY 110,296 122,114 2.89

Ulker Biskuvi Sanayi A/S TRY 20,572 49,602 1.18

498,894 11.83

United Kingdom

TBC Bank Group plc GBP 2,630 48,722 1.16

48,722 1.16



Cash 33,887 0.80



216



Net Assets

Russia 51.55

Poland 17.51

Turkey 11.83

Czech Republic 5.43

Hungary 3.86

Greece 3.62

Luxembourg 1.70

Romania 1.25

Netherlands 1.23

United Kingdom 1.16



Total 100.00


Jupiter New Europe

■ Jupiter New Europe Schedule of Investments as at 30 September 2018 (continued)

217




■ Jupiter Strategic Total Return Review of Portfolio as at 30 September 2018

Performance




Class D EUR A Inc Dist €9.49 €9.88 (3.35)+

Class I EUR Acc €10.72 €11.09 (3.34)

Class I GBP Acc HSC £10.99 £11.26 (2.40)

Class I USD Acc HSC $11.16 $11.25 (0.80)


Class L EUR Acc €10.16 €10.57 (3.88)

Class L EUR A Inc Dist €9.49 €9.88 (3.95)

Class L GBP Acc HSC £10.42 £10.75 (3.07)


+ Performance takes into consideration dividend distributions during the year.(1) Launch date 30 October 2017

Market Review Equities continued to draw support through the review period but became increasingly reliant on a narrow range of US technology names as market sentiment grew more fragile, emerging markets sold off and US protectionism cast a pall over global trade prospects. A key source of global tension was the strong dollar as US interest rates continued to climb and tax breaks encouraged the repatriation of US corporate capital held offshore. But there were country-specific issues too as Argentina and Turkey experienced currency crises while Italy’s populist coalition government pushed for more fiscal flexibility and raised fresh fears about the euro project, hitting Italian government bonds and hurting European bank bonds and shares. With credits spreads1 still tight and returns low, there was little value to be found in bond markets.

Performance ReviewThe fund was down over the review period, primarily due to its short2 US equity index and US share positions as the US stock market continued to rally, led higher primarily by a select and shrinking group of technology titans. Such a lack of breadth in a rising market has historically foreshadowed a decline and our view was that shares in fashionable technology companies were markedly overvalued and vulnerable to a sharp sell-off. This was demonstrated as markets wobbled shortly after the review period ended but for much of the year worked against the fund’s performance. Rising equity markets, though, did generate a positive return from the fund’s direct share holdings as well as its convertible bonds3, particularly from the energy sector where Premier Oil and Kunlun were among the standouts. The fund also enjoyed a positive contribution from a derivative position in the Japanese stock market. Despite operating against the background of rising US interest rates (where bond prices move in the opposite direction to their yields), the fund’s bond holdings also delivered a positive return, although our tactical investment in US government bonds versus German government bonds fared less well. We had sought to take advantage of the unusually wide yield gap that has opened up between US and German government bonds by buying the former while selling the latter as we expected the gap to narrow. However, German bonds performed strongly as investors sought sanctuary after the formation of a populist government in Italy gave rise to renewed budgetary concerns. Towards the period end we altered the strategy to include French government bonds as in our view they were less likely to be regarded as a

‘safe haven’ by the market and therefore their yields were less likely to be compressed by any further flight to safety.The recent flight to safety provided more support for the Swiss franc than we would have expected, negatively impacting the fund’s long Norwegian krone and Swedish krona positions against the Swiss currency. Both economic growth and inflation has been strong in the Nordics (Norway has the additional boost of a strong oil price) while housing market concerns there have stabilised. In our view the only reason central banks in Sweden and Norway have not raised their interest rates is that they do not want to be too far ahead of the European Central Bank in this regard, given it has pledged to keep its interest rates at record lows ‘through the summer’ of 2019. At the same time, the Swiss National Bank is actively seeking a weaker currency and is unlikely to tighten anytime soon. In South Africa, the reasonably smooth handover of power from Jacob Zuma to Cyril Ramaphosa led us to close out our strategic short position in the South African rand, which we had run for some time.

OutlookWe believe that liquidity conditions in the global financial system will continue to tighten (e.g. company funding costs are rising) as the US central bank remains on track for further interest rate rises. This removal of global liquidity has initially been felt in emerging markets, but we believe this is starting to impact developed equity markets as well. Ongoing trade issues, the Italian political situation, and US mid-term elections are also areas we believe could result in higher market volatility at a time when risk premia4 remain low, and as such we maintain our cautious positioning in the portfolio.

Lee ManziFund Manager

30 September 2018

1: The additional and variable yield paid by corporate bonds over comparable government bonds to reflect the potential for default.2: To go ‘long’ is to buy an asset in expectation of a price rise, whereas going ‘short’ aims to profit from an anticipated fall in an asset price.3: Convertibles are corporate bonds which, unlike ordinary bonds also give the holder the right to convert the bond into shares of the issuing company.

4: The additional returns that investors typically can expect in exchange for buying riskier assets.

218




■ Jupiter Strategic Total Return Schedule of Investments as at 30 September 2018


Quantity/ Nominal

Value

Market Value

EUR% of


AustraliaAusdrill Finance Pty. Ltd., Reg. S 6.875% 01/11/2019 USD 200,000 173,321 0.60 Australia & New Zealand Banking Group Ltd., Reg. S, FRN 0.08% 28/10/2019 EUR 300,000 301,161 1.05

Australia Government Bond, Reg. S 4.5% 21/04/2033 AUD 910,000 678,949 2.37

National Australia Bank Ltd., Reg. S, FRN 0.249% 19/04/2021 EUR 400,000 404,302 1.41


108,532 0.38 BelgiumAnheuser-Busch InBev SA, Reg. S, FRN 0.431% 17/03/2020 EUR 333,000 336,288 1.17

336,288 1.17 BulgariaBulgarian Energy Holding EAD, Reg. S 3.5% 28/06/2025 EUR 150,000 149,812 0.52

149,812 0.52 FinlandSampo OYJ, Reg. S 1.125% 24/05/2019 EUR 300,000 302,328 1.06

302,328 1.06 FranceBanque Federative du Credit Mutuel SA, Reg. S, FRN 0.401% 20/03/2019 EUR 400,000 401,302 1.40

Total Capital International SA, Reg. S, FRN 0.974% 01/07/2019 GBP 400,000 451,040 1.57

852,342 2.97 GermanyDaimler AG, Reg. S 0.25% 11/05/2020 EUR 500,000 502,260 1.75

502,260 1.75 IndiaIndian Renewable Energy Development Agency Ltd., Reg. S 7.125% 10/10/2022 INR 20,000,000 223,667 0.78

NTPC Ltd., Reg. S 7.375% 10/08/2021 INR 10,000,000 114,281 0.40

337,948 1.18 IrelandAlfa Bank AO, Reg. S 5% 27/11/2018 USD 350,000 302,237 1.05

Bank of Ireland Group plc, Reg. S, FRN 3.125% 19/09/2027 GBP 108,000 117,425 0.41

419,662 1.46 JerseyHBOS Capital Funding LP, Reg. S, FRN 6.461% Perpetual GBP 300,000 340,196 1.19

340,196 1.19

219




■ Jupiter Strategic Total Return Schedule of Investments as at 30 September 2018 (continued)


Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingBondsLuxembourgGazprom OAO, Reg. S 3.85% 06/02/2020 USD 500,000 431,046 1.50 John Deere Bank SA, Reg. S, FRN 0% 03/10/2022 EUR 400,000 400,114 1.40

831,160 2.90 NetherlandsDeutsche Telekom International Finance BV, Reg. S 0.375% 30/10/2021 EUR 400,000 402,279 1.40

ING Bank NV, Reg. S, FRN 0.091% 20/11/2019 EUR 400,000 401,546 1.40 Volkswagen International Finance NV, Reg. S, FRN 0.279% 15/04/2019 EUR 300,000 300,638 1.05

1,104,463 3.85 South KoreaKorea Development Bank (The), FRN 3.062% 06/07/2022 USD 300,000 259,506 0.91

259,506 0.91 SupranationalInternational Finance Corp. 6.3% 25/11/2024 INR 20,000,000 223,966 0.78

223,966 0.78 SwedenSwedbank AB, Reg. S, FRN 0.181% 18/08/2020 EUR 300,000 302,284 1.05

302,284 1.05 SwitzerlandCredit Suisse AG, Reg. S, FRN 0.129% 16/10/2019 EUR 400,000 401,680 1.40

401,680 1.40 United KingdomAdmiral Group plc, Reg. S 5.5% 25/07/2024 GBP 200,000 245,121 0.85 Barclays plc, Reg. S 1.875% 23/03/2021 EUR 400,000 413,684 1.44 Co-operative Group Holdings 2011 Ltd., STEP, Reg. S 6.875% 08/07/2020 GBP 130,000 156,827 0.55

Friends Life Holdings plc, Reg. S, FRN 7.875% Perpetual USD 200,000 173,890 0.61 HSBC Holdings plc, Reg. S, FRN 0.381% 27/09/2022 EUR 400,000 402,354 1.40 John Lewis plc 6.125% 21/01/2025 GBP 200,000 255,174 0.89 Leeds Building Society, Reg. S 1.375% 05/05/2022 EUR 400,000 406,970 1.42 Miller Homes Group Holdings plc, Reg. S, FRN 5.987% 15/10/2023 GBP 100,000 113,765 0.40 Santander UK plc, Reg. S, FRN 0.306% 22/05/2019 EUR 400,000 401,354 1.40 Tesco plc 5.5% 13/12/2019 GBP 300,000 353,497 1.23 Thames Water Utilities Finance Ltd., Reg. S 5.05% 30/06/2020 GBP 450,000 535,242 1.87 TP ICAP plc, Reg. S 5.25% 26/01/2024 GBP 180,000 202,625 0.71 Travis Perkins plc, Reg. S 4.5% 07/09/2023 GBP 200,000 223,798 0.78 Virgin Media Secured Finance plc, Reg. S 6.25% 28/03/2029 GBP 200,000 236,472 0.82 Vodafone Group plc, Reg. S, FRN 0% 03/10/2078 GBP 190,000 213,484 0.74

4,334,257 15.11

220






Quantity/ Nominal

Value

Market Value

EUR% of



Archer-Daniels-Midland Co., FRN 0.181% 24/06/2019 EUR 500,000 501,338 1.75

AT&T, Inc., FRN 0.261% 04/06/2019 EUR 400,000 401,234 1.40

Citigroup, Inc., Reg. S, FRN 0.231% 11/11/2019 EUR 500,000 502,435 1.75

FedEx Corp., FRN 0.229% 11/04/2019 EUR 464,000 465,125 1.62

General Motors Financial Co., Inc., Reg. S, FRN 0.231% 26/03/2022 EUR 300,000 298,899 1.04

Goldman Sachs Group, Inc. (The), Reg. S, FRN 0.38% 29/04/2019 EUR 400,000 401,294 1.40

McDonald's Corp., Reg. S 0.5% 15/01/2021 EUR 500,000 504,184 1.76

Morgan Stanley, FRN 0.381% 19/11/2019 EUR 400,000 402,556 1.40

RELX Capital, Inc. 3.125% 15/10/2022 USD 300,000 253,357 0.88

United Parcel Service, Inc., FRN 0.109% 15/07/2020 EUR 400,000 402,720 1.41

Wells Fargo & Co., Reg. S, FRN 0.101% 02/06/2020 EUR 400,000 401,612 1.40

4,534,754 15.81

Total Bonds 16,899,171 58.92

Convertible Bonds

Bermuda

Haitong International Securities Group Ltd., Reg. S 0% 25/10/2021 HKD 2,000,000 212,984 0.74

Johnson Electric Holdings Ltd., Reg. S 1% 02/04/2021 USD 250,000 232,454 0.81

Kunlun Energy Co. Ltd., Reg. S 1.625% 25/07/2019 CNY 1,000,000 172,060 0.60

617,498 2.15

Cayman Islands

CIFI Holdings Group Co. Ltd., Reg. S 0% 12/02/2019 HKD 2,000,000 218,916 0.76

Future Land Development Holdings Ltd., Reg. S 2.25% 10/02/2019 HKD 1,500,000 162,810 0.57

381,726 1.33

China

Zhejiang Expressway Co. Ltd., Reg. S 0% 21/04/2022 EUR 200,000 190,874 0.67

190,874 0.67

Germany

Deutsche Post AG, Reg. S 0.05% 30/06/2025 EUR 200,000 198,559 0.69

RAG-Stiftung, Reg. S 0% 18/02/2021 EUR 200,000 216,852 0.76

415,411 1.45

India

Larsen & Toubro Ltd., Reg. S 0.675% 22/10/2019 USD 200,000 171,308 0.60

171,308 0.60

221






Quantity/ Nominal

Value

Market Value

EUR% of


JapanAsics Corp., Reg. S 0% 01/03/2019 JPY 20,000,000 151,751 0.53

Sony Corp. 0% 30/09/2022 JPY 14,000,000 151,464 0.53

303,215 1.06 JerseyBalfour Beatty Finance No. 2 Ltd., Reg. S 1.875% 03/12/2018 GBP 300,000 338,262 1.18

PT Jersey Ltd., Reg. S 0.5% 19/11/2019 EUR 200,000 195,904 0.68

534,166 1.86 LuxembourgCitigroup Global Markets Funding Luxembourg SCA, Reg. S 0.5% 04/08/2023 EUR 200,000 215,102 0.75

215,102 0.75 NetherlandsSiemens Financieringsmaatschappij NV, Reg. S 1.65% 16/08/2019 USD 250,000 239,323 0.83

239,323 0.83 NorwayMarine Harvest ASA, Reg. S 0.125% 05/11/2020 EUR 100,000 150,266 0.52

Telenor East Holding II A/S, Reg. S 0.25% 20/09/2019 USD 200,000 169,039 0.59

319,305 1.11 SingaporeCapitaLand Ltd., Reg. S 1.95% 17/10/2023 SGD 250,000 158,629 0.55

158,629 0.55 South KoreaLG Chem Ltd., Reg. S 0% 16/04/2021 EUR 100,000 102,317 0.36

102,317 0.36 SwedenIndustrivarden AB, Reg. S 0% 15/05/2019 SEK 2,000,000 200,839 0.70

200,839 0.70 SwitzerlandImplenia AG, Reg. S 0.5% 30/06/2022 CHF 250,000 229,634 0.80

229,634 0.80 TaiwanUnited Microelectronics Corp., Reg. S 0% 18/05/2020 USD 200,000 196,359 0.69

196,359 0.69 United Arab EmiratesAabar Investments PJSC, Reg. S 0.5% 27/03/2020 EUR 200,000 185,897 0.65

DP World Ltd., Reg. S 1.75% 19/06/2024 USD 400,000 339,854 1.18

525,751 1.83

222






Quantity/ Nominal

Value

Market Value

EUR% of

Net AssetsTransferable securities and money market instruments admitted to an official exchange listingEquitiesUnited KingdomInmarsat plc, Reg. S 3.875% 09/09/2023 USD 200,000 191,914 0.67

J Sainsbury plc, Reg. S 1.25% 21/11/2019 GBP 200,000 251,943 0.88


222,485 0.78 Virgin Islands, BritishAsia View Ltd., Reg. S 1.5% 08/08/2019 USD 250,000 261,311 0.91

261,311 0.91 Total Convertible Bonds 5,729,110 19.98 EquitiesBermudaKerry Logistics Network Ltd. HKD 66,500 95,755 0.33

95,755 0.33 CanadaGoldcorp, Inc. USD 10,300 90,318 0.31

90,318 0.31 ChinaCRRC Corp. Ltd. 'H' HKD 130,000 102,489 0.36

102,489 0.36 GermanyBayer AG EUR 1,250 96,150 0.34

96,150 0.34 Hong KongChina Unicom Hong Kong Ltd. HKD 118,000 119,980 0.42

119,980 0.42 JapanBridgestone Corp. JPY 3,300 107,879 0.38


KDDI Corp. JPY 4,300 102,764 0.36

Mitsubishi Electric Corp. JPY 10,500 124,488 0.43

Nippon Telegraph & Telephone Corp. JPY 2,400 93,868 0.33

ORIX Corp. JPY 7,000 98,138 0.34



Toyota Motor Corp. JPY 1,600 86,450 0.30

927,772 3.23

223



Quantity/ Nominal

Value

Market Value

EUR% of


Jersey

WPP plc GBP 5,800 73,221 0.26

73,221 0.26

Singapore


116,426 0.41

Taiwan


109,732 0.38

United Kingdom

Ashmore Group plc GBP 23,000 93,506 0.32



BP plc GBP 16,500 109,967 0.38

Centrica plc GBP 52,000 90,666 0.32



Marks & Spencer Group plc GBP 30,000 97,267 0.34

SSE plc GBP 6,700 86,677 0.30


861,234 3.00




H&R Block, Inc. USD 4,800 107,660 0.38

Tapestry, Inc. USD 2,300 99,589 0.35

418,692 1.46





224



Quantity/ Nominal

Value

Market Value

EUR% of


Canada

Lundin Mining Corp., 144A 7.875% 01/11/2022 USD 175,000 157,968 0.55

157,968 0.55

United Kingdom



614,508 2.15


Convertible Bonds

Cayman Islands

Vipshop Holdings Ltd. 1.5% 15/03/2019 USD 150,000 127,520 0.44

127,520 0.44

Japan

CyberAgent, Inc., Reg. S 0% 19/02/2025 JPY 20,000,000 185,538 0.65

Iida Group Holdings Co. Ltd., Reg. S 0% 18/06/2020 JPY 30,000,000 230,735 0.80

Nipro Corp., Reg. S 0% 29/01/2021 JPY 20,000,000 176,813 0.62

593,086 2.07

Netherlands

Yandex NV 1.125% 15/12/2018 USD 150,000 129,000 0.45

129,000 0.45

Total Convertible Bonds 849,606 2.96 Total Transferable securities and money market instruments dealt in on another regulated market 1,622,082 5.66


