木星月領息資產配置基金 ( 本基金之配息來源可能為本金 ) 基金年度報表. Jupiter Distribution Fund 截至 2018 年 3 月 31 日 基金年度財務報表 ( 會計年度結束於 2018 年 3 月 31 日 )

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1 基金年度財務報表 ( 會計年度結束於 2018 年 3 月 31 日 ) 木星月領息資產配置基金 ( 本基金之配息來源可能為本金 ) Jupiter Fund 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 0/17 基金年度報表 截至 2018 年 3 月 31 日 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用

2 木星月領息資產配置基金 (Jupiter Fund) ( 本基金之配息來源可能為本金 ) 投資目標 投資於固定收益證券及以英國股票為主的主動平衡型投資組合, 以提供永續收益及長期資本增長 基金狀態 基金績效變化與同類型基金排名 ( 自成立日至 2018/3/31) 1 年 3 年 5 年 10 年 發行至今 * 績效成長 % 同類基金排名 46/54 23/44 8/39 3/21 2/5 四分位排名 4th 3rd 1st 1st 1st 資料來源 :Financial Express, NAV to NAV or bid to NAV dependent on the period of reporting, all performance is net of fees with net income reinvested. * 基金發行日 :2002 年 03 月 04 日 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 1/17

3 董事 木星單位信託管理有限公司之董事如下 : R Corfield P M Moore R V Parker N Ring A Sargent 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 2/17

4 U 比較表每單位淨資產變動日期 2018/3/ /3/ /3/31 年初每單位資產淨值 60.92p 57.91p 58.62p 營業費用前收益 * (0.49p) 5.06p 1.40p 營業費用 (0.84p) (0.82p) (0.80p) 營業費用後收益 * (1.33p) 4.24p 0.60p 收益型單位分配 (1.39p) (1.23p) (1.31p) 年末每單位資產淨值 58.20p 60.92p 57.91p * 之後的直接交易成本 0.01p 0.04p 0.02p 績效 扣除費用後報酬率 (2.18%) 7.32% 1.02% 其他資訊 期末淨資產價值 ( 單位 : 仟元 ) 41,950 46,591 46,034 期末單位數 72,082,707 76,475,112 79,494,035 營業費用 1.36% 1.38% 1.38% 直接交易成本 0.02% 0.06% 0.04% 價格 最高單位價格 65.26p 64.18p 62.49p 最低單位價格 58.08p 57.27p 56.16p 基金投資組合週轉率 2017/4/1~ 2018/3/ /4/1~ 2017/3/31 投資組合週轉率 49.83% 89.09% 總費用比率 此費用指的是基金營運與操作時的成本, 包括行銷與分銷成本 費用將會降低潛在的投資成長幅度 2017/4/1~ 2018/3/ /4/1~ 2017/3/31 費用比率 1.36% 1.38% 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 3/17

5 投資組合明細表 ( 至 2018/3/31) 持股數投資標的 # 市值 ( 英鎊 ) 佔總資產比率 % 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 4/17

6 投資組合明細表 ( 接上頁 ) 持股數投資標的 # 市值 ( 英鎊 ) 佔總資產比率 % 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 5/17

7 投資組合明細表 ( 接上頁 ) 持股數投資標的 # 市值 ( 英鎊 ) 佔總資產比率 % 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 6/17

8 投資組合明細表 ( 接上頁 ) 持股數投資標的 # 市值 ( 英鎊 ) 佔總資產比率 % 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 7/17

9 投資組合明細表 ( 接上頁 ) 持股數投資標的 # 市值 ( 英鎊 ) 佔總資產比率 % 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 8/17

10 投資組合明細表 ( 接上頁 ) 持股數投資標的 # 市值 ( 英鎊 ) 佔總資產比率 % 投資組合資產總值 其他資產價值 淨資產價值 註 : 所持股份除非特別敘明, 原則上為普通股或股票單位 #: 括弧內數字為前一會計年度結束於 2017 年 3 月 31 日時之投資比重 *: 代表未上市證券 Δ: 代表未核准證券 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 9/17