Cash 1,411,221 4.92






225






Net Assets



Japan 6.36

Australia 5.43

Netherlands 5.13

Luxembourg 3.65

Germany 3.54

Jersey 3.31

France 2.97

Bermuda 2.48

Switzerland 2.20


India 1.78

Cayman Islands 1.77

Sweden 1.75

Ireland 1.46

South Korea 1.27

Belgium 1.17

Norway 1.11

Taiwan 1.07

Finland 1.06

China 1.03

Singapore 0.96


Canada 0.86

Supranational 0.78

Bulgaria 0.52

Hong Kong 0.42

Austria 0.38



Total 100.00

226







Global Exposure

EUR


EUR% of

Net AssetsEuro-OAT, 06/12/2018 (22) EUR (3,327,390) 29,370 0.10

Russell 2000 Emini Index, 21/12/2018 (12) USD (877,030) 14,586 0.05

Total Unrealised Gain on Financial Futures Contracts 43,956 0.15 NASDAQ 100 Emini Index, 21/12/2018 (8) USD (1,055,410) (24,043) (0.08)

US 10 Year Note, 19/12/2018 53 USD 5,442,818 (51,128) (0.18)

Total Unrealised Loss on Financial Futures Contracts (75,171) (0.26) Net Unrealised Loss on Financial Futures Contracts (31,215) (0.11)



PurchasedCurrency

SoldAmount

SoldMaturity

Date Counterparty


EUR% of

Net AssetsEUR 186,557 CHF 210,539 25/10/2018 J.P. Morgan 334 –

GBP 927,516 EUR 1,040,700 15/10/2018 J.P. Morgan 3,357 0.01

USD 2,993,322 EUR 2,577,152 15/10/2018 J.P. Morgan 4,874 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 8,565 0.03 CHF 12,834 EUR 11,377 15/10/2018 J.P. Morgan (26) –

CHF 860,900 NOK 7,300,000 25/10/2018 J.P. Morgan (8,436) (0.03)

CHF 814,713 SEK 7,500,000 25/10/2018 J.P. Morgan (7,401) (0.03)

EUR 689,060 AUD 1,117,689 25/10/2018 J.P. Morgan (5,654) (0.02)

EUR 2,695 GBP 2,400 03/10/2018 J.P. Morgan (8) –

EUR 5,240,400 GBP 4,703,154 25/10/2018 J.P. Morgan (51,821) (0.18)

EUR 852,358 HKD 7,858,317 25/10/2018 J.P. Morgan (13,421) (0.05)

EUR 1,084,155 JPY 143,843,543 25/10/2018 J.P. Morgan (10,670) (0.04)

EUR 186,264 SEK 1,922,091 25/10/2018 J.P. Morgan (312) –

EUR 227,505 SGD 365,965 25/10/2018 J.P. Morgan (3,118) (0.01)

EUR 5,620,329 USD 6,632,382 25/10/2018 J.P. Morgan (96,063) (0.33)

NOK 7,300,000 CHF 882,069 25/10/2018 J.P. Morgan (10,288) (0.04)

SEK 7,500,000 CHF 840,430 25/10/2018 J.P. Morgan (15,347) (0.05)


227







Global Exposure

EUR

Market Value

EUR% of

Net Assets

26 Nikkei 225 Index, Call, 24,750.000, 14/12/2018 JPY UBS 1,737,654 77,188 0.27

27 S&P 500 Emini Index, Call, 3,000.000, 21/12/2018 USD UBS 3,402,715 23,897 0.08


228



Jupiter UK Dynamic Growth

■ Jupiter UK Dynamic Growth Review of Portfolio as at 30 September 2018

Performance


Class D GBP Acc £11.35 £11.26 0.80

Class L GBP Acc £11.16 £11.15 0.09

Market Review

Markets globally started 2018 on a high, but companies that are primarily exposed to the UK continued to be particularly unloved, as global investors persisted with a low allocation to the UK market. Indeed, profit warnings hit a two-year high in late 2017 and early 2018, with the pressures of rising costs and weakening demand cited as the likely causes.

A bright spot did emerge, however, as the relatively low valuations of many UK stocks translated into a spike in merger and acquisition activity in the UK, as competitors and private equity firms took advantage of the value they saw. The fund was able to benefit from several of these, as outlined below.

As the year went on, Brexit negotiations made stuttering progress at best and investors became concerned about the ongoing escalation in the trade war between the US and China, and feared contagion from the sharp currency depreciations in Turkey and Argentina.

Towards the end of the 12 month reporting period, sterling continued its weakness versus the US dollar, which translated into earnings upgrades for overseas-facing UK-listed companies. The trend reversed somewhat from mid-August as sterling rebounded from a low of $1.27 to finish the period above $1.30.

Performance Review

The Jupiter UK Dynamic Growth fund underperformed the FTSE All Share Index (which represent the market activity). The largest detractor on a stock level was Thomas Cook, which issued a profit warning in September after earnings had been hit by the warm weather over the summer that led the company to offer higher discounts to tempt holidaymakers overseas. Over the course of the year TalkTalk was another poor performer, although it ended the review period more strongly after its share price benefited from a more positive outlook from research analysts in the market.

The fund’s best performing stocks over the year were typically those that received merger or takeover bids. Engineering group GKN was subject to a successful takeover by Melrose, while CityFibre was taken private by a Goldman Sachs-backed consortium in a £538 million deal at a 90% premium to the prevailing share price at the time. Meanwhile, ZPG, which operates the Zoopla and Prime Location property search websites and the uSwitch price comparison site, received an offer from Silver Lake Partners, a US tech-focused private equity group.

Other stock-specific positives included Cineworld (a recent addition to the portfolio) after the company posted strong interim results, and Sirius Minerals, which had a volatile share price during the period but overall benefited from positive progress in the development of its Polyhalite mine in Yorkshire.

Among the overseas stocks held in the portfolio, New York-listed Manchester United rose strongly after sports business mogul Stan Kroenke took full control of Arsenal and as rumours swirled that Roman Abramovich might sell Chelsea, bringing the brand value of Premier League football clubs into sharp focus. Elsewhere, Apple continued to deliver strong results.

Not being exposed to the oil and gas sector, which makes up about 14% of the FTSE All-Share Index, was detrimental to returns as the price of Brent crude rallied beyond $80 a barrel. We retain a cautious long-term view of the oil industry, but recently added some exposure to BP to capture some of the benefit of any near-term oil price strength as a result, in part, of capacity constraints on the US shale oil industry.

Outlook

The UK is still deeply unloved by global investors. In one sense, that attitude is perfectly understandable given the political and economic uncertainty affecting the UK, but it also means that there are some very lowly-valued stocks on the market.

Tentative progress has been made on Brexit talks, despite the occasional setback and disagreement in the Conservative party about the best way to proceed. There is still much to be determined, though, and there will need to be a parliamentary vote before a final deal can be signed. Given this uncertainty, one of our key focuses has been on risk management around the Brexit process.

To that end we have been tactically reducing the fund’s exposure to UK domestic companies (e.g. housebuilders, UK banks) and reallocating that capital to the international, dollar earning companies. One addition to the portfolio has been BP, as noted above, which not only provides a hedge against UK domestic weakness and a falling pound, but also against the oil price staying stronger for longer. We also now have almost 13% of the Fund in non-UK securities and the cash is also held in dollars, both giving further protection against sterling weakness.

It is worth noting that we consider these to be temporary, tactical measures. None of the UK domestic stocks have been sold out of the portfolio entirely, as we have simply been adjusting weightings. In fact we consider the fundamentals of the UK domestics stocks held in the portfolio to be good at present, but we consider that rebalancing towards international exposure is the prudent thing to do in the current environment. Everything being bought and sold in the portfolio is highly liquid, so if events mean that the Brexit risk materially reduces, then the trades can be reversed quickly. In that environment there is potential for the unfashionable domestic UK stocks held in the fund to receive a significant positive reappraisal by the market.

Steve DaviesFund Manager

30 September 2018

229



Quantity/ Nominal

Value

Market Value GBP

% of Net Assets


Airlines


154,034 3.90

Automobiles

Ferrari NV EUR 888 94,050 2.38

94,050 2.38

Banks

Barclays plc GBP 103,341 178,108 4.50



Virgin Money Holdings UK plc GBP 28,293 108,971 2.76

615,753 15.57

Biotechnology

Tissue Regenix Group plc GBP 167,413 14,858 0.38

14,858 0.38

Chemicals

Sirius Minerals plc GBP 792,598 224,226 5.67

224,226 5.67

Consumer Finance

Arrow Global Group plc GBP 39,328 91,634 2.32

91,634 2.32

Distributors

Inchcape plc GBP 18,210 121,871 3.08

121,871 3.08

Diversified Telecommunication Services

Inmarsat plc GBP 26,035 130,748 3.31

TalkTalk Telecom Group plc GBP 113,832 140,924 3.56

271,672 6.87

Electrical Equipment


71,089 1.80

Entertainment

Liberty Media Corp-Liberty Formula One 'C' USD 2,524 71,461 1.81

Manchester United plc 'A' USD 8,166 141,975 3.59

213,436 5.40



■ Jupiter UK Dynamic Growth Schedule of Investments as at 30 September 2018

230



Quantity/ Nominal

Value

Market Value GBP

% of Net Assets


Health Care Equipment & Supplies

Angle plc GBP 68,362 30,250 0.76

Consort Medical plc GBP 2,270 26,377 0.67

56,627 1.43

Hotels, Restaurants & Leisure

Merlin Entertainments plc GBP 29,605 117,591 2.97

Thomas Cook Group plc GBP 151,322 89,469 2.26

Yum China Holdings, Inc. USD 2,725 73,014 1.85

280,074 7.08

Household Durables

DFS Furniture plc GBP 39,490 85,693 2.17

Taylor Wimpey plc GBP 72,113 123,890 3.13

209,583 5.30

Insurance


220,559 5.58

Life Sciences Tools & Services

PureTech Health plc GBP 51,498 83,813 2.12

83,813 2.12

Media


ITV plc GBP 80,342 125,715 3.18

213,818 5.41

Oil, Gas & Consumable Fuels

BP plc GBP 6,797 40,225 1.02

40,225 1.02

Professional Services

Experian plc GBP 8,848 174,770 4.42

Hays plc GBP 45,632 93,089 2.35

267,859 6.77

Real Estate Management & Development

Countrywide plc GBP 292,346 34,731 0.88

34,731 0.88



■ Jupiter UK Dynamic Growth Schedule of Investments as at 30 September 2018 (continued)

231



Quantity/ Nominal

Value

Market Value GBP

% of Net Assets


Semiconductors & Semiconductor Equipment

Frontier Smart Technologies Group Ltd. GBP 3,684 2,542 0.06

2,542 0.06

Specialty Retail

Dixons Carphone plc GBP 75,864 129,481 3.27

WH Smith plc GBP 6,498 133,534 3.38

263,015 6.65

Technology Hardware, Storage & Peripherals

Apple, Inc. USD 620 107,019 2.70

107,019 2.70

Trading Companies & Distributors


92,388 2.34



Cash 206,900 5.23






232






Net Assets

Banks 15.57

Hotels, Restaurants & Leisure 7.08

Diversified Telecommunication Services 6.87


Specialty Retail 6.65

Chemicals 5.67

Insurance 5.58

Media 5.41

Entertainment 5.40

Household Durables 5.30

Airlines 3.90

Distributors 3.08

Technology Hardware, Storage & Peripherals 2.70

Automobiles 2.38

Trading Companies & Distributors 2.34

Consumer Finance 2.32

Life Sciences Tools & Services 2.12


Health Care Equipment & Supplies 1.43

Oil, Gas & Consumable Fuels 1.02

Real Estate Management & Development 0.88

Biotechnology 0.38




Total 100.00

233



■ Notes to the Financial Statements for the year ended 30 September 2018

1. General Information The Jupiter Global Fund (the ‘Company’) is an open-ended investment company which qualifies as an undertaking for collective investment

in transferable securities (UCITS) under part I of the law of 17 December 2010 (as amended) regarding undertakings for collective investment. The Company was incorporated in Luxembourg as a société d’investissement à capital variable (SICAV) on 22 September 2005 for an unlimited duration.

The Company may issue multiple classes of Shares in several funds (the ‘Funds’). A separate pool of assets and liabilities is maintained for each Fund and is invested in accordance with the investment objective applicable to the relevant Fund. All liabilities attributable to a particular Fund are binding solely upon that Fund.

As at 30 September 2018 the Company was comprised of the following Funds with the following classes in issue:

ClassThe Jupiter Global Fund – Jupiter Asia Pacific Income (‘Jupiter Asia Pacific Income’) A C D – – – L N –

The Jupiter Global Fund – Jupiter China Select (‘Jupiter China Select’) – – – – – – L – –

The Jupiter Global Fund – Jupiter Dynamic Bond (‘Jupiter Dynamic Bond’) A C D – – I L N –

The Jupiter Global Fund – Jupiter Europa (‘Jupiter Europa’) (1) – – D – F – L – –

The Jupiter Global Fund – Jupiter European Feeder (‘Jupiter European Feeder’) (1) – – – – – – – – Z

The Jupiter Global Fund – Jupiter European Growth (‘Jupiter European Growth’) A C D – – I L N –

The Jupiter Global Fund – Jupiter European Opportunities (‘Jupiter European Opportunities’) – – D E – I L – –

The Jupiter Global Fund – Jupiter Eurozone Equity (‘Jupiter Eurozone Equity’) (2) – – – – – I – – –

The Jupiter Global Fund – Jupiter Flexible Income (‘Jupiter Flexible Income Equity’) (3) – – – – – I L – –

The Jupiter Global Fund – Jupiter Global Absolute Return (‘Jupiter Global Absolute Return’) (1) A C D – – I L N –

The Jupiter Global Fund – Jupiter Global Convertibles (‘Jupiter Global Convertibles’) A C D – – I L N –

The Jupiter Global Fund – Jupiter Global Ecology Diversified (‘Jupiter Global Ecology Diversified’) (1) – – D – – I L – –

The Jupiter Global Fund – Jupiter Global Ecology Growth (‘Jupiter Global Ecology Growth’) – – D – – – L – –

The Jupiter Global Fund – Jupiter Global Emerging Markets Corporate Bond (‘Jupiter Global Emerging Markets Corporate Bond’) (1) – – – – – I – – –


– – D – F – L – –

"The Jupiter Global Fund – Jupiter Global Emerging Markets Short Duration Bond (‘Jupiter Global Emerging Markets Short Duration Bond’) (1) – – – – F I – – –

The Jupiter Global Fund – Jupiter Global Financials (‘Jupiter Global Financials’) – – D – – – L – –

The Jupiter Global Fund – Jupiter Global Levered Absolute Return (‘Jupiter Global Levered Absolute Return’) (4) – – – – F I – – –

The Jupiter Global Fund – Jupiter Global Value (‘Jupiter Global Value’) – – D – – I L – –

The Jupiter Global Fund – Jupiter India Select (‘Jupiter India Select’) – – D – – – L – –

The Jupiter Global Fund – Jupiter Japan Select (‘Jupiter Japan Select’) – – D – – I L – –

The Jupiter Global Fund – Jupiter New Europe (‘Jupiter New Europe’) – – – – – – L – –

The Jupiter Global Fund – Jupiter Strategic Total Return (‘Jupiter Strategic Total Return’) (1) A – D – – I L – –

The Jupiter Global Fund – Jupiter UK Dynamic Growth (‘Jupiter UK Dynamic Growth’) (1) – – D – – – L – –

Institutional Only Retail Only Either *

A,C,E,F,I & N Z D, L

*Full details of share class features disclosed in the prospectus

(1) This Fund/Class is not authorised in Hong Kong and not available to Hong Kong residents. (2) Jupiter Eurozone Equity was launched on 29 August 2018. (3) Jupiter Flexible Income was launched on 19 September 2018. (4) Jupiter Global Levered Absolute Return was launched on 19 October 2017. This Fund is not authorised in Hong Kong and not available to Hong Kong residents.

234




■ Notes to the Financial Statements for the year ended 30 September 2018 (continued)

1. General Information (continued)

The share class names reflect the specifications of each Class, including their respective (i) categories (A, D (including DB), E, F, I, L (including LA and LB), N or Z), (ii) reference currencies, (iii) distribution policies (accumulation or distribution of income) and if the latter case, the frequency thereof, i.e. annually (‘A Inc’), quarterly (‘Q Inc’) or monthly (‘M Inc’) and (iv) hedging share class (HSC) status. For example:• Class L EUR A Inc Dist distributes income annually with payment (no automatic reinvestment by default).• Class D USD Acc HSC is a non-distributing hedged class.• Class L GBP Q Inc HSC is a hedged class distributing income quarterly.

2. Summary of Significant Accounting Policies

a) Basis of preparation The financial statements have been prepared in conformity with Luxembourg generally accepted accounting principles applicable to

investment funds.

b) Financial Statements Financial statements are presented for each Fund in the base currency of the Fund and the combined Statement of Net Assets, Statement

of Operations and Changes in Net Assets of the Company are presented in Euro (€), based on the exchange rate ruling at the date of these financial statements.

The net asset values have been calculated by reference to the valuation day which might differ from their value on a dealing day. The financial statements presented in this report have been prepared on the basis of the latest calculated net asset values in the period.

c) Foreign currency translation Assets and liabilities denominated in currencies other than a Fund’s base currency are translated into that base currency at exchange rates

ruling at the date of these financial statements. Transactions occurring during the year in currencies other than the base currency are translated at rates of exchange ruling on the transaction dates. Differences arising on translation are included in the Statement of Operations and Changes in Net Assets. The exchange rates used for the financial statements as at 30 September 2018 are as follows:

EUR/GBP: 0.88797 EUR/USD: 1.15809

d) Investments Securities are initially recognised at cost, being the fair value of the consideration given. Securities listed on an official stock exchange or dealt in on any regulated market are valued at the last available price. Closed-ended funds are valued at their last available price. Wherever practicable, the last available Net Asset Value is deemed to include

the Net Asset Value calculated on the same Valuation day for any underlying fund which itself has a valuation point at or before the Company’s Valuation Point being 1pm Luxembourg time.

In the event that any of the securities held by a Fund on the relevant day are not listed on any stock exchange or dealt in on any regulated market or if, with respect to securities listed on any stock exchange or dealt in on any other regulated market, the basis of the price as determined above is not representative of the fair market value of the relevant securities, the value of such securities will be determined based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Company (the ‘Board of Directors’).

Sub Fund Currency Number of assets fair valued Holding Market

Value% of

Net Assets

Jupiter China Select Fund USD 2 266,581 69,231 0.88Jupiter Dynamic Bond Fund EUR 5 35,557,923 12,412,399 0.17Jupiter Global Absolute Return Fund EUR 1 970,170 – – Jupiter Global Levered Absolute Return Fund GBP 1 506,884 – – Jupiter India Select Fund USD 2 604,050,000 7,662,914 2.79Jupiter Europa Fund USD 1 362,854 3,000,049 1.57

Gains or losses arising on the disposal of investments are calculated by reference to the first-in-first-out (FIFO) methodology. All purchases and sales of securities are recognised on the trade date, i.e. the date the Fund commits to purchase or sell the security.

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2. Summary of Significant Accounting Policies (continued)

e) Contracts for difference Contracts for difference are valued using the local daily price of the underlying listed equity then converted into the currency of the relevant

Fund. The unrealised gain/(loss) on contracts for difference is included in the Statement of Net Assets as ‘Net unrealised gain/(loss) on Contracts for difference’. Contracts for difference are reset at month end after the Valuation Point.

Dividends on underlying securities of contracts for difference are included in the Statement of Net Assets as ‘Dividends receivable’ for long positions and as ‘Dividends payable on contracts for differences’ for short positions.

f) Credit default swap contracts A credit default swap contracts (‘CDS’) is a transaction in which two parties enter into an agreement, whereby the buyer pays the seller a

periodic payment for the specified life of the agreement. The seller makes no payments unless a credit event, relating to a predetermined reference asset, occurs. If such an event does occur, the seller will then make a payment to the buyer, and the swap contract will terminate.

CDS contracts are valued by reference to service data providers, market data and algorithms. The unrealised gain/(loss) on credit default swap contracts is included in the Statement of Net Assets as ‘Net unrealised gain/loss on credit

default swap contracts’. The notional amount represents the highest potential liability of a contract and is shown in the Schedule of Investments.g) Options Options are contractual agreements that convey the right, but not the obligation, for the purchaser either to buy or sell a specific amount of

a financial instrument at a fixed price, either at a fixed future date or at any time before maturity. Over-The-Counter (‘OTC’) options are valued using the Black-Scholes model. Options are valued by reference to the expected future cash

flow based on the market implied performance, spot level and the volatility of the underlying asset(s). The Company may purchase and sell put and call options through regulated exchanges and OTC markets. Options purchased by the

Company provide the Company with the opportunity to purchase (call options) or sell (put options) the underlying asset at an agreed-upon value either on or before the expiration of the option. The Company is exposed to credit risk on purchased options only to the extent of their carrying amount, which is their fair value.

h) Forward currency exchange contracts The Company may enter into forward currency exchange contracts to hedge against exposures to foreign currency fluctuations. The carrying value

of these contracts is the gain or loss that would be realised if the position was closed out on the valuation date, and is included in the Statement of Net Assets as ‘Net unrealised gain on forward currency exchange contracts’ and ‘Net unrealised gain/(loss) on forward currency exchange contracts’. Upon the closing of the contract, the gain or loss is recorded in the ‘Net realised gains/(losses) on forward currency exchange contracts’.

i) 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 year the contracts are open, changes in the value of the contracts are recognised as unrealised gains and losses by ‘marking-to-market’ on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. The unrealised gain/(loss) on financial futures contracts is included in the Statement of Net Assets as ‘Net unrealised gain/(loss) on financial futures contracts’. Variation margin payments are made or received, depending upon whether losses or gains are incurred. When a contract is closed, the Company records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract.

j) Income recognition Bonds may be purchased at a discount or at a premium. Such discount or premium is amortised over the life of the bond using straight line

amortisation. Amortisation is recorded as part of interest income included in ‘Income from investments, net’ and ‘Interest expense’ in the Statement of Operations and Changes in Net Assets.

Interest income is recognised as the interest accrues unless collectability is in doubt. Dividend income is recognised when the right to receive the dividend is established, on the ex-date. Income is presented net of withholding taxes in the Statement of Operations and Changes in Net Assets.k) Expense recognition Expenses are accounted for on an accrual basis. Expenses are charged to the Statement of Operations and Changes in Net Assets except

for expenses incurred on the acquisition of an investment which are included within the cost of that investment and expenses arising on the disposal of investments, which are deducted from the disposal proceeds.

l) Dividend distributions payable Dividend distributions payable by the Company are recorded on the ex-date. Refer to Note 19 for details of dividends declared during the

year ended 30 September 2018.

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2. Summary of Significant Accounting Policies (continued)

m) Net Asset Value per Share The Net Asset Value per Share is calculated by dividing the Net Assets of the relevant Class of Shares in a Fund included in the Statement of

Net Assets by the number of Shares of the relevant Class in that Fund in issue at the year end.

n) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in Luxembourg requires management to

make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates.

3. Collateral As at 30 September 2018, the collateral received or paid which is composed of cash collateral granted to or received from brokers and

counterparties for the purpose of transactions in OTC derivatives is as follows:

Fund NameFund

currencyCounterparty

/BrokerType of

collateralType of

derivatives

CollateralAmount received

(in Fund currency)

CollateralAmount paid

(in Fund currency)

Jupiter Dynamic Bond EUR J.P. Morgan Cash Forward € 21,461,845 –

Jupiter Dynamic Bond EUR Bank of America Cash CDS – € 13,708,000

Jupiter Dynamic Bond EUR Deutsche Bank Securities CFD – € 27,770,000

Jupiter Europa EUR J.P. Morgan Cash Forward – € 590,061

Jupiter Europa EUR RBS Cash CFD – € 433

Jupiter European Growth EUR J.P. Morgan Cash Forward – € 2,188,451

Jupiter Global Absolute Return EUR J.P. Morgan Cash Forward € 349,000 –

Jupiter Global Absolute Return EUR Deutsche Bank Cash CFD € 490,000 € 970,000

Jupiter Global Absolute Return EUR Bank of America Cash CFD € 360,000 –

Jupiter Global Convertibles EUR J.P. Morgan Cash Forward – € 4,234,351

Jupiter Global Emerging Markets Equity Unconstrained USD J.P. Morgan Cash Forward – $156

Jupiter Global Financials EUR Deutsche Bank Cash CFD € 10,000 –

Jupiter Global Financials EUR RBS Cash CFD – € 37

Jupiter Global Levered Absolute Return GBP J.P. Morgan Cash Forward £360,000 –

Jupiter Global Levered Absolute Return GBP Deutsche Bank Cash CFD – £780,000

Jupiter Global Levered Absolute Return GBP Bank of America Cash CFD £270,000 –

Jupiter Strategic Total Return EUR Deutsche Bank Cash CFD – € 9

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4. Investment Management and Performance Fees The Management Company appointed Jupiter Asset Management Limited (‘JAML’) as Investment Manager to provide certain administrative

and management services. The Investment Management Fee is calculated and accrued per Fund on the basis of the daily Net Asset Value of each Fund and is payable

monthly in arrears. The fee rates per annum charged and applicable to each Class of Shares during the year ended 30 September 2018 are as follows:




Jupiter Europa – – – – 0.65% – – 0.75% 1.75% 1.50% – –





Jupiter Flexible Income – – – – – 0.60% 1.25% – – – – –





Jupiter Global Emerging Markets Corporate Bond – – – – – 0.65% – – – – – –


– – 0.75% – 0.60% – 1.50% – – – – –


– – – – 0.45% 0.55% – – – – – –

Jupiter Global Financials – – 0.75% – – – 1.50% – – – – –







Jupiter UK Dynamic Growth – – 0.75% – – – 1.50% – – – – –

Where a Fund invests in other funds managed by the same Investment Manager, the Fund will not be subject to additional management fees. These related management fee reimbursements are included in ‘Management fee rebates’ in the Statement of Operations and Changes in Net Assets and amounted to € 351,423 for the year ended 30 September 2018 as follows:

Fund Amount in Fund currencyJupiter Dynamic Bond €350,886

Jupiter Flexible Income €537

Where a Feeder Fund invests in a Master Fund managed by the same Investment Manager, the management fees are charged at the Feeder Fund level only.

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4. Investment Management and Performance Fees (continued) In addition, the Investment Manager may become entitled to receive a Performance Fee from Jupiter Europa (with the exception of the Class

L, Shares A) and from Jupiter Global Levered Absolute Return (Class I).

For Jupiter Europa this is calculated by reference to the out-performance of the Net Asset Value per Share in any given Class over the total return of the relevant benchmark for that Class over the course of a Performance Period being the 3 months EURIBOR, 3 months US Dollar LIBOR and 3 months Sterling LIBOR for the respective Class L Shares and Class D Shares.

For Jupiter Global Levered Absolute Return this is calculated by reference to the performance of the Net Asset Value per Share above the relevant Class’s High Water Mark or Hurdle Rate for the period, whichever of the two is higher and arises when the Net Asset Value per Share is simultaneously above both its High Water Mark and Hurdle Rate.

The Performance Fee accrued is based on the Fund specific performance fee rate stated below. The Performance Fee is calculated and accrued on each Valuation Day and is payable to the Investment Manager within 30 days of the end of the Performance Period. The Performance Period corresponds to the Company’s accounting period ending on 30 September in each year. No performance fee is payable by any of the other Funds other than those mentioned above.

• Jupiter Europa: Class L Shares B, Class D Shares B 15%

• Jupiter Global Levered Absolute Return: Class I 20%

The Performance Fee accrued for the period ended 30 September 2018 amounted to nil for Jupiter Europa and nil for Jupiter Global Levered Absolute Return.

Further details of the Performance Fee calculations are published in the Company’s prospectus which is available at www.jupiteram.com.

5. Aggregate Operating Fee To seek to protect the Shareholders from fluctuations in ordinary operating expenses, the Company shall pay to the Management Company

a fixed level of fee (the ‘Aggregate Operating Fee’), which will be determined as an annual percentage of the Net Asset Value of the Class of Shares for each Fund, and the Management Company will be responsible for paying all of the ordinary fees and expenses out of the Aggregate Operating Fee received by it, including (but not limited to) the following:

Save for the payment of the Aggregate Operating Fee, the Company shall have no obligation with respect to the ordinary operating expenses.

The Aggregate Operating Fee will accrue on a daily basis. The application of the Aggregate Operating Fee against capital or income is fund specific and further details are published in the Company’s prospectus which is available at www.jupiteram.com. The Aggregate Operating Fee is accrued at each calculation of the Net Asset Value and is disclosed in the relevant KIIDs or (for Hong Kong Investors) KFSs from time to time by comprising part of the ongoing charges of a Share Class.

• Management Company fees and expenses; • Depositary, fund accounting, transfer agency and fiduciary

fees: J.P. Morgan Bank Luxembourg S.A., acting as Administrator and Depositary, is entitled to receive depositary fees, fund accounting fees, transfer agency fees and fiduciary fees. The depositary fee consists of safekeeping, administration and transaction charges;

• Set up costs incurred in connection with the launch of a new Fund;

• Costs of operating special purpose subsidiaries;• Any fees and expenses involved in registering and maintaining

the registration of the Fund with any governmental agencies or stock exchanges in the Grand Duchy of Luxembourg and in any other country together with associated support fees;

• Paying agent fees;• Dividend/income distribution fees; • Costs of agents employed by the Company, Correspondents

and permanent representatives in places of registration;

• Financial and regulatory reporting costs; • Governmental charges, taxes and duties; • Costs related to the preparation and filing of tax or other reports

in respect of the operations of the Company or its Shareholders;• Costs related to the preparation and publication of data,

literature and shareholder communications, including the costs of preparing, printing and distributing prospectuses, Key Investor Information Documents (‘KIIDs’), Key Facts Statements (‘KFSs’) (for Hong Kong investors), explanatory memoranda, periodical reports or registration statements, and the costs of any reports to Shareholders;

• Directors’ remuneration, their insurance coverage and reasonable travelling costs and out-of-pocket expenses in connection with board meetings;

• Legal fees; and • Audit fees.

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5. Aggregate Operating Fee (continued) The Aggregate Operating Fee is calculated and accrued per Fund on the basis of the daily Net Asset Value of each Fund at each Valuation

Point and is payable monthly. The fee rates per annum charged and applicable to each Class of Shares during the year ended 30 September 2018 are as follows:




Jupiter Europa – – – – 0.21% – – 0.25% 0.27% 0.27% – –





Jupiter Flexible Income – – – – – 0.16% 0.22% – – – – –





Jupiter Global Emerging Markets Corporate Bond – – – – – 0.14% – – – – – –


– – 0.20% – 0.16% – 0.22% – – – – –


– – – – 0.14% 0.14% – – – – – –

Jupiter Global Financials – – 0.20% – – – 0.22% – – – – –







Jupiter UK Dynamic Growth – – 0.20% – – – 0.22% – – – – –

Further details of the Aggregate Operating Fee are published in the Company’s prospectus which is available at www.jupiteram.com.

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6. Management Company Fee Jupiter Unit Trust Managers Limited (‘JUTM’) is the appointed Management Company.

The list of the funds managed by the Management Company may be obtained, on request, at the registered office of the Management Company.

The Management Company is responsible on a day-to-day basis, under the supervision of the Board of Directors, for providing administration, marketing and investment management services in respect of all Funds.

The Management Company has delegated its investment management functions to Jupiter Asset Management Limited, the Investment Manager.

In the context of its administration functions, the Management Company has delegated its administration functions to J.P. Morgan Bank Luxembourg S.A., the Administrator.

In the context of its marketing function, the Management Company may enter into agreements with Distributors pursuant to which the Distributors agree to act as intermediaries or nominees for investors subscribing for Shares through their facilities.

The Management Company will monitor on a continued basis the activities of the third parties to which it has delegated functions. The agreements entered into between the Management Company and the relevant third parties provide that the Management Company can give at any time further instructions to such third parties, and that it can withdraw their mandate with immediate effect if this is in the interest of the Shareholders. The Management Company’s liability towards the Company is not affected by the fact that it has delegated certain functions to third parties.

With JUTM’s appointment, certain Company costs will be paid for by JUTM. The Company pays to JUTM the Aggregate Operating Fee and JUTM will be responsible for paying the Company costs out of the Aggregate Operating Fee received by it. Refer to Note 5 for further information. Full details are published in the Company’s prospectus which is available at www.jupiteram.com.

7. Administration, Custodian and Depositary Fees J.P. Morgan Bank Luxembourg S.A. was appointed to perform central administration duties for the Company pursuant to a delegation of

such duties to it by the Management Company.

J.P. Morgan Bank Luxembourg S.A. as Administrator, Custodian and Depositary is entitled to receive custodian fees, fund accounting fees, transfer agency fees and fiduciary fees.

The custodian fee consists of safekeeping, administration and transaction charges. Safekeeping and administration charges are applied to the market value of the assets of the country of the underlying investments held in custody at the end of the billing period. The transaction charges are based on the number of transactions in a particular country. The safekeeping and administration fee rate varies according to the country of the underlying investments and decreases depending on the thresholds in a particular country.

The fund accounting fee is the sum of the base NAV calculation fee plus the total of all other fees, including but not limited to financial reporting, share class valuation, tax reporting and all other fees detailed in the fee schedule agreement. The base fee per Fund which may be paid to J.P. Morgan Bank Luxembourg S.A. in its capacity as Administrator is calculated as the greater of the minimum annual fee of €15,000 or an ad valorem fee (from 0.50 to 2.50 basis points) based upon the Fund’s month-end NAV.

The transfer agency fee is based on the number of transactions processed, the number of holdings (shareholder accounts), the number of new investor accounts opened and include fund/class set-up and annual maintenance fees, enhanced fund distribution support, platform connectivity fee and out-of-pocket expenses.

The fiduciary fee per Fund is calculated as the greater of the minimum annual fee or an ad valorem fee based upon the Fund’s month-end NAV.

These fees are included under the Aggregate Operating Fee. Refer to Note 5 for further details.

8. Auditors Fees and Terms of Engagement PricewaterhouseCoopers, Société cooperative have been appointed by the shareholders at their annual general meeting as Auditors of

the Company for the current accounting period and the shareholders have authorised the Board to agree with the Auditors on their terms of appointment.

The terms of engagement of the Auditors approved by the Board comprise, inter alia, the fees to which the Auditors are entitled and refer to the General Terms and Conditions published by the ‘Institut des Réviseurs d’Entreprises’ as being integral part of the terms of engagement.

The fees of the Auditors are included under the Aggregate Operating Fee. Refer to Note 5 for further details.

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9. Other Fees There are certain other fees that are payable in addition to the Aggregate Operating Fee, the Investment Management Fees and any

performance fees.

Each Share Class bears the costs relating to certain transactions such as the costs of buying and selling underlying securities, costs charged by any financial institution or organisation in relation to swap agreements or over-the-counter transactions, bank charges relating to delivery, receipt of securities or to foreign exchange transactions and fees relating to collateral management, transaction costs, stock lending charges, interest on bank overdraft and any other extraordinary fees and expenses.

Each Share Class also bears any extraordinary expenses incurred due to external factors, some of which may not be reasonably foreseeable in the normal course of activity of the Company such as, without limitation, any litigation expenses or any tax, levy, duty or similar charge of fiscal nature imposed on the Company or its assets by virtue of a change of laws or regulations.

For so long as the Company and any of the Funds remain authorised by the Securities and Futures Commission (‘SFC’) in Hong Kong, the Company has undertaken that no marketing or advertising expenses will be paid by the Company. Any marketing and advertising expenses will instead be paid by the Investment Manager.

10. Directors’ Fees, Expenses and Interests Mr. Jacques Elvinger is a partner of the Luxembourg law firm of Elvinger Hoss Prussen, société anonyme, which provides legal services to

the Company.

Mr. Adrian Creedy has a beneficial interest in 15,520.54 Shares of Jupiter Global Convertibles Class I GBP A Inc HSC (until retirement 30 June 2018).

The Chairman receives fees of €25,500 and each independent Director receives fees of €22,500 (including taxes) per annum. Mr. Adrian Creedy (until retirement), Mrs. Paula Moore and Mr Simon Rowson are employed by the Investment Manager and fees due to them are paid directly to JAML although JAML commenced a waiver of these fees with effect from 1 April 2016. In addition, all Directors are entitled to reimbursement by the Company of any expenses directly incurred in the execution of their duties as Directors.

Save as referred to above, no Director holds any shares in the Company nor has any interest in any transaction which, during the year under review, has been affected by the Company and is unusual in its nature or conditions, or is significant to the business of the Company.

Directors’ remuneration, insurance coverage and reasonable expenses directly incurred in the execution of their duties as Directors are included under the Aggregate Operating Fee. Refer to Note 5 for further details.