11 投資組合之投資等級分佈 市值 ( 英鎊 ) 佔總資產比率 % (1) 投資等級之投資 (2) 低於投資等級之投資 : BB B 未評等固定收益部位總計股票部位期貨部位遠期外匯合約部位投資組合價值其他資產淨資產價值 資料來源 : 綜合評級是由木星資產管理有限公司利用各種評級機構評級制定的方法創建的 綜合評級不是信用評級, 也不是評級機構發布的評級, 包括標準普爾 雖然標準普爾評級可能用於木星資產管理有限公司創建綜合評級的方法, 但標準普爾並不贊助 認可或推廣綜合評級 如果綜合評級是使用標準普爾評級創建的, 則此類標準普爾評級在標準普爾的授權下使用, 標準普爾保留與標準普爾評級相關的所有權利 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 10/17

12 前 10 大買進與賣出持股一覽 ( 期間自 2017/4/1 至 2018/3/31) 買進買進成本 ( 英鎊 ) 賣出賣出金額 ( 英鎊 ) 前十名買進標的金額 其他買進標的金額 買進總金額 前十名賣出標的金額 其他賣出標的金額 賣出總金額 總收益報表 ( 至 2018/3/31) 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 11/17

13 2017/4/1 ~ 2018/3/ /4/1 ~ 2017/3/31 ( 英鎊 ) ( 英鎊 ) ( 英鎊 ) ( 英鎊 ) 收益淨資本 ( 損失 )/ 利得 (39,347,833) 46,641,622 收入 29,018,335 26,180,283 費用 (8,093,381) (6,977,130) 應付利息和費用 1,034) (288) 稅前收益 20,923,920 19,202,865 所得稅 (103,010) (119,532) 稅後收益 20,820,910 19,083,333 配息前總收益 (18,526,923) 65,724,955 配息 (25,457,668) (23,082,456) 基金受益人之資產變動額 (43,984,591) 42,642,499 基金受益人淨資產變動表 ( 至 2018/3/31) 2017/4/1 ~ 2018/3/ /4/1 ~ 2017/3/31 ( 英鎊 ) ( 英鎊 ) ( 英鎊 ) ( 英鎊 ) 期初淨資產總值 943,643, ,355,531 新增申購基金單位總金額 96,591, ,683,683 贖回基金單位總金額 (50,192,807) (20,262,012) 46,399, ,421,671 ( 詳上表 ) 基金受益人之資產變動額 (43,984,591) 42,642,499 資本增值型單位未分配收益 20,475,357 15,222,986 未分配收益 881 1,143 期末淨資產總值 966,534, ,643,830 資產負債表 ( 至 2018/3/31) 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 12/17

14 至 2018/3/31 至 2017/3/31 ( 英鎊 ) ( 英鎊 ) 資產投資 907,373, ,861,846 流動資產 : 應收帳款 9,936,956 12,484,308 約當現金 - 短期存款 6,800,000 8,700,000 現金及銀行餘額 52,171,781 48,289,083 資產總計 976,282, ,335,237 負債投資負債 (1,990,013) (1,611,978) 應付帳款 : 銀行透支 (4,665,082) (5,459,628) 應付收益分配 (884,303) (1,507,761) 其它應付款 (2,208,707) (4,112,040) 負債總計 (9,748,105) (12,691,407) 基金受益人淨資產價值 966,534, ,643,830 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 13/17

15 基金查核機構出示意見 本財務報告已依據授權基金建議實務說明 金融行為監管局之集合投資計畫資料手冊規則及信託契約妥善編製 ; 管理機構報告與本財務報告一致 ; 沒有任何跡象顯示適當之會計紀錄未被保存或該財務報告與前開紀錄不一致 ; 及 就我們最佳之認知及相信, 我們已獲悉所有本稽核所需之資訊及解釋 PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Edinburgh 15 May 2018 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 14/17

16 木星月領息資產配置基金 ( 本基金之配息來源可能為本金 ) 相關機構 基金之經理 註冊 與管理機構 Jupiter Unit Trust Managers Limited PO Box Chelmsford CM99 2BG Tel: Fax: Uwww.jupiteram.com 登記地址 The Zig Zag Building 70 Victoria Street London SW1E 6SQ 受英國金融行為監管局規管 受託機構 National Westminster Bank plc Trustee and Depositary Services Floor Bishopsgate London EC2M 4RB 受英國審慎監管局核准並受金融行為監管局與審慎監管局規管 投資顧問 Jupiter Asset Management Limited The Zig Zag Building 70 Victoria Street London SW1E 6SQ 受英國金融行為監管局規管 查核機構 PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 15/17