11. Taxe d’abonnement and Other Operational Taxes The Company is liable in Luxembourg to a tax (taxe d’abonnement), such tax being payable quarterly and calculated on the Net Asset Value

of the Company at the end of the relevant calendar quarter. The taxe d’abonnement is levied at a rate of 0.01% per annum on Funds or Classes reserved to Institutional Investors (Class A, C, E, F, I and N) and at 0.05% per annum on other Funds or Classes (Class D, L and Z). No such tax is payable in respect of the portion of the assets of each Fund invested in other Luxembourg collective investment undertakings which are subject to this tax. Taxe d’abonnement is included under the Aggregate Operating Fee, refer to Note 5 for further details.

Under current law and practice, the Company is not liable to Luxembourg taxes on income or capital gains, nor are dividends paid by the Company liable to any Luxembourg withholding tax.

Interest, dividends and capital gains on securities may be subject to withholding or capital gains taxes in certain countries.

Where the withholding tax in certain jurisdictions has been raised at a rate higher than the rate applicable to comparable domestic UCITS funds, the Company has launched a withholding tax reclaim with the national tax authorities of those countries, with no guarantee of success. If and when those tax reclaims are successful, the proceeds of tax reimbursement are recognised in the Statement of Operations and Changes in Net Assets as ‘Income from investments, net’.

242


11. Taxe d’abonnement and Other Operational Taxes (continued) Withholding tax reclaims accrued by the Company during the year ended 30 September 2018 amounted to:

Fund Fund currency Amount

Jupiter Asia Pacific Income USD 5,064

Jupiter China Select USD 275

Jupiter Dynamic Bond EUR 2,665,333

Jupiter Europa EUR 165,572

Jupiter European Growth EUR 7,187,075

Jupiter European Opportunities EUR 916,483

Jupiter Eurozone Equity EUR 100

Jupiter Global Absolute Return EUR 35,885

Jupiter Global Convertibles EUR 69,180

Jupiter Global Ecology Diversified EUR 5,134

Jupiter Global Ecology Growth EUR 16,204

Jupiter Global Emerging Markets Equity Unconstrained USD 786

Jupiter Global Financials EUR 120,093

Jupiter Global Levered Absolute Return GBP 16,661

Jupiter Global Value USD 212,003

Jupiter New Europe EUR 14,527

Jupiter Strategic Total Return EUR 33,920

12. Transactions with Connected Parties All transactions with connected parties were carried out on an arm’s length basis. The Investment Manager and its affiliates, the Directors,

Management Company and other related agents of the Company are considered connected parties.

13. Use of Dealing Commission Up until 2 January 2018, the Investment Manager received goods and services paid for out of broker commissions which related to execution

and research services meeting the criteria laid down by the Hong Kong Securities and Futures Commission Code on Unit Trusts and Mutual Funds, and adhered to the prescriptive Rules of the UK’s Financial Conduct Authority, where the Investment Manager had reasonable grounds to be satisfied that it enhanced the quality of the Investment Manager’s service to the Company. The commission available to pay for such services was based on a proportion of the commission rate applicable to investment transactions as agreed between the Investment Manager and its participating brokers.

Execution and research services received by the Investment Manager under these arrangements assist the Investment Manager in the provision of its investment management services to the Investment Manager’s clients (including the Company) and do not impair compliance with the Investment Manager’s obligation to act in the best interests of its clients (including the Company) nor the Investment Manager’s ability to comply with its best execution obligations.

From 3 January 2018, the Investment Manager paid for research services from its own resources and its clients will take on no research costs at all. The Investment Manager considers this change demonstrates its commitment to embracing regulatory developments and represents a beneficial development for its clients.

Further information on such arrangements is available from the Investment Manager upon request by an investor.

There were no such benefits received or receivable by the Company or the Investment Manager during the year ended 30 September 2018.




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14. Swing Pricing The Funds adopted a partial swing pricing process except for Jupiter European Feeder which operates a full swing pricing process. Under certain circumstances (for example, large volumes of deals) investment and/or disinvestment costs may have an adverse effect on the

Shareholders’ interests in a Fund. In order to prevent this effect, the Investment Manager, as delegated by the Board of Directors, has the discretion to allow for the Net Asset Value per Share to be adjusted by effective dealing and other costs and fiscal charges which would be payable on the acquisition or disposal of assets in the relevant Fund if the net capital activity exceeds, as a consequence of the sum of all subscriptions, redemptions or switches in such a Fund, such threshold percentage (the ‘Threshold’) as may be determined from time to time by the Investment Manager, as delegated by the Board of Directors, of the Fund’s total Net Assets on a given Valuation Day.

If the net capital activity on a given Valuation Day leads to a net inflow of assets in the relevant Fund, the Net Asset Value used to process all subscriptions, redemptions or switches in such a Fund is adjusted upwards by a swing factor that shall be determined from time to time by the Investment Manager, as delegated by the Board of Directors.

If the net capital activity on a given Valuation Day leads to a net outflow of assets in the relevant Fund, the Net Asset Value used to process all subscriptions, redemptions or switches in such a Fund is adjusted downwards by a swing factor that shall be determined from time to time by the Investment Manager, as delegated by the Board of Directors.

The factor is calculated on a quarterly basis by the administrator and reviewed by the Board of Directors. The dilution adjustment is recorded as the ‘Net Realised Gains/(Losses) on Investments in securities’ in the Statement of Operations and

Change in Net Assets. The following Funds applied swing pricing as at 30 September 2018:

Fund/Share class

Share class

currency

Unswung NAV per share in share class

currency

Swung NAV per share in share class

currency

Dilution adjustment

per shareSwing

directionJupiter Global Levered Absolute Return Fund

Class F EUR Acc HSC EUR 92.48 92.44 0.04 Bid

Class F GBP Acc GBP 93.53 93.49 0.04 Bid

Class F SEK Acc HSC SEK 93.72 93.68 0.04 Bid

Class F USD Acc HSC USD 94.74 94.70 0.04 Bid

Class I EUR Acc HSC EUR 99.99 99.95 0.04 Bid

Class I GBP Acc GBP 93.31 93.27 0.04 Bid

15. Cash and Short Term Deposits As at 30 September 2018, the following Funds have the following cash balances held by the Company directly with local Agents of the Company

in certain emerging markets:

Fund CurrencyAmount in

original currencyFund

currencyAmount in

Fund currencyJupiter Asia Pacific Income KRW 12,174 USD 11

HKD 22,776 USD 2,910Jupiter China Select TWD 4,999 USD 164

HKD 11,518 USD 1,472Jupiter Dynamic Bond MXN 1 EUR 0Jupiter Global Convertibles HKD 280,000 EUR 30,895Jupiter Global Emerging Markets Equity Unconstrained NGN 6,258,908 USD 39,802

HKD 26,635 USD 3,404KRW 19,590 USD 18PKR 720,836 USD 7,349

Jupiter Global Financials TRY 457 EUR 220Jupiter India Select INR 9,198,849 USD 169,673

Jupiter New Europe CZK 15,725 EUR 702

The holding of these cash amounts by non-residents are subject to local regulations. These cash balances are used to cover purchases and sales transactions of securities in the local market.

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16. Statement of Changes in the Portfolio A listing of the statement of changes in the portfolio during the year is available upon request to any investor at the registered office of the

Company free of charge.

17. Overdraft Credit The Company (as ‘Customer’) and JPMorgan Chase Bank, N.A., acting through its London branch (as the ‘Bank’) have entered into global

account terms dated on or about 20 February 2014 (the ‘GAT’) pursuant to which Accounts are opened and operated as Collection Accounts.

Pursuant to the GAT and the Global Custody Agreement, the Bank may make available to the Funds amounts by way of overdrafts or other extensions of credit from 8 March 2014. Any such amounts and accrued interest thereon on any particular day shall immediately become a debt of such Fund towards the Bank, and any such Fund shall be liable to the repayment of any such amounts and accrued interest thereon on demand from the Bank. The overdraft balances bear interest at a rate of the Bank’s offered Rate plus at least 1.5% per annum.

The Custody Accounts are held by the Custodian (J.P. Morgan Bank Luxembourg S.A.) pursuant to a global custody agreement entered into on 29 November 2013 (the ‘Global Custody Agreement’) effective 8 March 2014 (as amended from time to time).

Pursuant to a Pledge Agreement effective from 3 March 2014, the Company (as ‘Pledgor’) has agreed, until satisfaction in full of all GAT Overdraft Liabilities attributable to each Fund, that each of its Funds, with full title guarantee and as security for the payment of all GAT Overdraft Liabilities attributable to such Fund, will grant in favour of the Bank as pledge over its Custody Accounts, which the Pledgor declares to be in its best corporate interest. The pledge granted under the Pledge Agreement (as amended from time to time) constitutes a second-ranking pledge (gage de second rang), ranking immediately after any prior (first-ranking pledge over the Custody Accounts and/or the Pledged Assets granted by the Pledgor to the Custodian pursuant to the Global Custody Agreement or otherwise (the ‘Custodian Pledge’), if any. Pursuant to the amendment agreements related to the Pledge Agreement, Schedule A (Custody Accounts) of the second-ranking Account Pledge Agreement was amended.

Pursuant to the amendment agreements dated 6 June 2016, 10 June 2016, 29 June 2016, 1 March 2017 and 5 September 2017 Schedule A (Custody Accounts) of the secondranking Account Pledge Agreement was amended.

‘Custody Accounts’ means all the securities accounts opened in the name of the Pledgor with the Custodian for and on behalf of each of its Funds as identified under Schedule A of the Pledge Agreement (including in each case any such future accounts opened in the name of the Pledgor for and on behalf of each of its Funds with the Custodian (the ‘Future Custody Accounts’).

18. Jupiter European Fund (the ‘Master Fund’)+ and The Jupiter European Feeder (the ‘Feeder Fund’)

Jupiter European Feeder (the ‘Feeder Fund’) was launched on 28 July 2015 and is a feeder fund of Jupiter European Fund (the ‘Master Fund’), under the provisions of UCITS IV. The Master Fund is a unit trust organised under Section 237 of the UK Financial Services and Markets Act 2000 (as amended) and is authorised and supervised by the Financial Conduct Authority.

The investment objective of the Feeder Fund is to achieve long term capital growth. The Feeder Fund seeks to achieve its investment objective by investing substantially all of its assets in units of the Master Fund (ZM-Class € Accumulation and ZM-Class £ Accumulation).

The Feeder Fund will invest at least 85% of its net assets in units of the Master Fund (ZM-Class € Accumulation and ZM-Class £ Accumulation) whilst it may hold up to 15% of its assets in cash, money market securities, short term debt securities and other cash equivalents.

The Master Fund’s investment objective is to achieve long term capital growth by investing in companies quoted on a European Stock Exchange. The Manager of the Master Fund has the power to use derivatives but it is intended that these will only be used for efficient portfolio management and not for investment purposes.

The audited annual report and the unaudited semi-annual report of the Master Fund are available to the Shareholders on request from the Investment Manager electronically or in hard copies. The registered office of the Master Fund is The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, United Kingdom. The Master Fund’s accounting year begins on 1 July and ends on 30 June of each year.

As of 30 September 2018, the Feeder Fund holds 0.53% of the net asset value of the Master Fund, and 100.00% each of ZM-Class € Accumulation and ZM-Class £ Accumulation of the Master Fund.

For the period to 30 September 2018, the total expenses of the Feeder Fund and the related unit classes of the Master Fund are respectively £223,946 and £5,056.

The annualised expense ratio of Class Z EUR Acc and Class Z GBP Acc of the Feeder Fund is respectively 0.85% and 0.85%.

The annualised total expense ratio of ZM-Class € Accumulation and ZM-Class £ Accumulation of the Master Fund is respectively 0.02% and 0.02%.

The annualised aggregate total expense ratios of both the Master Fund and the Feeder Fund for the ZM-Class € Accumulation and ZM-Class £ Accumulation are respectively 0.87% and 0.87%.

+ Related Party Fund

245





19. Transaction Costs For the year ended 30 September 2018 the Funds incurred transaction costs related to purchase or sale of transferable securities as follows:

Fund Amount in Fund currency

Jupiter Asia Pacific Income $58,304

Jupiter China Select $7,576

Jupiter Dynamic Bond €3,130,136

Jupiter Europa €256,091

Jupiter European Growth €1,529,770

Jupiter European Opportunities €248,517

Jupiter Eurozone Equity €7,852

Jupiter Flexible Income €30,573

Jupiter Global Absolute Return €210,457

Jupiter Global Convertibles €21,757

Jupiter Global Ecology Diversified €529

Jupiter Global Ecology Growth €2,252

Jupiter Global Emerging Markets Corporate Bond $1,096,063

Jupiter Global Emerging Markets Equity Unconstrained $342,548

Jupiter Global Financials €518,602

Jupiter Global Levered Absolute Return £206,032

Jupiter Global Value $750,221

Jupiter India Select $224,417

Jupiter Japan Select $12,151

Jupiter New Europe €5,513

Jupiter Strategic Total Return €7,428

Jupiter UK Dynamic Growth £3,389

The above transaction costs include brokers’ fees, depositary’s transaction specific fees, stamp duty fees, or security transaction taxes, where applicable. These costs are directly linked to the acquisition or sale of investments, to the extent that such costs are shown separately on transaction confirmations.

The transaction costs consisting of brokers’ fees, stamp duty fees, or security transaction taxes, where applicable are included in the Statement of Net Assets as ‘ Investments in securities at cost’ and in the Statement of Operations and Change in Net Assets in ‘Net Change in Unrealised Gain/(Loss) on Investments’ in securities’ for the purchase of securities. For the sale of securities, they are netted from the ‘Due to brokers’ amount and from the ‘Net Realised Gains/(Losses) on Investments in securities’ in the Statement of Operations and Change in Net Assets.

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20. Dividend Distributions

During the year ended 30 September 2018, the Company declared the following dividends:



CurrencyJupiter Dynamic Bond Class L AUD M Inc HSC 31 October 2017 15 November 2017 AUD 0.0871

Class L SGD M Inc HSC 31 October 2017 15 November 2017 SGD 0.0423

Class L USD M Inc HSC 31 October 2017 15 November 2017 USD 0.0420

Class L AUD M Inc HSC 30 November 2017 14 December 2017 AUD 0.0664

Class L SGD M Inc HSC 30 November 2017 14 December 2017 SGD 0.0322

Class L USD M Inc HSC 30 November 2017 14 December 2017 USD 0.0323

Class A USD Q Inc Dist HSC 29 December 2017 15 January 2018 USD 0.0551

Class D CHF Q Inc HSC 29 December 2017 15 January 2018 CHF 0.0935

Class D EUR Q Inc 29 December 2017 15 January 2018 EUR 0.0974

Class D EUR Q Inc Dist 29 December 2017 15 January 2018 EUR 0.0943

Class D GBP Q Inc HSC 29 December 2017 15 January 2018 GBP 0.1006

Class D USD Q Inc HSC 29 December 2017 15 January 2018 USD 0.1027

Class I CHF Q Inc HSC 29 December 2017 15 January 2018 CHF 0.1033

Class I EUR Q Inc 29 December 2017 15 January 2018 EUR 0.1064

Class I GBP Q Inc HSC 29 December 2017 15 January 2018 GBP 0.1093

Class I USD Q Inc HSC 29 December 2017 15 January 2018 USD 0.1113

Class L AUD M Inc HSC 29 December 2017 15 January 2018 AUD 0.0485

Class L CHF Q Inc HSC 29 December 2017 15 January 2018 CHF 0.1043

Class L EUR Q Inc 29 December 2017 15 January 2018 EUR 0.1060


Class L GBP Q Inc HSC 29 December 2017 15 January 2018 GBP 0.1087

Class L SGD M Inc HSC 29 December 2017 15 January 2018 SGD 0.0242

Class L USD M Inc HSC 29 December 2017 15 January 2018 USD 0.0242

Class L USD Q Inc HSC 29 December 2017 15 January 2018 USD 0.1105

Class N USD Q Inc Dist HSC 29 December 2017 15 January 2018 USD 0.0551

Class L AUD M Inc HSC 31 January 2018 14 February 2018 AUD 0.0738

Class L SGD M Inc HSC 31 January 2018 14 February 2018 SGD 0.0367

Class L USD M Inc HSC 31 January 2018 14 February 2018 USD 0.0369

Class L AUD M Inc HSC 28 February 2018 14 March 2018 AUD 0.0636

Class L SGD M Inc HSC 28 February 2018 14 March 2018 SGD 0.0311

Class L USD M Inc HSC 28 February 2018 14 March 2018 USD 0.0310

Class A USD Q Inc Dist HSC 29 March 2018 16 April 2018 USD 0.0940

Class D CHF Q Inc HSC 29 March 2018 16 April 2018 CHF 0.0912



Class D GBP Q Inc HSC 29 March 2018 16 April 2018 GBP 0.0968

Class D USD Q Inc HSC 29 March 2018 16 April 2018 USD 0.0998

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20. Dividend Distributions (continued)



CurrencyJupiter Dynamic Bond Class I CHF Q Inc HSC 29 March 2018 16 April 2018 CHF 0.1007

(continued) Class I EUR Q Inc 29 March 2018 16 April 2018 EUR 0.1033

Class I GBP Q Inc HSC 29 March 2018 16 April 2018 GBP 0.1051

Class I USD Q Inc HSC 29 March 2018 16 April 2018 USD 0.1081

Class L AUD M Inc HSC 29 March 2018 16 April 2018 AUD 0.0601

Class L CHF Q Inc HSC 29 March 2018 16 April 2018 CHF 0.1014

Class L EUR Q Inc 29 March 2018 16 April 2018 EUR 0.1027


Class L GBP Q Inc HSC 29 March 2018 16 April 2018 GBP 0.1044

Class L SGD M Inc HSC 29 March 2018 16 April 2018 SGD 0.0290


Class L USD Q Inc HSC 29 March 2018 16 April 2018 USD 0.1072

Class N USD Q Inc Dist HSC 29 March 2018 16 April 2018 USD 0.0940

Class L AUD M Inc HSC 30 April 2018 16 May 2018 AUD 0.0711

Class L HKD M Inc Dist HSC 30 April 2018 16 May 2018 HKD 0.2504

Class L SGD M Inc HSC 30 April 2018 16 May 2018 SGD 0.0345

Class L USD M Inc HSC 30 April 2018 16 May 2018 USD 0.0342

Class L AUD M Inc HSC 31 May 2018 14 June 2018 AUD 0.0806

Class L HKD M Inc Dist HSC 31 May 2018 14 June 2018 HKD 0.3904

Class L SGD M Inc HSC 31 May 2018 14 June 2018 SGD 0.0398

Class L USD M Inc HSC 31 May 2018 14 June 2018 USD 0.0394

Class A USD Q Inc Dist HSC 29 June 2018 13 July 2018 USD 0.0939

Class C USD Q Inc HSC 29 June 2018 13 July 2018 USD 0.0055

Class D CHF Q Inc HSC 29 June 2018 13 July 2018 CHF 0.0915

Class D EUR Q Inc 29 June 2018 13 July 2018 EUR 0.098

Class D EUR Q Inc Dist 29 June 2018 13 July 2018 EUR 0.095

Class D GBP Q Inc HSC 29 June 2018 13 July 2018 GBP 0.1027

Class D USD Q Inc HSC 29 June 2018 13 July 2018 USD 0.0999

Class I CHF Q Inc HSC 29 June 2018 13 July 2018 CHF 0.101

Class I EUR Q Inc 29 June 2018 13 July 2018 EUR 0.1073

Class I GBP Q Inc HSC 29 June 2018 13 July 2018 GBP 0.1117

Class I USD Q Inc HSC 29 June 2018 13 July 2018 USD 0.1082

Class L AUD M Inc HSC 29 June 2018 13 July 2018 AUD 0.0519

Class L CHF Q Inc HSC 29 June 2018 13 July 2018 CHF 0.1016

Class L EUR Q Inc 29 June 2018 13 July 2018 EUR 0.1064

Class L EUR Q Inc Dist 29 June 2018 13 July 2018 EUR 0.0963

248








CurrencyJupiter Dynamic Bond Class L GBP Q Inc HSC 29 June 2018 13 July 2018 GBP 0.1106

(continued) Class L HKD M Inc Dist HSC 29 June 2018 13 July 2018 HKD 0.2438

Class L SGD M Inc HSC 29 June 2018 13 July 2018 SGD 0.0252

Class L USD M Inc HSC 29 June 2018 13 July 2018 USD 0.0247

Class L USD Q Inc HSC 29 June 2018 13 July 2018 USD 0.1071

Class N USD Q Inc Dist HSC 29 June 2018 13 July 2018 USD 0.0938

Class I SGD M Inc HSC 31 July 2018 14 August 2018 SGD 0.2017

Class L AUD M Inc HSC 31 July 2018 14 August 2018 AUD 0.0792

Class L HKD M Inc Dist HSC 31 July 2018 14 August 2018 HKD 0.3833

Class L SGD M Inc HSC 31 July 2018 14 August 2018 SGD 0.0388

Class L USD M Inc HSC 31 July 2018 14 August 2018 USD 0.0388

Class I SGD M Inc HSC 31 August 2018 14 September 2018 SGD 0.3932

Class L AUD M Inc HSC 31 August 2018 14 September 2018 AUD 0.0807

Class L HKD M Inc Dist HSC 31 August 2018 14 September 2018 HKD 0.3877

Class L SGD M Inc HSC 31 August 2018 14 September 2018 SGD 0.0392

Class L USD M Inc HSC 31 August 2018 14 September 2018 USD 0.0393

Class A USD Q Inc Dist HSC 28 September 2018 12 October 2018 USD 0.0999

Class C USD Q Inc HSC 28 September 2018 12 October 2018 USD 0.104

Class D CHF Q Inc HSC 28 September 2018 12 October 2018 CHF 0.094

Class D EUR Q Inc 28 September 2018 12 October 2018 EUR 0.0996

Class D EUR Q Inc Dist 28 September 2018 12 October 2018 EUR 0.0965

Class D GBP Q Inc HSC 28 September 2018 12 October 2018 GBP 0.1034

Class D USD Q Inc HSC 28 September 2018 12 October 2018 USD 0.1065

Class I CHF Q Inc HSC 28 September 2018 12 October 2018 CHF 0.1038

Class I EUR Q Inc 28 September 2018 12 October 2018 EUR 0.1089

Class I GBP Q Inc HSC 28 September 2018 12 October 2018 GBP 0.1123

Class I SGD M Inc HSC 28 September 2018 12 October 2018 SGD 0.2472

Class I USD Q Inc HSC 28 September 2018 12 October 2018 USD 0.1154

Class L AUD M Inc HSC 28 September 2018 12 October 2018 AUD 0.0503

Class L CHF Q Inc HSC 28 September 2018 12 October 2018 CHF 0.1041

Class L EUR Q Inc 28 September 2018 12 October 2018 EUR 0.1079

Class L EUR Q Inc Dist 28 September 2018 12 October 2018 EUR 0.0978

Class L GBP Q Inc HSC 28 September 2018 12 October 2018 GBP 0.1111

Class L HKD M Inc Dist HSC 28 September 2018 12 October 2018 HKD 0.2437

Class L SGD M Inc HSC 28 September 2018 12 October 2018 SGD 0.0246

Class L USD M Inc HSC 28 September 2018 12 October 2018 USD 0.0247

Class L USD Q Inc HSC 28 September 2018 12 October 2018 USD 0.114

Class N USD Q Inc Dist HSC 28 September 2018 12 October 2018 USD 0.0998

249








CurrencyJupiter Asia Pacific Income Class D EUR Q Inc Dist 29 December 2017 15 January 2018 EUR 0.0846

Class D USD Q Inc Dist 29 December 2017 15 January 2018 USD 0.0990


Class L GBP Q Inc 29 December 2017 15 January 2018 GBP 0.1496

Class L SGD Q Inc Dist HSC 29 December 2017 15 January 2018 SGD 0.0913



Class D USD Q Inc Dist 29 March 2018 16 April 2018 USD 0.0759


Class L GBP Q Inc 29 March 2018 16 April 2018 GBP 0.1086

Class L SGD Q Inc Dist HSC 29 March 2018 16 April 2018 SGD 0.0701


Class D EUR Q Inc Dist 29 June 2018 13 July 2018 EUR 0.1393

Class D USD Q Inc Dist 29 June 2018 13 July 2018 USD 0.1582

Class L EUR Q Inc Dist 29 June 2018 13 July 2018 EUR 0.1390

Class L GBP Q Inc 29 June 2018 13 July 2018 GBP 0.2443

Class L SGD Q Inc Dist HSC 29 June 2018 13 July 2018 SGD 0.1487

Class L USD Q Inc Dist 29 June 2018 13 July 2018 USD 0.1494

Class D EUR Q Inc Dist 28 September 2018 12 October 2018 EUR 0.1081

Class D USD Q Inc Dist 28 September 2018 12 October 2018 USD 0.1242

Class L EUR Q Inc Dist 28 September 2018 12 October 2018 EUR 0.1077

Class L GBP Q Inc 28 September 2018 12 October 2018 GBP 0.1907

Class L SGD Q Inc Dist HSC 28 September 2018 12 October 2018 SGD 0.1139

Class L USD Q Inc Dist 28 September 2018 12 October 2018 USD 0.1170

Jupiter China Select Class L GBP A Inc 28 September 2018 12 October 2018 GBP 0.1630

Jupiter European Growth Class D EUR A Inc Dist 28 September 2018 12 October 2018 EUR 0.1204

Class L EUR A Inc Dist 28 September 2018 12 October 2018 EUR 0.0018

Class L GBP A Inc 28 September 2018 12 October 2018 GBP 0.0036

Jupiter European Opportunities Class D EUR A Inc 28 September 2018 12 October 2018 EUR 0.1604

Class L GBP A Inc 28 September 2018 12 October 2018 GBP 0.1130

Jupiter Global Absolute Return Fund

Class D EUR A Inc Dist 28 September 2018 12 October 2018 EUR 0.0208

Jupiter Global Convertibles Class I EUR Q Inc Dist 29 March 2018 16 April 2018 EUR 0.0241

Class I EUR Q Inc Dist 29 June 2018 13 July 2018 EUR 0.0422

Class D EUR A Inc 28 September 2018 12 October 2018 EUR 0.1670

Class D GBP A Inc HSC 28 September 2018 12 October 2018 GBP 0.1858

Class D USD A Inc HSC 28 September 2018 12 October 2018 USD 0.1687

Class I EUR Q Inc Dist 28 September 2018 12 October 2018 EUR 0.0432

Class I GBP A Inc HSC 28 September 2018 12 October 2018 GBP 0.2086

Class L GBP A Inc HSC 28 September 2018 12 October 2018 GBP 0.2039

250








CurrencyJupiter Global Ecology Diversified Class D GBP Q Inc Dist HSC 29 December 2017 15 January 2018 GBP 0.0433

Class I GBP Q Inc Dist HSC 29 December 2017 15 January 2018 GBP 0.0445

Class D GBP Q Inc Dist HSC 29 March 2018 16 April 2018 GBP 0.0518

Class I GBP Q Inc Dist HSC 29 March 2018 16 April 2018 GBP 0.0533

Class D GBP Q Inc Dist HSC 29 June 2018 13 July 2018 GBP 0.0730

Class I GBP Q Inc Dist HSC 29 June 2018 13 July 2018 GBP 0.0751

Class D GBP Q Inc Dist HSC 28 September 2018 12 October 2018 GBP 0.0510

Class I GBP Q Inc Dist HSC 28 September 2018 12 October 2018 GBP 0.0525

Jupiter Global Ecology Growth Class D EUR A Inc Dist 28 September 2018 12 October 2018 EUR 0.0976


Class I GBP A Inc HSC 28 September 2018 12 October 2018 GBP 0.4545

Jupiter Global Value Class L GBP A Inc 28 September 2018 12 October 2018 GBP 0.2231

Jupiter Japan Select Class L GBP A Inc 28 September 2018 12 October 2018 GBP 0.0746

Jupiter New Europe Class L GBP A Inc 28 September 2018 12 October 2018 GBP 0.2619

Jupiter Strategic Total Return Class D EUR A Inc Dist 28 September 2018 12 October 2018 EUR 0.0595

21. Cross-investments

The value of the cross-investments of the Funds has not been deducted for the calculation of the combined total net assets of the Company.

As at 30 September 2018, the total cross-investments between Funds amounts to EUR 72,755,311.

The details of the cross-investments between Funds are disclosed in the following table:

Sub-Fund Cross-investment Currency

Market Value(in Sub-Fund

currency)Jupiter Dynamic Bond Jupiter Global Emerging Markets Corporate Bond Fund - Class I USD Acc EUR 68,187,707

Jupiter Flexible Income The Jupiter Global Fund Jupiter Asia Pacific Income - Class D USD Q Inc Dist EUR 555,647

Jupiter Flexible Income The Jupiter Global Fund Jupiter Global Emerging Markets Corporate Bond - Class I USD Acc EUR 2,338,338

Jupiter Flexible Income The Jupiter Global Fund Jupiter Japan Select - Class I JPY Acc EUR 1,673,619

Total 72,755,311

The combined Total Net Assets at the end of the financial year would be EUR 13,132,521,894 without taking into account the cross-investments values.

22. Subsequent Events

The Jupier Global Financial sub-fund was renamed Jupiter Financial Innovation, and the investment objective and policy was revised to reflect the Fund’s evolution towards companies and opportunities driving or benefiting from the technological changes in the financial sector. Shareholders were notified by mail on 23 October 2018. The changes took effect on 3 December 2018.

251




■ Additional Information (not forming part of the Notes to the Financial Statements)

UCITS V Remuneration DisclosureUnder the requirements of the Undertakings for Collective Investment in Transferable Securities V Directive (‘UCITS V’), Jupiter Unit Trust Managers Limited (‘JUTM’) (part of the Jupiter Group, which comprises Jupiter Fund Management plc and all of its subsidiaries (‘Jupiter’)) is required to comply with certain disclosure and reporting obligations for funds that are considered to be UCITS schemes. This includes the Jupiter Global Fund (the ‘Fund’).Jupiter operates a Group-wide remuneration policy, which applies to all employees across the Group. All employees are incentivised in a similar way and are rewarded according to personal performance and Jupiter’s success. Details of the remuneration policy, including the applicable financial and non-financial criteria, are set out in the detailed remuneration policy disclosures available via the following link:https://www.jupiteram.com/-/media/Files/Global-documents/Risk-Management/Remuneration-disclosure-including-Pillar-3-English.ashx?la=en Remuneration decisions are governed by Jupiter’s Remuneration Committee (the ‘Committee’), which meets on a regular basis to consider remuneration matters across the Group. In order to avoid conflicts of interest, the Committee comprises independent non-executive directors, and no individual is involved in any decisions regarding their own remuneration. Implementation of the remuneration policy for the Group is subject to an annual independent review by Jupiter’s internal audit department. No material outcomes or irregularities were identified as a result of the most recent independent review, which took place in 2017.JUTM does not directly employ any individuals and therefore the total amount of remuneration paid by it is nil. All staff are employed and paid by other entities of Jupiter. In the interests of transparency, Jupiter has apportioned the total employee remuneration paid to all 499 Jupiter staff in respect of JUTM’s UCITS V duties performed for the UCITS schemes on a ‘number of funds’ basis. It has estimated that the total amount of employee remuneration, split between fixed and variable remuneration, paid in respect of duties for the Fund and the aggregate total remuneration paid to UCITS V Identified Staff that is attributable to duties for the Fund is as follows:

InvestmentFixed

RemunerationVariable

RemunerationTotal

Remuneration

Identified Staff (Senior

Management)Identified Staff

(Other Staff)

Total Identified Staff Remuneration

Asia Pacific Income £498,074 £1,044,901 £1,542,975 £109,049 £892,083 £1,001,132China Select £384,400 £377,044 £761,444 £109,049 £110,552 £219,601Dynamic Bond £499,741 £6,794,901 £7,294,643 £109,049 £6,643,750 £6,752,799Europa £493,991 £569,901 £1,063,893 £109,049 £413,000 £522,049European Feeder £387,823 £1,934,901 £2,322,725 £109,049 £1,671,832 £1,780,881European Growth £387,823 £1,934,901 £2,322,725 £109,049 £1,671,832 £1,780,881European Opportunities £407,482 £469,901 £877,383 £109,049 £226,490 £335,540Global Absolute Return £227,816 £353,701 £581,516 £54,525 £256,070 £310,594Global Convertibles £440,730 £342,901 £783,631 £109,049 £132,738 £241,787Global Ecology Diversified £380,634 £352,044 £732,678 £109,049 £81,786 £190,835Global Ecology Growth £380,634 £352,044 £732,678 £109,049 £81,786 £190,835Global Emerging Markets Corporate Bond £384,400 £377,044 £761,444 £109,049 £110,552 £219,601Global Emerging Markets Equity Unconstrained £384,400 £377,044 £761,444 £109,049 £110,552 £219,601

Global Emerging Markets Short Duration Bond £355,991 £294,901 £650,893 £109,049 £0 £109,049

Global Financials £413,491 £403,235 £816,726 £109,049 £165,833 £274,882Levered Absolute Return Fund £227,816 £353,701 £581,516 £54,525 £256,070 £310,594Global Value £372,653 £706,666 £1,079,319 £109,049 £428,427 £537,476India Select £468,349 £932,401 £1,400,750 £109,049 £749,857 £858,906Japan Select £442,241 £407,401 £849,643 £109,049 £198,750 £307,799New Europe £413,188 £432,401 £845,589 £109,049 £194,697 £303,746Strategic Total Return £440,730 £342,901 £783,631 £109,049 £132,738 £241,787UK Dynamic Growth £419,959 £519,901 £939,860 £109,049 £288,967 £398,017

It should be noted that the aforementioned Identified Staff also provide services to other companies within Jupiter and its clients. They are included because their professional activities are considered to have a material impact on the risk profile of the Fund.

252




■ Additional Information (not forming part of the Notes to the Financial Statements) (continued)

PEA Compliance NoteJupiter European Opportunities - French PEA restriction Jupiter European Opportunities has been eligible to be held within a French‘Plan d’Épargne en Actions’ (‘PEA’) since 6 July 2010. The Fund has undertaken, by virtue of the application of article 91, paragraph L of Annex II of the French ‘Code général des impôts’, to ensure that at least 75% of the net assets of the Fund are permanently invested in the eligible securities mentioned in paragraphs a, b and c of section 1° of article L.221-31 of the French ‘Code monétaire et financier’.

At all times the Fund was invested in more than 75% of PEA eligible assets. As at the date of this report, the Fund had 94.73% in PEA eligible assets.

UK Tax Reporting Fund RegimeAll Funds are Reporting Funds for UK taxation purposes for the year ended 30 September 2018. Tax reporting information for the year ended 30 September 2017 in respect of these Funds is available at www.jupiteram.com.

Securities Financing Transaction Regulation (SFTR)Currently, none of the Funds of The Jupiter Global Fund make use of the financial instruments to which this regulation pertains. Further details are published in the Company’s prospectus which is available at www.jupiteram.com.

253




■ Additional Information (not forming part of the Notes to the Financial Statements) (continued)

Risk management disclosures

The commitment approachThe following Funds use the commitment approach in order to monitorand measure their global exposure:

Jupiter Asia Pacific IncomeJupiter China SelectJupiter Dynamic BondJupiter European Feeder Jupiter European GrowthJupiter European OpportunitiesJupiter Eurozone EquityJupiter Global ConvertiblesJupiter Global Ecology Diversified Jupiter Global Ecology GrowthJupiter Global Emerging Markets Equity Unconstrained Jupiter Global Emerging Markets Short Duration Bond Jupiter Global Value Jupiter India SelectJupiter Japan SelectJupiter New EuropeJupiter UK Dynamic Growth

The VAR approach The following Funds use the Value-at-Risk (‘VaR’) approach in order to monitor and measure their global exposure:The VaR figures have been calculated based on the following input data:- VaR method : Historical simulation- Confidence interval : 99%- Analysis time horizon : One month (20 days)- Time series extension : 2 years

Jupiter Europa

Methodology : Absolute VaRCSSF Limit : 20%The utilisation of VaR from 1 October 2017 to 30 September 2018 wasas follows:- MIN : 0.88%- MAX : 6.18%- AVERAGE : 3.40%The average leverage used, computed with the sum of the notionals approach for the period noted above, was 104.22%.