17 本基金財務報告中文簡譯本內容與英文版財務報告如有任何歧異, 應以英文版財務報告為主 本基金財務報告中文簡譯本僅供投資人參考用 16/17

18 Jupiter Fund For the year ended 31 March 2018 ANNUAL Report & Accounts ON THE PLANET TO PERFORM 1 On the planet to perform

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20 Jupiter Fund Contents Fund Information* 1 Investment Review* 3 Directors* 4 Responsible Stewardship* 4 Warning to Unitholders 4 Remuneration and Tax Information Reporting 5 Comparative Tables 6 Portfolio Statement* 8 Top 10 Purchases and Sales 15 Statement of Authorised Fund Manager s Responsibility in relation to the Financial Statements of the Scheme 16 Statement of Trustee s Responsibility in relation to the Financial Statements of the Scheme 16 Report of the Trustee 16 Independent Auditors Report 17 Statement of Total Return 19 Statement of Change in Net Assets Attributable to Unitholders 19 Balance Sheet 20 Directors Statement 20 Notes to the Financial Statements 21 Table 35 General Information* 47 *These collectively comprise the Authorised Fund Manager s Report

21 ANNUAL REPORT Jupiter Fund For the year ended 31 March 2018 Fund Information Investment Objective To provide a sustainable level of income and the prospect of capital growth over the long-term by investing in an actively balanced portfolio of fixed interest securities and mainly UK equities. Investment Policy To initially invest approximately 65% of its portfolio into corporate bonds, convertibles and other fixed interest bearing securities with the remainder of its portfolio invested in higher yielding equities (principally issued by UK based companies). Subject to a minimum allocation to the bond portfolio of 60% of the Fund s assets at all times, the exact ratios of the equity and bond portfolios to one another will be managed dynamically by the Manager s asset allocation committee so as to respond cautiously but promptly to changing market circumstances. The Manager 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. Unit Classes In addition to the basic class of units which are available to all types of investors, the Fund also offers I-Class units which are available to investors who invest a minimum of 5,000,000. Further details are available from the Manager on request. Please note that in order to distinguish between the unit classes within the Fund they are defined in this report as either Retail Units (non I-Class) or I-Class Units. The unit types associated with each unit class are disclosed in the Comparative Tables on page 6. Change of Auditor With effect from 24 November 2017 the Fund s Auditor changed from Ernst & Young LLP to PricewaterhouseCoopers LLP. Pricing Basis With effect from 22 January 2018, the Fund s pricing basis moved from dual priced to a single swing priced basis. Status The Fund operates under the Investment Funds Sourcebook (FUND) where applicable and the Collective Investment Schemes Sourcebook (COLL) of the Financial Conduct Authority. The Fund is an authorised unit trust scheme under Section 237 of the Financial Services and Markets Act 2000 and is a UCITS scheme as defined in the COLL rules. It is in the Mixed Investment 0-35% Shares Investment Association sector. The Fund is a qualifying fund for inclusion within a stocks and shares Individual Savings Account (ISA). It is the Manager s intention to continue to manage the affairs of the Fund in order to meet the qualifying requirements as outlined in current legislation. 1