Jupiter Flexible IncomeMethodology : Relative VaRBenchmark applied: 30% ICE BofAML Global High Yield Constrained (EUR Hedged),30% ICE BofAML Global Corporate (EUR Hedged),40% MSCI World High Dividend Yield (Net) (jpm response client to revert)CSSF Limit : 150%The utilisation of VaR from 1 October 2017 to 30 September 2018 wasas follows:- MIN : 113.83%- MAX : 119.36%- AVERAGE : 116.23%The average leverage used, computed with the sum of the notionals approach for the period noted above, was 50.73%.

Jupiter Global Absolute Return Methodology : Absolute VaRCSSF Limit : 20%The utilisation of VaR from 1 October 2017 to 30 September 2018 was as follows:- MIN : 1.45%- MAX : 3.02%- AVERAGE: 2.22 %The average leverage used, computed with the sum of the notionals approach for the period noted above, was 82.92%.

Jupiter Global Emerging Markets Corporate Bond Methodology : Relative VaRBenchmark applied : JPM CEMBI Broad Diversified Total Return Index (USD)CSSF Limit : 200%The utilisation of VaR from 1 October 2017 to 30 September 2018 was as follows:- MIN : 74.43%- MAX : 115.52%- AVERAGE : 97.03%The average leverage used, computed with the sum of the notionals approach for the period noted above, was 3.21%.

Jupiter Global FinancialsMethodology : Relative VaRBenchmark applied : MSCI ACWI/ FinancialsCSSF Limit : 200%The utilisation of VaR from 1 October 2017 to 30 September 2018 was as follows:- MIN : 0.70%- MAX : 1.86%- AVERAGE : 1.33%The average leverage used, computed with the sum of the notionals approach for the period noted above, was 26.80%.

Jupiter Global Levered Absolute Return Methodology : Absolute VaRCSSF Limit : 20%The utilisation of VaR from 1 October 2017 to 30 September 2018 was as follows:- MIN : 3.09%- MAX : 6.14%- AVERAGE: 4.65 %The average leverage used, computed with the sum of the notionals approach for the period noted above, was 177.46%.

Jupiter Strategic Total Return Methodology : Absolute VaRCSSF Limit : 20%The utilisation of VaR from 1 October 2017 to 30 September 2018 was as follows:- MIN : 0.70%- MAX : 1.86%- AVERAGE : 1.33%The average leverage used, computed with the sum of the notionals approach for the period noted above, was 153.50%.

254




Year End date: Year ended30 September 2018




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Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 17.59 15.60 16.39 13.09 14.62 13.42 – –Class D USD Acc 15 February 2018 10.34 9.41 – – – – – –Class L GBP Q Inc 23 November 2009 25.04 21.65 23.88 19.74 22.42 18.62 24.00 18.66Class L USD Acc 30 September 2005 30.98 27.35 28.96 23.28 26.05 21.63 27.90 21.68Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 19.99 14.93 17.19 12.97 14.76 11.42 17.89 12.42Class L GBP A Inc 11 December 2009 23.68 17.69 20.48 15.45 17.67 13.68 21.42 14.88Class L USD Acc 11 December 2009 14.99 11.20 12.89 9.73 11.07 8.57 13.41 9.32Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 9.57 8.89 10.23 9.41 9.92 9.23 10.59 8.25Class D CHF Q Inc HSC 26 September 2014 8.53 7.77 9.31 8.45 9.22 8.73 10.42 8.20Class D EUR Acc 11 April 2013 12.47 11.99 12.45 12.05 12.17 11.51 11.86 11.07Class D EUR Q Inc 16 April 2013 10.27 9.52 10.41 10.18 10.45 10.05 10.69 10.17Class D EUR Q Inc Dist 1 September 2014 9.94 9.22 10.09 9.86 10.12 9.73 10.35 9.85Class D GBP Acc HSC 3 April 2013 14.65 13.85 15.15 13.67 16.90 14.23 16.96 14.04Class D GBP Q Inc HSC 26 March 2013 12.12 11.12 12.72 11.42 14.97 12.25 15.32 12.94Class D USD Acc HSC 12 April 2013 11.16 10.12 11.83 10.54 11.07 10.13 11.23 8.61Class D USD Q Inc HSC 4 April 2013 9.22 8.36 10.18 8.87 9.91 8.89 10.25 8.01Class I CHF Acc HSC 12 April 2017 8.77 8.15 9.38 8.63 – – – –Class I CHF Q Inc HSC 8 May 2012 9.41 8.58 10.28 9.33 10.18 9.64 11.50 9.05Class I EUR Acc 5 December 2012 13.02 12.52 13.01 12.58 12.71 12.01 12.38 11.55Class I EUR Q Inc 8 May 2012 11.22 10.41 11.38 11.13 11.42 10.99 11.68 11.11Class I GBP Q Inc HSC 8 May 2012 13.16 12.08 13.83 12.41 16.27 13.31 16.64 14.06Class I SEK Acc HSC 14 July 2017 10.54 9.16 10.61 10.40 – – – –Class I SGD M Inc HSC 13 July 2018 63.83 61.24 – – – – – –Class I USD Acc HSC 15 January 2016 9.62 8.72 10.19 9.08 9.48 8.72 – –Class I USD Q Inc HSC 8 May 2012 9.99 9.06 11.03 9.61 10.72 9.63 11.10 8.66Class L AUD Acc HSC 4 December 2014 15.30 13.88 16.42 14.98 15.25 12.93 15.34 12.88Class L AUD M Inc HSC 29 December 2014 14.11 12.33 15.38 13.95 14.48 12.45 15.18 12.56Class L CHF Acc HSC 17 May 2013 10.03 9.27 10.76 9.87 10.49 9.79 11.33 8.84Class L CHF Q Inc HSC 8 May 2012 9.52 8.63 10.37 9.41 10.27 9.73 11.62 9.14Class L EUR Acc 10 May 2013 11.81 11.27 11.83 11.50 11.63 11.04 11.46 10.73Class L EUR Q Inc 8 May 2012 11.18 10.29 11.33 11.10 11.37 10.94 11.64 11.08Class L EUR Q Inc Dist 24 January 2014 10.13 9.32 10.26 10.05 10.30 9.91 10.55 10.03Class L GBP Acc HSC 5 September 2016 11.71 10.99 12.16 10.97 11.94 11.47 – –Class L GBP QInc HSC 8 May 2012 13.09 11.95 13.75 12.34 16.19 13.23 16.56 14.00Class L HKD Acc HSC 5 April 2018 11.14 10.25 – – – – – –Class L HKD M Inc Dist HSC 5 April 2018 11.00 10.25 – – – – – –Class L SEK Acc HSC 6 November 2014 11.29 9.75 11.38 10.62 11.31 10.70 11.47 10.49Class L SGD Acc HSC 12 March 2014 7.36 6.99 7.74 7.10 7.51 6.67 7.58 6.25Class L SGD M Inc HSC 14 March 2014 6.61 6.10 7.05 6.43 6.97 6.34 7.33 6.14Class L USD Acc HSC 30 April 2013 10.62 9.67 11.41 10.11 10.77 9.82 10.96 8.44Class L USD M Inc HSC 13 March 2014 8.96 8.11 9.88 8.61 9.61 8.65 9.99 7.81Class L USD Q Inc HSC 8 May 2012 9.93 8.98 10.95 9.54 10.66 9.57 11.03 8.62


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Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 – – – – – – – –Class D USD Acc 15 February 2018 – – – – – – – –Class L GBP Q Inc 23 November 2009 23.60 19.55 21.24 18.50 19.51 15.52 21.28 16.17Class L USD Acc 30 September 2005 27.33 22.64 24.61 21.44 22.61 17.98 24.65 18.73Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 15.08 12.83 13.18 9.68 11.05 7.35 15.17 8.06Class L GBP A Inc 11 December 2009 18.19 15.47 16.00 11.75 13.47 8.99 18.60 9.86Class L USD Acc 11 December 2009 11.31 9.62 9.88 7.26 8.27 5.53 11.42 6.06Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 8.37 8.25 – – – – – –Class D CHF Q Inc HSC 26 September 2014 8.28 8.27 – – – – – –Class D EUR Acc 11 April 2013 11.23 10.24 10.25 9.88 – – – –Class D EUR Q Inc 16 April 2013 10.53 9.97 10.19 9.78 – – – –Class D EUR Q Inc Dist 1 September 2014 10.02 9.93 – – – – – –Class D GBP Acc HSC 3 April 2013 14.48 12.19 12.37 11.64 – – – –Class D GBP Q Inc HSC 26 March 2013 13.49 11.89 12.20 11.49 – – – –Class D USD Acc HSC 12 April 2013 8.83 7.48 7.92 7.43 – – – –Class D USD Q Inc HSC 4 April 2013 8.24 7.36 7.99 7.45 – – – –Class I CHF Acc HSC 12 April 2017 – – – – – – – –Class I CHF Q Inc HSC 8 May 2012 9.27 8.77 8.98 8.57 8.71 8.33 – – Class I EUR Acc 5 December 2012 11.71 10.68 10.69 10.03 – – – –Class I EUR Q Inc 8 May 2012 11.49 10.82 11.08 10.41 10.55 10.00 – – Class I GBP Q Inc HSC 8 May 2012 14.66 12.84 13.41 12.39 13.29 12.35 – – Class I SEK Acc HSC 14 July 2017 – – – – – – – –Class I SGD M Inc HSC 13 July 2018 – – – – – – – –Class I USD Acc HSC 15 January 2016 – – – – – – – –Class I USD Q Inc HSC 8 May 2012 8.92 7.93 8.62 7.92 8.51 7.71 – – Class L AUD Acc HSC 4 December 2014 – – – – – – – –Class L AUD M Inc HSC 29 December 2014 – – – – – – – –Class L CHF Acc HSC 17 May 2013 8.96 8.14 8.29 7.87 – – – –Class L CHF Q Inc HSC 8 May 2012 9.35 8.77 8.97 8.57 8.68 8.33 – – Class L EUR Acc 10 May 2013 10.89 10.01 10.02 9.67 – – – –Class L EUR Q Inc 8 May 2012 11.44 10.82 11.07 10.41 10.53 10.00 – – Class L EUR Q Inc Dist 24 January 2014 10.35 9.96 – – – – – –Class L GBP Acc HSC 5 September 2016 – – – – – – – –Class L GBP QInc HSC 8 May 2012 14.57 12.83 13.38 12.37 13.25 12.34 – – Class L HKD Acc HSC 5 April 2018 – – – – – – – –Class L HKD M Inc Dist HSC 5 April 2018 – – – – – – – –Class L SEK Acc HSC 6 November 2014 – – – – – – – –Class L SGD Acc HSC 12 March 2014 6.41 5.66 – – – – – –Class L SGD M Inc HSC 14 March 2014 6.29 5.68 – – – – – –Class L USD Acc HSC 30 April 2013 8.66 7.39 7.84 7.35 – – – –Class L USD M Inc HSC 13 March 2014 8.02 7.17 – – – – – –Class L USD Q Inc HSC 8 May 2012 8.86 7.92 8.61 7.91 8.49 7.71 – –


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Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 – – – –Class D USD Acc 15 February 2018 – – – –Class L GBP Q Inc 23 November 2009 18.77 15.07 – – Class L USD Acc 30 September 2005 21.70 17.41 18.38 8.74 Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 13.60 11.38 – – Class L GBP A Inc 11 December 2009 17.59 13.96 – – Class L USD Acc 11 December 2009 10.79 8.56 – – Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 – – – –Class D CHF Q Inc HSC 26 September 2014 – – – –Class D EUR Acc 11 April 2013 – – – –Class D EUR Q Inc 16 April 2013 – – – –Class D EUR Q Inc Dist 1 September 2014 – – – –Class D GBP Acc HSC 3 April 2013 – – – –Class D GBP Q Inc HSC 26 March 2013 – – – –Class D USD Acc HSC 12 April 2013 – – – –Class D USD Q Inc HSC 4 April 2013 – – – –Class I CHF Acc HSC 12 April 2017 – – – –Class I CHF Q Inc HSC 8 May 2012 – – – – Class I EUR Acc 5 December 2012 – – – –Class I EUR Q Inc 8 May 2012 – – – – Class I GBP Q Inc HSC 8 May 2012 – – – – Class I SEK Acc HSC 14 July 2017 – – – –Class I SGD M Inc HSC 13 July 2018 – – – –Class I USD Acc HSC 15 January 2016 – – – –Class I USD Q Inc HSC 8 May 2012 – – – – Class L AUD Acc HSC 4 December 2014 – – – –Class L AUD M Inc HSC 29 December 2014 – – – –Class L CHF Acc HSC 17 May 2013 – – – –Class L CHF Q Inc HSC 8 May 2012 – – – – Class L EUR Acc 10 May 2013 – – – –Class L EUR Q Inc 8 May 2012 – – – – Class L EUR Q Inc Dist 24 January 2014 – – – –Class L GBP Acc HSC 5 September 2016 – – – –Class L GBP QInc HSC 8 May 2012 – – – – Class L HKD Acc HSC 5 April 2018 – – – –Class L HKD M Inc Dist HSC 5 April 2018 – – – –Class L SEK Acc HSC 6 November 2014 – – – –Class L SGD Acc HSC 12 March 2014 – – – –Class L SGD M Inc HSC 14 March 2014 – – – –Class L USD Acc HSC 30 April 2013 – – – –Class L USD M Inc HSC 13 March 2014 – – – –Class L USD Q Inc HSC 8 May 2012 – – – –


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Jupiter European Growth 18 August 2006

Class D EUR Acc 22 January 2014 17.92 14.93 15.44 12.01 14.68 11.89 14.26 9.20

Class D EUR A Inc Dist 1 September 2014 17.10 14.25 14.88 11.57 14.30 11.58 14.01 9.04

Class D GBP Acc 27 January 2014 22.62 18.85 19.51 15.16 18.53 15.01 18.01 11.62

Class D USD Acc HSC 16 January 2014 16.17 12.54 14.18 10.99 14.06 10.60 13.32 7.31

Class I EUR Acc 18 August 2006 49.00 40.82 42.21 32.82 40.09 32.49 38.94 25.12

Class L EUR Acc 18 August 2006 37.42 31.27 32.55 25.43 31.30 25.32 30.49 19.79

Class L EUR A Inc Dist 1 September 2014 16.96 14.18 14.79 11.56 14.26 11.54 13.92 9.03

Class L GBP A Inc 30 July 2008 39.32 32.86 34.28 26.79 33.06 26.76 32.26 20.94

Class L HKD Acc HSC 5 April 2018 12.85 10.37 – – – – – –

Class L USD Acc HSC 2 October 2013 16.76 13.05 14.85 11.56 14.89 11.21 14.14 7.79

Jupiter European Opportunities 18 August 2006

Class D EUR Acc 30 October 2014 13.72 12.62 13.49 10.70 12.78 10.04 13.33 10.00



Class L GBP A Inc 2 January 2008 21.06 19.34 20.89 16.65 20.22 15.86 21.24 14.89

Jupiter Global Convertibles 1 October 2010

Class D EUR Acc 17 December 2014 11.88 11.40 11.50 10.74 10.83 9.94 10.73 10.00

Class D EUR A Inc 24 February 2017 10.60 10.09 10.34 10.00 – – – –

Class D GBP A Inc HSC 10 June 2014 13.39 12.53 13.39 11.75 14.91 12.03 15.13 11.94

Class D USD A Inc HSC 24 February 2017 9.30 8.51 9.56 8.53 – – – –

Class I CHF Acc HSC 1 October 2010 11.72 11.09 12.11 11.32 11.48 10.47 12.29 9.35

Class I EUR Acc 1 October 2010 14.29 13.71 13.84 12.92 13.02 11.95 12.90 11.58

Class I GBP A Inc HSC 1 October 2010 15.03 14.07 15.04 13.19 17.07 13.77 17.32 13.66

Class I USD Acc HSC 1 October 2010 12.58 11.51 12.84 11.46 11.97 10.52 12.07 8.97

Class L CHF Acc HSC 1 October 2010 11.03 10.42 11.46 10.70 10.95 10.02 11.85 9.03

Class L EUR Acc 1 October 2010 13.47 12.85 13.08 12.29 12.41 11.44 12.42 11.21

Class L GBP A Inc HSC 1 October 2010 14.71 13.70 14.85 13.09 16.86 13.50 17.03 13.51

Class L USD Acc HSC 1 October 2010 11.81 10.83 12.17 10.83 11.47 10.06 11.63 8.67

Jupiter Global Ecology Growth 30 September 2005

Class D EUR Acc 13 September 2017 10.81 9.93 10.33 10.00 – – – –

Class D EUR A Inc Dist 1 September 2014 13.06 11.99 12.72 10.62 11.59 9.38 12.27 9.08

Class L EUR Acc 30 September 2005 15.36 14.09 14.97 12.55 13.73 11.09 14.59 10.83

Class L EUR A Inc Dist 1 September 2014 12.86 11.80 12.53 10.51 11.49 9.28 12.21 9.07

Class L GBP A Inc 14 August 2007 16.77 15.40 16.35 13.71 15.00 12.11 15.93 11.83

Class L USD Acc 9 May 2008 9.98 9.16 9.73 8.16 8.92 7.20 9.48 7.03

Jupiter Global Emerging Markets Equity Unconstrained 20 March 2017

Class D USD Acc 9 March 2015 13.78 10.00 13.07 9.57 – – – –

Class L USD Acc 9 March 2015 13.48 9.73 12.81 9.44 – – – –


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Class D EUR Acc 22 January 2014 10.47 9.55 – – – – – –

Class D EUR A Inc Dist 1 September 2014 10.23 10.00 – – – – – –

Class D GBP Acc 27 January 2014 13.22 11.63 – – – – – –

Class D USD Acc HSC 16 January 2014 8.26 7.01 – – – – – –



Class L EUR A Inc Dist 1 September 2014 10.22 10.00 – – – – – –


Class L HKD Acc HSC 5 April 2018 – – – – – – – –

Class L USD Acc HSC 2 October 2013 8.81 7.21 – – – – – –


Class D EUR Acc 30 October 2014 – – – – – – – –





Class D EUR Acc 17 December 2014 – – – – – – – –

Class D EUR A Inc 24 February 2017 – – – – – – – –

Class D GBP A Inc HSC 10 June 2014 12.66 12.27 – – – – – –

Class D USD A Inc HSC 24 February 2017 – – – – – – – –

Class I CHF Acc HSC 1 October 2010 9.78 9.20 9.28 8.40 8.49 7.62 – –

Class I EUR Acc 1 October 2010 12.17 11.58 11.67 10.33 10.48 9.52 – –

Class I GBP A Inc HSC 1 October 2010 14.48 12.85 13.11 11.77 12.73 10.36 – –

Class I USD Acc HSC 1 October 2010 9.39 8.42 8.99 7.87 8.35 6.93 – –

Class L CHF Acc HSC 1 October 2010 9.46 8.96 9.04 8.25 8.38 7.56 – –

Class L EUR Acc 1 October 2010 11.81 11.29 11.42 10.15 10.31 9.44 – –

Class L GBP A Inc HSC 1 October 2010 14.31 12.81 12.98 11.71 12.62 10.44 – –

Class L USD Acc HSC 1 October 2010 9.08 8.20 8.79 7.71 8.23 6.87 – –


Class D EUR Acc 13 September 2017 – – – – – – – –

Class D EUR A Inc Dist 1 September 2014 10.13 9.82 – – – – – –


Class L EUR A Inc Dist 1 September 2014 10.13 9.82 – – – – – –

Class L GBP A Inc 14 August 2007 13.21 11.59 11.78 9.33 10.07 7.92 10.17 7.93

Class L USD Acc 9 May 2008 7.86 6.89 7.00 5.54 5.98 4.70 8.05 4.71


Class D USD Acc 9 March 2015 – – – – – – – –

Class L USD Acc 9 March 2015 – – – – – – – –


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Class D EUR Acc 22 January 2014 – – – –

Class D EUR A Inc Dist 1 September 2014 – – – –

Class D GBP Acc 27 January 2014 – – – –

Class D USD Acc HSC 16 January 2014 – – – –

Class I EUR Acc 18 August 2006 17.65 13.25 13.69 8.92

Class L EUR Acc 18 August 2006 14.35 10.86 11.22 7.34

Class L EUR A Inc Dist 1 September 2014 – – – –

Class L GBP A Inc 30 July 2008 15.65 11.85 11.15 6.60

Class L HKD Acc HSC 5 April 2018 – – – –

Class L USD Acc HSC 2 October 2013 – – – –


Class D EUR Acc 30 October 2014 – – – –

Class I EUR Acc 18 August 2006 14.67 11.98 12.77 8.69

Class L EUR Acc 18 August 2006 13.00 10.69 11.41 7.79

Class L GBP A Inc 2 January 2008 11.45 9.42 9.07 6.10


Class D EUR Acc 17 December 2014 – – – –

Class D EUR A Inc 24 February 2017 – – – –

Class D GBP A Inc HSC 10 June 2014 – – – –

Class D USD A Inc HSC 24 February 2017 – – – –

Class I CHF Acc HSC 1 October 2010 – – – –

Class I EUR Acc 1 October 2010 – – – –

Class I GBP A Inc HSC 1 October 2010 – – – –

Class I USD Acc HSC 1 October 2010 – – – –

Class L CHF Acc HSC 1 October 2010 – – – –

Class L EUR Acc 1 October 2010 – – – –

Class L GBP A Inc HSC 1 October 2010 – – – –

Class L USD Acc HSC 1 October 2010 – – – –


Class D EUR Acc 13 September 2017 – – – –

Class D EUR A Inc Dist 1 September 2014 – – – –

Class L EUR Acc 30 September 2005 8.66 7.21 8.78 5.28

Class L EUR A Inc Dist 1 September 2014 – – – –

Class L GBP A Inc 14 August 2007 9.49 7.92 8.16 5.26

Class L USD Acc 9 May 2008 5.63 4.69 8.07 4.31


Class D USD Acc 9 March 2015 – – – –

Class L USD Acc 9 March 2015 – – – –


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Jupiter Global Financials 2 November 2006

Class D EUR Acc 9 March 2017 12.36 10.43 10.80 9.72 – – – –

Class D GBP Acc 4 November 2014 20.31 17.14 17.75 14.16 15.84 12.07 16.37 12.52

Class D USD Acc 17 April 2014 12.58 10.61 10.99 8.76 9.81 7.47 10.13 7.22

Class L EUR Acc 2 November 2006 18.03 15.28 15.88 12.75 14.37 10.93 14.90 10.66

Class L GBP A Inc 2 November 2006 22.90 19.41 20.40 16.37 18.58 14.12 19.35 13.84

Class L USD Acc 11 July 2007 11.73 9.94 10.33 8.29 9.35 7.11 9.70 6.94

Class L USD Acc HSC 17 January 2018 11.63 9.21 – – – – – –

Jupiter Global Value 11 September 2009

Class D EUR Acc 19 December 2017 13.12 11.80 – – – – – –

Class D GBP Acc 14 November 2016 18.68 15.67 15.88 12.51 – – – –

Class D USD Acc 27 April 2018 10.33 9.38 – – – – – –

Class I GBP Acc 25 October 2016 18.17 15.25 15.44 11.95 – – – –



Class L USD Acc 11 September 2009 21.39 18.03 18.29 14.25 15.13 12.79 15.73 13.44

Jupiter India Select 2 May 2008

Class D EUR Acc 1 April 2016 17.81 12.37 16.80 12.32 14.15 11.09 – –

Class D GBP Acc 5 April 2017 14.41 10.00 13.58 12.29 – – – –

Class D USD Acc 4 November 2014 15.68 10.89 14.78 10.85 12.46 8.59 11.62 9.61

Class L EUR Acc 25 May 2011 24.93 17.19 23.58 17.43 20.08 13.92 19.02 15.27


Class L USD A Inc 2 May 2008 239.70 165.20 226.69 167.58 192.99 133.80 183.05 146.91

Jupiter Japan Select 1 July 2009

Class D EUR Acc 30 March 2015 15.48 12.74 12.86 10.91 11.31 8.88 11.51 9.71

Class D USD Acc 30 October 2014 16.05 13.21 13.33 11.31 11.72 9.20 11.93 9.75

Class L EUR Acc 27 July 2009 29.04 23.97 24.18 20.65 21.43 16.89 22.02 17.41



Jupiter New Europe 5 November 2007



Class L USD Acc 29 November 2007 6.41 5.21 5.80 4.74 4.92 3.50 5.20 3.62


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Class D EUR Acc 9 March 2017 – – – – – – – –

Class D GBP Acc 4 November 2014 – – – – – – – –

Class D USD Acc 17 April 2014 7.85 7.12 – – – – – –




Class L USD Acc HSC 17 January 2018 – – – – – – – –


Class D EUR Acc 19 December 2017 – – – – – – – –

Class D GBP Acc 14 November 2016 – – – – – – – –

Class D USD Acc 27 April 2018 – – – – – – – –

Class I GBP Acc 25 October 2016 – – – – – – – –



Class L USD Acc 11 September 2009 15.49 13.51 13.98 11.77 12.39 9.91 11.77 9.96


Class D EUR Acc 1 April 2016 – – – – – – – –

Class D GBP Acc 5 April 2017 – – – – – – – –

Class D USD Acc 4 November 2014 – – – – – – – –

Class L EUR Acc 25 May 2011 16.26 10.18 13.68 8.76 13.60 10.26 16.02 12.85


Class L USD A Inc 2 May 2008 156.53 97.89 131.56 84.26 130.80 98.68 163.74 123.53


Class D EUR Acc 30 March 2015 – – – – – – – –

Class D USD Acc 30 October 2014 – – – – – – – –

Class L EUR Acc 27 July 2009 19.89 17.32 19.88 14.70 16.41 14.18 18.19 14.81






Class L USD Acc 29 November 2007 5.61 4.26 5.95 4.85 5.65 4.18 6.61 4.39


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Class D EUR Acc 9 March 2017 – – – –

Class D GBP Acc 4 November 2014 – – – –

Class D USD Acc 17 April 2014 – – – –

Class L EUR Acc 2 November 2006 8.75 7.35 8.13 5.07

Class L GBP A Inc 2 November 2006 13.13 10.97 12.13 7.41

Class L USD Acc 11 July 2007 5.68 4.77 5.32 3.31

Class L USD Acc HSC 17 January 2018 – – – –





Class I GBP Acc 25 October 2016 – – – –


Class L GBP A Inc 15 January 2010 16.53 14.04 – –

Class L USD Acc 11 September 2009 10.89 9.26 10.25 9.95


Class D EUR Acc 1 April 2016 – – – –

Class D GBP Acc 5 April 2017 – – – –

Class D USD Acc 4 November 2014 – – – –

Class L EUR Acc 25 May 2011 – – – –

Class L GBP A Inc 19 January 2010 19.03 14.63 – –

Class L USD A Inc 2 May 2008 154.10 108.23 115.76 48.74



Class D USD Acc 30 October 2014 – – – –

Class L EUR Acc 27 July 2009 16.37 10.87 10.67 10.00


Class L USD Acc 1 July 2009 11.82 10.18 11.15 9.78




Class L USD Acc 29 November 2007 5.88 4.04 4.45 2.17


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Performance %Annual

Performance %Annual

Performance %

Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 3.25 9.59 9.50 –Class D USD Acc 15 February 2018 (2.50) – – –Class L GBP Q Inc 23 November 2009 2.41 8.71 29.99 (4.44)Class L USD Acc 30 September 2005 (0.21) 12.27 10.88 (10.28)Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 (4.93) 13.68 8.89 4.65Class L GBP A Inc 11 December 2009 (4.36) 16.51 27.06 (0.78)Class L USD Acc 11 December 2009 (6.83) 20.36 8.28 (6.67)Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 (3.30) 1.11 4.25 2.99Class D CHF Q Inc HSC 26 September 2014 (3.25) 1.04 4.30 3.05Class D EUR Acc 11 April 2013 (2.83) 1.64 5.00 3.76Class D EUR Q Inc 16 April 2013 (2.71) 1.62 4.89 3.82Class D EUR Q Inc Dist 1 September 2014 (2.72) 1.56 5.03 3.91Class D GBP Acc HSC 3 April 2013 (1.89) 2.34 5.71 4.17Class D GBP Q Inc HSC 26 March 2013 (1.82) 2.32 5.77 4.20Class D USD Acc HSC 12 April 2013 (0.39) 3.26 5.96 4.05Class D USD Q Inc HSC 4 April 2013 (0.41) 3.32 5.98 3.98Class I CHF Acc HSC 12 April 2017 (3.30) – – –Class I CHF Q Inc HSC 8 May 2012 (3.24) 1.11 4.37 2.99Class I EUR Acc 5 December 2012 (2.79) 1.65 5.04 3.86Class I EUR Q Inc 8 May 2012 (2.70) 1.62 5.03 3.89Class I GBP Q Inc HSC 8 May 2012 (1.90) 2.44 5.74 4.23Class I SEK Acc HSC 14 July 2017 (2.93) 0.14 – –Class I SGD M Inc HSC 13 July 2018 (0.66) – – –Class I USD Acc HSC 15 January 2016 (0.37) 3.41 5.50 –Class I USD Q Inc HSC 8 May 2012 (0.34) 3.36 6.11 4.02Class L AUD Acc HSC 4 December 2014 (1.05) 3.21 6.55 3.85Class L AUD M Inc HSC 29 December 2014 (1.02) 3.20 6.50 3.56Class L CHF Acc HSC 17 May 2013 (4.02) 0.35 3.45 2.23Class L CHF Q Inc HSC 8 May 2012 (4.02) 0.31 3.53 2.30Class L EUR Acc 10 May 2013 (3.50) 0.86 4.12 3.05Class L EUR Q Inc 8 May 2012 (3.55) 0.89 4.18 2.98Class L EUR Q Inc Dist 24 January 2014 (3.52) 0.82 4.21 2.93Class L GBP Acc HSC 5 September 2016 (2.66) 1.50 0.10 –Class L GBP Q Inc HSC 8 May 2012 (2.65) 1.53 4.88 3.51Class L HKD Acc HSC 5 April 2018 (1.37) – – –Class L HKD M Inc Dist HSC 5 April 2018 (3.27) – – –Class L SEK Acc HSC 6 November 2014 (3.70) 0.65 3.86 2.68Class L SGD Acc HSC 12 March 2014 (1.73) 2.13 5.81 3.69Class L SGD M Inc HSC 14 March 2014 (1.80) 2.13 5.79 3.76Class L USD Acc HSC 30 April 2013 (1.15) 2.53 5.15 3.21Class L USD M Inc HSC 13 March 2014 (1.14) 2.53 5.20 3.23Class L USD Q Inc HSC 8 May 2012 (1.18) 2.53 5.19 3.31


264









Performance %Annual

Performance %Annual

Performance %Annual

Performance %

Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 – – – –Class D USD Acc 15 February 2018 – – – –Class L GBP Q Inc 23 November 2009 9.53 4.56 11.71 (10.03)Class L USD Acc 30 September 2005 9.72 4.37 15.88 (11.80)Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 15.11 27.41 22.42 (38.65)Class L GBP A Inc 11 December 2009 7.09 33.62 12.34 (38.17)Class L USD Acc 11 December 2009 7.25 33.10 16.75 (39.36)Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 0.50 – – –Class D CHF Q Inc HSC 26 September 2014 (0.18) – – –Class D EUR Acc 11 April 2013 8.98 2.50 – –Class D EUR Q Inc 16 April 2013 8.94 (0.20) – –Class D EUR Q Inc Dist 1 September 2014 (0.36) – – –Class D GBP Acc HSC 3 April 2013 9.10 3.30 – –Class D GBP Q Inc HSC 26 March 2013 9.03 0.70 – –Class D USD Acc HSC 12 April 2013 8.81 2.20 – –Class D USD Q Inc HSC 4 April 2013 8.93 0.50 – –Class I CHF Acc HSC 12 April 2017 – – – –Class I CHF Q Inc HSC 8 May 2012 8.50 9.57 3.90 –Class I EUR Acc 5 December 2012 8.98 6.90 – –Class I EUR Q Inc 8 May 2012 8.90 10.09 4.10 –Class I GBP Q Inc HSC 8 May 2012 9.09 10.34 4.20 –Class I SEK Acc HSC 14 July 2017 – – – –Class I SGD M Inc HSC 13 July 2018 – – – –Class I USD Acc HSC 15 January 2016 – – – –Class I USD Q Inc HSC 8 May 2012 8.95 10.01 4.10 –Class L AUD Acc HSC 4 December 2014 – – – –Class L AUD M Inc HSC 29 December 2014 – – – –Class L CHF Acc HSC 17 May 2013 7.59 0.10 – –Class L CHF Q Inc HSC 8 May 2012 7.61 8.93 3.80 –Class L EUR Acc 10 May 2013 8.08 0.20 – –Class L EUR Q Inc 8 May 2012 8.13 9.26 4.00 –Class L EUR Q Inc Dist 24 January 2014 3.69 – – –Class L GBP Acc HSC 5 September 2016 – – – –Class L GBP Q Inc HSC 8 May 2012 8.20 9.45 4.10 –Class L HKD Acc HSC 5 April 2018 – – – –Class L HKD M Inc Dist HSC 5 April 2018 – – – –Class L SEK Acc HSC 6 November 2014 – – – –Class L SGD Acc HSC 12 March 2014 2.90 – – –Class L SGD M Inc HSC 14 March 2014 2.97 – – –Class L USD Acc HSC 30 April 2013 8.02 1.00 – –Class L USD M Inc HSC 13 March 2014 2.99 – – –Class L USD Q Inc HSC 8 May 2012 7.99 9.19 4.00 –


265







Performance %Annual

Performance %

Jupiter Asia Pacific Income 30 September 2005Class D GBP Acc 29 June 2016 – –Class D USD Acc 15 February 2018 – –Class L GBP Q Inc 23 November 2009 17.70 –Class L USD Acc 30 September 2005 18.64 34.68Jupiter China Select 11 December 2009Class L EUR Acc 6 May 2010 (0.40) –Class L GBP A Inc 11 December 2009 4.80 –Class L USD Acc 11 December 2009 2.40 –Jupiter Dynamic Bond 8 May 2012Class D CHF Acc HSC 14 August 2014 – –Class D CHF Q Inc HSC 26 September 2014 – –Class D EUR Acc 11 April 2013 – –Class D EUR Q Inc 16 April 2013 – –Class D EUR Q Inc Dist 1 September 2014 – –Class D GBP Acc HSC 3 April 2013 – –Class D GBP Q Inc HSC 26 March 2013 – –Class D USD Acc HSC 12 April 2013 – –Class D USD Q Inc HSC 4 April 2013 – –Class I CHF Acc HSC 12 April 2017 – –Class I CHF Q Inc HSC 8 May 2012 – –Class I EUR Acc 5 December 2012 – –Class I EUR Q Inc 8 May 2012 – –Class I GBP Q Inc HSC 8 May 2012 – –Class I SEK Acc HSC 14 July 2017 – –Class I SGD M Inc HSC 13 July 2018 – –Class I USD Acc HSC 15 January 2016 – –Class I USD Q Inc HSC 8 May 2012 – –Class L AUD Acc HSC 4 December 2014 – –Class L AUD M Inc HSC 29 December 2014 – –Class L CHF Acc HSC 17 May 2013 – –Class L CHF Q Inc HSC 8 May 2012 – –Class L EUR Acc 10 May 2013 – –Class L EUR Q Inc 8 May 2012 – –Class L EUR Q Inc Dist 24 January 2014 – –Class L GBP Acc HSC 5 September 2016 – –Class L GBP Q Inc HSC 8 May 2012 – –Class L HKD Acc HSC 5 April 2018 – –Class L HKD M Inc Dist HSC 5 April 2018 – –Class L SEK Acc HSC 6 November 2014 – –Class L SGD Acc HSC 12 March 2014 – –Class L SGD M Inc HSC 14 March 2014 – –Class L USD Acc HSC 30 April 2013 – –Class L USD M Inc HSC 13 March 2014 – –Class L USD Q Inc HSC 8 May 2012 – –