22 Jupiter Fund Fund Information continued Cumulative Performance (% change to 31 March 2018) 1 year 3 years 5 years 10 years Since launch* Percentage growth Sector position 46/54 23/44 8/39 3/21 2/5 Quartile ranking 4th 3rd 1st 1st 1st Source: FE, I-Class Units, NAV to NAV or bid to NAV dependent on the period of reporting, all performance is net of fees with net income reinvested. *Launch date 4 March This document is for informational purposes only and is not investment advice. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. We recommend you discuss any investment decisions with a financial adviser, particularly if you are unsure whether an investment is suitable. Jupiter is unable to provide investment advice. Current tax levels and reliefs will depend on your individual circumstances and are subject to change in the future. Past performance is no guide to the future. The Fund can invest up to 10% of the portfolio in high yield bonds and can also invest in bonds which are not rated by a credit rating agency. While such bonds may offer a higher income the interest on them and their capital value is at greater risk of not being re, particularly during periods of changing market conditions. The level of monthly income payments may fluctuate. 50% of the Fund s annual periodic charge and all other expenses are charged to capital. This has had the effect of increasing the distributions on an annualised basis on Retail Units by up to 0.74% of the class average Net Asset Value during the period under review (I-Class Units 0.36%) and constraining the class capital performance to an equivalent extent. This fund can invest more than 35% of its value in securities issued or guaranteed by an EEA state. For definitions please see the glossary at jupiteram.com. Every effort is made to ensure the accuracy of any information provided but no assurances or warranties are given. Company examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not guaranteed and may change in the future. Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Conduct Authority and their registered address is The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. 2

23 Jupiter Fund Investment Review Performance Review For the year ending 31 March 2018 the total return on the units was -1.4%* compared to a return of 0.4%* for the sector (Mixed Investment 0%-35% Shares) average. Over five years the fund has returned 25.0%* compared to a return of 17.4%* for the sector (Mixed Investment 0-35% Shares) average. The fund was ranked 46th out of the 54 funds in the sector over the period under review. It was ranked 23rd out of 44 funds over the last three years and 8th out of 39 funds over the last five years.* From the launch of the fund on 4 March 2002 the total return on the units was 119.8%* compared with 83.4%* for the sector (Mixed Investment 0-35% Shares) average. Over the same period the fund was ranked 2nd out of 5 funds in the sector. *Source: FE, NAV to NAV or bid to NAV dependent on the period of reporting, all performance is net of fees with net income reinvested. The statistics disclosed above relate to I-Class Units unless otherwise stated. Market Review The UK sterling corporate bond market posted modest gains over the 12 months to 31 March The low level of return reflected a balance between the positive impact of the narrowing of credit spreads 1 and bond coupon income, set against the fall in prices as government bond yields rose in expectation of higher interest rates. While the UK corporate bond market produced similar returns to other major developed markets, it did so with considerably higher volatility as Brexit negotiations and deteriorating economic data compounded an already challenging global backdrop for bond markets. Insidious politics and a highly uncertain set of outcomes for Brexit set the scene for UK markets. Theresa May s snap election in June 2017 failed to form a strong and stable government. Despite what at times appeared to be a one-sided negotiation, political self-interest managed to pave the way for a transition agreement ameliorating the risk of a cliff edge scenario. The economy faltered as Brexit uncertainty restrained business investment while rising inflation squeezed real incomes and compounded problems for the UK retail industry. Nevertheless, it wasn t all bad news as export growth from a resurgence in the UK s key trading partners kept economic growth in positive territory while the unemployment rate hit a 40-year low. Despite a lower growth rate, the lack of slack in the economy forced the Bank of England s hand and it surprised markets in September by signaling the first interest rate rise in the UK for a decade. The relentless narrowing in credit spreads came to an abrupt halt at the end of January as market volatility returned. The rise in this volatility (and in credit spreads) was caused by growing concerns about higher inflation prospects in the US which had been pushing up bond yields there since Christmas. President Donald Trump s tax-cutting moves to boost the government deficit while the economy is growing above trend was greeted by bond market participants with scepticism, with the focus on the inflationary consequences rather than any structural economic benefits. As for equities, international investors steered clear of the UK because of Brexit risk, with domestic UK companies being the most shunned. Policy Review The fixed interest part of the fund delivered positive returns and performed in line with the broad sterling corporate bond market over the period. Within that, we took the view that low yields and narrowing credit spreads increased the downside risks to unitholders given we expected the fund s bonds to be at risk from an ongoing creep higher in interest rates. To mitigate some of these risks we significantly reduced the sensitivity to credit spreads as well as actively managing the fund s sensitivity to market interest rates in the face of more volatile government bond markets. We also improved the credit quality of the fund s bonds by taking profits in richly-valued bonds (e.g. Friends Life, Admiral, Tullett Prebon) and reinvesting them in the bonds of less economically-sensitive companies with a stronger credit profile (e.g. Proctor and Gamble, Welltower, Eversholt, International Bank for Reconstruction and Development). With bond yields so low in the UK and Europe, we saw less risk in US bonds and had a significant position there, albeit hedged to account for currency fluctuations. Furthermore, given their safe haven status, we thought the position ought to help offset any sell-off in equity markets. We progressively de-risked during most of the period when credit spreads became very narrow, typically being prepared to sacrifice a little yield in order to mitigate a greater degree of downside risk. 3

24 Jupiter Fund Investment Review continued In the equity portion of the fund returns were negative and lower than the FTSE 350 Higher Yield Index (our internal equity benchmark). The underperformance was attributable to four positions. Housebuilder Galliford Try was an innocent bystander in the collapse of Carillion as it covered the latter s share in a legacy construction contract, although compensation is expected next year. WPP shares were depressed by the rise of digital advertising and Micro Focus International fell sharply after warning that sales would be lower. Finally, drinks distributor Conviviality went into administration after operational issues in recent acquisitions. In what should have been a very stable business this was a huge shock for us and for all concerned. Set against this there were strong double-digit returns from AbbVie, Midwich, Royal Mail, NCC, Cisco Systems, Hollywood Bowl and Gocompare.com. We opened four new positions, mainly in companies with overseas earnings. Global Ports Holdings should benefit from port expansion and the steady rise in cruising; DP Eurasia is a less mature version of the successful Domino s Pizza franchise focused on Turkey and Russia; Cisco Systems should gain from moving to a more valuable recurring revenues business model and JTC is a growing fund administration business with predicable revenues. Investment Outlook The transition agreement on Brexit removes some nearterm risks for businesses. However, without a clear longterm framework in place business investment is likely to remain subdued. This leaves the UK consumer holding the key to an improving economy. The Brexit-induced spike in inflation seems to have peaked. If so, then this should help to stabilise real wages and, in turn, consumption patterns. We may even see wages pressures increase. Apart from being a welcome relief to the hard-hit retail sector, we think a reduction in the headwind of negative real wages and other signs of small improvements in a struggling economy should be enough for the Bank of England to shift interest rate expectations higher. Despite a stable macroeconomic backdrop, the outlook for financial markets is less sanguine. Unwinding the extraordinary policy measures could prove a strain. We therefore continue to position the fund conservatively, seeking bonds from corporations which we believe are better positioned to manage through a full economic cycle. As for shares, we are starting to see the first signs that the worst might be over for many UK domestic companies. However, patience is required until there is greater clarity about the final outcome of Brexit. Alastair Gunn and Rhys Petheram Fund Managers 1 The additional and variable yield by corporate bonds over comparable government bonds to reflect the potential for default. Directors The Directors of Jupiter Unit Trust Managers Limited are: R Corfield P M Moore R V Parker N Ring A Sargent Responsible Stewardship Jupiter believes that responsible stewardship is an important issue and aims to act in the best interests of all its stakeholders by engaging with the companies that it invests in, and by exercising its voting rights with care. We believe companies with high standards of corporate responsibility, governance and sustainable business practices create an appropriate culture to enhance good investment performance. Jupiter s Corporate Governance and Voting Policy and its compliance with the UK Stewardship Code, together with supporting disclosure reports are available at Warning to Unitholders Customers of financial institutions can be prone to attempts by fraudsters to obtain personal information or money. There are many ways they can initiate contact, such as s, letters and cold calls, but methods are constantly evolving so it is important that you are aware of the types of scams so that you are better able to protect yourself. Please visit our website or call for further information. 4