266









Performance %Annual

Performance %Annual

Performance %Annual

Performance %


Class D EUR Acc 22 January 2014 16.79 16.34 (0.54) 25.68

Class D EUR A Inc Dist 1 September 2014 16.82 16.28 (0.46) 25.68

Class D GBP Acc 27 January 2014 17.53 19.17 16.11 19.21

Class D USD Acc HSC 16 January 2014 19.57 17.85 - 25.48

Class I EUR Acc 18 August 2006 16.83 16.37 (0.45) 25.73

Class L EUR Acc 18 August 2006 15.90 15.42 (1.23) 24.74

Class L EUR A Inc Dist 1 September 2014 15.94 15.39 (1.24) 24.84


Class L HKD Acc HSC 5 April 2018 14.58 – – –

Class L USD Acc HSC 2 October 2013 18.68 16.97 (0.72) 24.59


Class D EUR Acc 30 October 2014 (0.97) 17.53 (0.79) 14.40

Class I EUR Acc 18 August 2006 (0.96) 17.54 (0.72) 10.72

Class L EUR Acc 18 August 2006 (1.75) 16.57 (1.50) 9.81

Class L GBP A Inc 2 January 2008 (1.14) 19.46 15.02 4.11


Class D EUR Acc 17 December 2014 (0.09) 6.68 5.17 2.50

Class D EUR A Inc 24 February 2017 (0.13) 3.58 – –

Class D GBP A Inc HSC 10 June 2014 0.85 7.44 5.57 3.36

Class D USD A Inc HSC 24 February 2017 2.29 4.75 – –

Class I CHF Acc HSC 1 October 2010 (0.61) 6.27 4.54 2.41

Class I EUR Acc 1 October 2010 (0.07) 6.79 5.19 3.10

Class I GBP A Inc HSC 1 October 2010 0.86 7.48 5.54 3.27

Class I USD Acc HSC 1 October 2010 2.42 8.49 6.14 3.21

Class L CHF Acc HSC 1 October 2010 (1.44) 5.41 3.68 1.60

Class L EUR Acc 1 October 2010 (0.92) 6.00 4.31 2.34

Class L GBP A Inc HSC 1 October 2010 0.03 6.70 4.65 2.58

Class L USD Acc HSC 1 October 2010 1.51 7.62 5.29 2.45


Class D EUR Acc 13 September 2017 2.03 3.30 – –

Class D EUR A Inc Dist 1 September 2014 2.06 12.98 9.90 3.49


Class L EUR A Inc Dist 1 September 2014 0.97 11.89 8.79 2.53

Class L GBP A Inc 14 August 2007 1.62 14.62 26.84 (2.59)

Class L USD Acc 9 May 2008 (0.88) 18.32 8.28 (8.60)


Class D USD Acc 9 March 2015 (18.53) 22.03 – –

Class L USD Acc 9 March 2015 (19.14) 21.02 – –


267









Performance %Annual

Performance %Annual

Performance %Annual

Performance %


Class D EUR Acc 22 January 2014 2.80 – – –

Class D EUR A Inc Dist 1 September 2014 1.00 – – –

Class D GBP Acc 27 January 2014 1.00 – – –

Class D USD Acc HSC 16 January 2014 4.00 – – –

Class I EUR Acc 18 August 2006 12.11 15.45 42.44 (13.03)

Class L EUR Acc 18 August 2006 11.22 14.52 41.37 (13.70)

Class L EUR A Inc Dist 1 September 2014 0.90 – – –

Class L GBP A Inc 30 July 2008 3.61 20.02 30.29 (12.99)

Class L HKD Acc HSC 5 April 2018 – – – –

Class L USD Acc HSC 2 October 2013 11.00 – – –


Class D EUR Acc 30 October 2014 – – – –

Class I EUR Acc 18 August 2006 12.23 18.48 32.27 (10.30)

Class L EUR Acc 18 August 2006 11.38 17.55 31.24 (11.00)

Class L GBP A Inc 2 January 2008 3.72 23.15 21.04 (10.22)



Class D EUR A Inc 24 February 2017 – – – –

Class D GBP A Inc HSC 10 June 2014 (1.80) – – –

Class D USD A Inc HSC 24 February 2017 – – – –

Class I CHF Acc HSC 1 October 2010 2.65 10.65 7.23 –

Class I EUR Acc 1 October 2010 3.11 11.02 7.96 –

Class I GBP A Inc HSC 1 October 2010 3.21 11.32 10.58 –

Class I USD Acc HSC 1 October 2010 2.96 11.01 7.92 –

Class L CHF Acc HSC 1 October 2010 1.90 9.75 6.24 –

Class L EUR Acc 1 October 2010 2.30 10.03 7.09 –

Class L GBP A Inc HSC 1 October 2010 2.40 10.38 8.58 –

Class L USD Acc HSC 1 October 2010 2.05 10.23 6.83 –


Class D EUR Acc 13 September 2017 – – – –

Class D EUR A Inc Dist 1 September 2014 (1.14) – – –

Class L EUR Acc 30 September 2005 9.78 20.00 19.33 (7.75)

Class L EUR A Inc Dist 1 September 2014 (1.20) – – –

Class L GBP A Inc 14 August 2007 2.24 25.48 10.00 (6.82)

Class L USD Acc 9 May 2008 2.44 25.43 14.13 (8.74)


Class D USD Acc 9 March 2015 – – – –

Class L USD Acc 9 March 2015 – – – –


268







Performance %Annual

Performance %


Class D EUR Acc 22 January 2014 – –

Class D EUR A Inc Dist 1 September 2014 – –

Class D GBP Acc 27 January 2014 – –

Class D USD Acc HSC 16 January 2014 – –

Class I EUR Acc 18 August 2006 27.83 7.97

Class L EUR Acc 18 August 2006 26.83 7.16

Class L EUR A Inc Dist 1 September 2014 – –

Class L GBP A Inc 30 July 2008 19.46 22.93

Class L HKD Acc HSC 5 April 2018 – –

Class L USD Acc HSC 2 October 2013 – –


Class D EUR Acc 30 October 2014 – –

Class I EUR Acc 18 August 2006 13.69 2.85

Class L EUR Acc 18 August 2006 12.75 2.17

Class L GBP A Inc 2 January 2008 6.31 16.93


Class D EUR Acc 17 December 2014 – –

Class D EUR A Inc 24 February 2017 – –

Class D GBP A Inc HSC 10 June 2014 – –

Class D USD A Inc HSC 24 February 2017 – –

Class I CHF Acc HSC 1 October 2010 – –

Class I EUR Acc 1 October 2010 – –

Class I GBP A Inc HSC 1 October 2010 – –

Class I USD Acc HSC 1 October 2010 – –

Class L CHF Acc HSC 1 October 2010 – –

Class L EUR Acc 1 October 2010 – –

Class L GBP A Inc HSC 1 October 2010 – –

Class L USD Acc HSC 1 October 2010 – –


Class D EUR Acc 13 September 2017 – –

Class D EUR A Inc Dist 1 September 2014 – –

Class L EUR Acc 30 September 2005 8.11 (12.56)

Class L EUR A Inc Dist 1 September 2014 – –

Class L GBP A Inc 14 August 2007 1.33 (5.76)

Class L USD Acc 9 May 2008 0.56 (10.38)


Class D USD Acc 9 March 2015 – –

Class L USD Acc 9 March 2015 – –


269









Performance %Annual

Performance %Annual

Performance %Annual

Performance %


Class D EUR Acc 9 March 2017 14.68 5.60 – –

Class D GBP Acc 4 November 2014 15.34 21.68 20.94 4.10

Class D USD Acc 17 April 2014 12.37 25.64 3.06 0.10



Class L USD Acc 11 July 2007 11.58 24.56 2.35 (0.64)

Class L USD Acc HSC 17 January 2018 16.21 – – –


Class D EUR Acc 19 December 2017 6.70 – – –

Class D GBP Acc 14 November 2016 13.73 18.70 – –

Class D USD Acc 27 April 2018 (2.70) – – –

Class I GBP Acc 25 October 2016 13.86 15.40 – –



Class L USD Acc 11 September 2009 9.95 24.42 8.25 (8.49)


Class D EUR Acc 1 April 2016 (19.15) 7.40 23.00 –

Class D GBP Acc 5 April 2017 (18.66) (5.70) – –

Class D USD Acc 4 November 2014 (20.74) 13.65 18.30 2.20

Class L EUR Acc 25 May 2011 (19.96) 6.31 16.89 20.23

Class L GBP A Inc 19 January 2010 (19.51) 8.95 36.49 13.91

Class L USD A Inc 2 May 2008 (21.54) 12.46 16.29 7.01


Class D EUR Acc 30 March 2015 12.62 9.04 11.91 (11.00)

Class D USD Acc 30 October 2014 10.38 15.45 11.41 3.40



Class L USD Acc 1 July 2009 9.53 14.54 10.55 –


Class L EUR Acc 5 November 2007 0.12 17.82 19.54 (15.98)

Class L GBP A Inc 5 November 2007 0.68 20.70 39.70 (20.34)

Class L USD Acc 29 November 2007 (2.07) 24.77 19.16 (25.33)


270









Performance %Annual

Performance %Annual

Performance %Annual

Performance %




Class D USD Acc 17 April 2014 (2.10) – – –

Class L EUR Acc 2 November 2006 12.44 23.61 22.55 (19.28)

Class L GBP A Inc 2 November 2006 4.70 29.38 13.18 (18.61)

Class L USD Acc 11 July 2007 4.91 29.06 17.40 (20.11)

Class L USD Acc HSC 17 January 2018 – – – –





Class I GBP Acc 25 October 2016 – – – –

Class L EUR Acc 11 September 2009 16.13 6.51 25.18 (1.24)


Class L USD Acc 11 September 2009 8.40 11.30 19.88 (2.29)


Class D EUR Acc 1 April 2016 – – – –

Class D GBP Acc 5 April 2017 – – – –

Class D USD Acc 4 November 2014 – – – –

Class L EUR Acc 25 May 2011 64.59 (23.61) 2.49 (3.70)

Class L GBP A Inc 19 January 2010 53.54 (19.98) (5.45) (17.22)

Class L USD A Inc 2 May 2008 53.70 (20.19) (1.85) (18.90)



Class D USD Acc 30 October 2014 – – – –


Class L GBP A Inc 1 July 2009 (2.00) 27.01 (5.22) 2.17

Class L USD Acc 1 July 2009 (1.86) 26.67 (1.69) 0.18


Class L EUR Acc 5 November 2007 (8.89) 1.64 18.31 (19.35)

Class L GBP A Inc 5 November 2007 (15.12) 6.54 9.00 (18.58)

Class L USD Acc 29 November 2007 (15.20) 6.22 13.26 (20.21)


271







Performance %Annual

Performance %


Class D EUR Acc 9 March 2017 – –

Class D GBP Acc 4 November 2014 – –

Class D USD Acc 17 April 2014 – –

Class L EUR Acc 2 November 2006 2.71 16.64

Class L GBP A Inc 2 November 2006 (3.20) 33.37

Class L USD Acc 11 July 2007 (4.63) 17.55

Class L USD Acc HSC 17 January 2018 – –


Class D EUR Acc 19 December 2017 – –

Class D GBP Acc 14 November 2016 – –

Class D USD Acc 27 April 2018 – –

Class I GBP Acc 25 October 2016 – –

Class L EUR Acc 11 September 2009 11.44 1.40

Class L GBP A Inc 15 January 2010 (0.50) –

Class L USD Acc 11 September 2009 3.14 1.80


Class D EUR Acc 1 April 2016 – –

Class D GBP Acc 5 April 2017 – –

Class D USD Acc 4 November 2014 – –

Class L EUR Acc 25 May 2011 – –

Class L GBP A Inc 19 January 2010 19.60 –

Class L USD A Inc 2 May 2008 33.12 34.48


Class D EUR Acc 30 March 2015 – –

Class D USD Acc 30 October 2014 – –

Class L EUR Acc 27 July 2009 9.93 3.70

Class L GBP A Inc 1 July 2009 3.55 12.10

Class L USD Acc 1 July 2009 2.18 9.90


Class L EUR Acc 5 November 2007 31.90 (2.36)

Class L GBP A Inc 5 November 2007 25.10 11.78

Class L USD Acc 29 November 2007 23.06 –


272



Notice of Meeting

■ The Jupiter Global Fund Société d’Investissement à Capital Variable Registered Office: 6, route de Treves, L-2633 Senningerberg R.C.S Luxembourg B 110.737

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS OF THE JUPITER GLOBAL FUND

Luxembourg, December 14 2018

Dear Shareholder,

Notice is hereby given that the Annual General Meeting (the ‘Meeting’) of The Jupiter Global Fund (the ‘Company’) will be held on January 11, 2019 at 10.00 a.m. CET at the registered office of the Company, 6C, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg with the following agenda:

AGENDA

1. Approval of the audited annual accounts including the Chairman’s Statement and the Report of the approved statutory auditor (réviseur d’entreprises agréé) of the Company for the financial year ended September 30, 2018 (the‘Audited Annual Accounts’).

2. Discharge of the Directors of the Company for the performance of their duties carried out for the financial year ended September 30, 2018.

3. Acknowledgement of the resignation of Mr Adrian Creedy from his directorship, ratification of the cooptation of Mr Simon Rowson as director in replacement of Mr Adrian Creedy and re-appointment of Mr Garth Lorimer Turner, Me Jacques Elvinger, Mr Patrick Zurstrassen, Mrs Paula Moore and Mr Simon Rowson as Directors of the Company until the next Annual General Meeting of Shareholders of the Company that will consider the approval of the audited annual accounts for the financial year ending on September 30, 2019.

4. Re-appointment of PricewaterhouseCoopers, Société coopérative (‘PWC’) as the approved statutory auditor of the Company until the next Annual General Meeting of Shareholders of the Company that will consider the approval of the audited annual accounts for the financial year ending September 30, 2019 and authorization to the Board of Directors of the Fund to agree on the terms of PWC’s appointment. The estimated remuneration of the current approved statutory auditor for the financial year ended September 30, 2018 was 205,405 euros. These fees and expenses are paid by the Company’s management company out of the Aggregate Operating Fee received from the Company.

5. Approval of Directors’ Fees for the period October 1 2017 to September 30 2018, prior to any waiver applied to the fees, as described in the Company’s Audited Annual Accounts. These fees were paid by the Company’s management company out of the Aggregate Operating Fee received from the Company.

VOTING

Resolutions on the agenda of the Annual General Meeting will require no quorum and the resolutions will be passed by simple majority of the votes cast at the Meeting.

VOTING ARRANGEMENTS

Should you be unable to be personally present at the Meeting and wish to be represented, you are entitled to appoint a proxy to vote instead of you and in this regard we have enclosed a proxy form for your attention. In such instance, we would be grateful if you could sign the proxy form where indicated, return a copy by fax or email to arrive no later than 5.00 p.m. CET on Thursday January 10th, 2019 marked for the attention of Ms Sarah Boyes Derengowski (fax + 352 46 26 85 825, email: [email protected]) and send the signed original by post marked for the attention of:

Ms Sarah Boyes Derengowski,J.P. Morgan Bank Luxembourg S.A.,LXC6-6004, European Bank and Business Center, 6C, route de Trèves,L-2633 Senningerberg,Grand-Duchy of Luxembourg.

Terms not defined in this notice have the same meaning as in the Company’s prospectus.

The proxy will remain in force if the Meeting, for whatever reason, is postponed or reconvened.

Should you have any questions regarding the above, please do not hesitate to contact Ms Sarah Boyes Derengowski on + 352 46 26 85 139.

By order of the Board of Directors


Proxy Form

■ The Jupiter Global Fund Société d’Investissement à Capital Variable Registered Office: 6, route de Treves, L-2633 Senningerberg R.C.S Luxembourg B 110.737

I/We the undersigned , being shareholder(s) of The Jupiter Global Fund (the ‘Company’), and with

respect to my/our shares held on the Register of the Company hereby give irrevocable proxy to

or to the Chairman of the Meeting with full power of substitution, to represent me/us at the Annual General Meeting of Shareholders of the

Company (the ‘Meeting’) to be held on Friday January 11, 2019 at 10:00 a.m. CET, and at any adjournment thereof, in order to deliberate upon

the agenda, as indicated below:

If you want your representative to vote in a certain way on the resolutions specified, please indicate with an ‘X’ in the spaces below. If you fail to select any of the given options, your representative can vote as he/she chooses or can decide not to vote at all. The representative can also do this on any other resolution that is put to the Meeting. If you appoint the Chairman as your representative and you do not indicate with an ‘X’ in the spaces below how you wish your votes to be cast, the Chairman will vote ‘for’ in favour of the resolutions specified.

Direction to your Representative

AGENDA

PROXY FORM

For Against

Resolution 1 Approval of the audited annual accounts including the Chairman’s Statement and the Report of the approved statutory auditor (réviseur d’entreprises agréé) of the Company for the financial year ended September 30, 2018 (the‘Audited Annual Accounts’).

Resolution 2 Discharge of the Directors of the Company for the performance of their duties carried out for the financial year ended September 30, 2018.

Resolution 3 Acknowledgement of the resignation of Mr Adrian Creedy from his directorship, ratification of the cooptation of Mr Simon Rowson as director in replacement of Mr Adrian Creedy and re-appointment of Mr Garth Lorimer Turner, Me Jacques Elvinger, Mr Patrick Zurstrassen, Mrs Paula Moore and Mr Simon Rowson as Directors of the Company until the next Annual General Meeting of Shareholders of the Company that will consider the approval of the audited annual accounts for the financial year ending on September 30, 2019.

Resolution 4 Re-appointment of PricewaterhouseCoopers, Société coopérative (‘PWC’) as the approved statutory auditor of the Company until the next Annual General Meeting of Shareholders of the Company that will consider the approval of the audited annual accounts for the financial year ending September 30, 2019 and authorization to the Board of Directors of the Fund to agree on the terms of PWC’s appointment. The estimated remuneration of the current approved statutory auditor for the financial year ended September 30, 2018 was 205,405 euros. These fees and expenses are paid by the Company’s management company out of the Aggregate Operating Fee received from the Company.

Resolution 5 Approval of Directors’ Fees for the period October 1 2017 to September 30 2018, prior to any waiver applied to the fees, as described in the Company’s Audited Annual Accounts. These fees were paid by the Company’s management company out of the Aggregate Operating Fee received from the Company.

The Proxy holder is furthermore authorised to make any statement cast all votes, sign all minutes of meetings and other documents, do everything which is lawful, necessary or simply useful in view of the accomplishment and fulfilment of the present proxy and to proceed in accordance with the requirements of Luxembourg law.

Terms not defined in this proxy have the same meaning as in the Company’s prospectus.

The present proxy will remain in force if the Meeting, for whatever reason, is postponed or reconvened.

Made in dated this , 2018

Authorised Signature1

1 It is not necessary for the signature(s) to be notarised.

3522-12-18