25 Jupiter Fund Remuneration (unaudited) Under 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 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: 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 nonexecutive 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 JUTM does not directly employ any individuals and therefore the total amount of remuneration by it is nil. All staff are employed and by other entities of Jupiter. In the interests of transparency, Jupiter has apportioned the total employee remuneration 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 in respect of duties for the Fund is 894,662, of which 418,094 is fixed remuneration and 476,568 is variable remuneration. The aggregate total remuneration to UCITS V Identified Staff that is attributable to duties for the Fund is 352,818 of which 109,049 is to Senior Management and 243,769 is to other staff. 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. Tax Information Reporting UK tax legislation requires fund managers to provide information to HMRC on certain investors who purchase units in unit trusts. Accordingly, the fund may have to provide information annually to HMRC on the tax residencies of those unitholders that are tax resident out with the UK, in those countries that have signed up to the OECD s ( Organisation for Economic Cooperation and Development ) Common Reporting Standard for Automatic Exchange of Financial Account Information (the Common Reporting Standard ), or the United States (under the Foreign Account Tax Compliance Act, FATCA ). All new unitholders that invest in the fund must complete a certification form as part of the application form. Existing unitholders may also be contacted by the Registrar should any extra information be needed to correctly determine their tax residence. Failure to provide this information may result in the account being reported to HMRC. For further information, please see HMRC s Quick Guide: Automatic Exchange of Information information for account holders: gov.uk/government/publications/ exchange-of-information-account-holders. 5

26 Jupiter Fund Comparative Tables Change in net assets Retail I-Class Opening net asset value 60.92p 57.91p 58.62p 62.24p 58.94p 59.47p Return before operating charges* (0.49p) 5.06p 1.40p (0.50p) 5.12p 1.35p Operating charges (0.84p) (0.82p) (0.80p) (0.39p) (0.38p) (0.36p) Return after operating charges* (1.33p) 4.24p 0.60p (0.89p) 4.74p 0.99p s on income unit (1.39p) (1.23p) (1.31p) (1.66p) (1.44p) (1.52p) Closing net asset value 58.20p 60.92p 57.91p 59.69p 62.24p 58.94p *after direct transaction costs of: 0.01p 0.04p 0.02p 0.01p 0.04p 0.03p Performance Return after charges (2.18)% 7.32% 1.02% (1.43)% 8.04% 1.66% Other information Closing net asset value ('000) 41,950 46,591 46, , , ,301 Closing number of units 72,082,707 76,475,112 79,494, ,692, ,638, ,435,493 Operating charges 1.36% 1.38% 1.38% 0.61% 0.63% 0.63% Direct transaction costs 0.02% 0.06% 0.04% 0.02% 0.06% 0.04% Prices Highest unit price 65.26p 64.18p 62.49p 63.84p 62.75p 60.62p Lowest unit price 58.08p 57.27p 56.16p 59.63p 58.42p 57.20p Change in net assets Retail Accumulation I-Class Accumulation Opening net asset value p 95.71p 94.75p p 98.32p 96.72p Return before operating charges* (0.91p) 8.44p 2.26p (0.97p) 8.63p 2.20p Operating charges (1.42p) (1.37p) (1.30p) (0.67p) (0.64p) (0.60p) Return after operating charges* (2.33p) 7.07p 0.96p (1.64p) 7.99p 1.60p s on accumulation unit (2.36p) (2.05p) (2.13p) (2.86p) (2.43p) (2.45p) Retained distributions on accumulation unit 2.36p 2.05p 2.13p 2.86p 2.43p 2.45p Closing net asset value p p 95.71p p p 98.32p *after direct transaction costs of: 0.02p 0.06p 0.04p 0.02p 0.06p 0.04p Performance Return after charges (2.27)% 7.39% 1.01% (1.54)% 8.13% 1.65% Other information Closing net asset value ('000) 192, , , , , ,732 Closing number of units 192,053, ,812, ,280, ,622, ,960, ,860,515 Operating charges 1.36% 1.38% 1.38% 0.61% 0.63% 0.63% Direct transaction costs 0.02% 0.06% 0.04% 0.02% 0.06% 0.04% Prices Highest unit price p p p p 98.88p Lowest unit price 99.87p 95.00p 92.45p p 94.96p 6

27 Jupiter Fund Comparative Tables continued Portfolio Turnover Rate The Portfolio Turnover Rate (PTR) of the Fund, based on the figures included within the financial statements for the period as indicated below, is as follows: Year to Year to Portfolio Turnover Rate 49.83% 89.09% The PTR provides an indication of the rate the Manager has bought and sold the underlying assets of the Fund during the period as indicated above. In general, the higher the PTR of a fund, the greater level of portfolio transaction costs will be incurred. Risk and reward indicator The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund s ranking on the Risk and Reward Indicator. Typically lower rewards, lower risk Typically higher rewards, higher risk Retail Units I-Class Units The lowest category does not mean no risk. Some risk will still be present in funds with a risk and reward rating of 1. The Fund is in this category as it invests in a wide range of bonds issued by governments and companies as well as company shares, which all carry a degree of risk. Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. Charges taken from the Fund over the year to: Ongoing charges for Retail Units 1.36% 1.38% Ongoing charges for I-Class Units 0.61% 0.63% 7

28 Jupiter Fund Portfolio Statement as at 31 March 2018 Holding Portfolio of investments# Market value % of Total net assets UNITED KINGDOM 51.66% (57.87%) UK Equities 23.59% (26.37%) Basic Materials 0.90% (0.88%) Forestry & Paper 0.90% 452,500 Mondi 8,665, Consumer Goods 2.56% (2.93%) Automobiles & Parts 0.28% 2,400,000 Gocompare.com 2,678, Household Goods 0.92% 173,060 Bovis Homes 1,969, ,535,000 Crest Nicholson 6,971, Tobacco 1.36% 240,000 British American Tobacco 9,914, ,000 Imperial Brands 3,151, Consumer Services 2.47% (3.18%) General Retailers 0.35% 3,100,000 Conviviality* 485,113 JD Sports Fashion 1,626, ,000,000 N Brown 1,765, Media 1.22% 400,000 Informa 2,874, ,875,000 ITV 4,144, ,000 WPP 4,754, Travel & Leisure 0.90% 2,400,000 Cineworld 5,654, ,510,400 Hollywood Bowl 2,990, Financials 6.97% (6.47%) Banks 2.51% 2,145,000 HSBC 14,270, ,000,000 Lloyds Banking 5,172, ,000 Standard Chartered 4,774, Financial Services 0.76% 850,000 TP ICAP 3,796, ,160,000 JTC 3,526, Life Insurance 2.59% 1,575,000 Aviva 7,810, ,600,000 Legal & General 9,280, ,000 Prudential 7,914, Non Life Insurance 1.11% 232,500 Admiral 4,287, ,000,000 Esure 6,492, Healthcare 1.42% (1.55%) Pharmaceuticals & Biotechnology 1.42% 115,000 AstraZeneca 5,629, ,000 GlaxoSmithKline 8,154,

29 Jupiter Fund Portfolio Statement continued Holding Industrials 2.86% (4.11%) Portfolio of investments# Aerospace & Defence 0.78% Market value % of Total net assets 1,290,000 BAE Systems 7,497, Construction & Materials 0.38% 533,333 Galliford Try 3,693, General Industrials 0.42% 520,000 RPC 4,017, Industrial Engineering 0.68% 100,000 IMI 1,080, ,400,000 Melrose 5,544, Industrial Transportation 0.25% 580,000 Global Ports 2,436, Support Services 0.35% 400,000 Babcock International 2,674, ,444 Essentra 675, Oil & Gas 3.31% (3.24%) Oil & Gas Producers 3.31% 3,700,000 BP 17,726, ,000 Royal Dutch Shell 'B' 14,345, Technology 1.61% (1.91%) Software & Computer Services 1.24% 370,000 Micro Focus International 3,651, ,227,736 NCC 2,309, ,594 Playtech 5,967, Technology Hardware & Equipment 0.37% 649,656 Midwich 3,540, Telecommunications 1.14% (1.42%) Fixed Line Telecommunications 0.42% 1,800,000 BT 4,095, Mobile Telecommunications 0.72% 3,610,000 Vodafone 7,005, Utilities 0.35% (0.68%) Electricity 0.35% 265,000 SSE 3,381, UK Fixed Interest 28.07% (31.50%) 1,970,000 AA Bond 2.875% 31/01/2022 1,905, ,231,000 Annington 3.184% 12/07/2029 7,179, ,794,000 Annington 3.685% 12/ 07/2034 2,851, ,322,000 Annington 3.935% 12/07/2047 1,387, ,000,000 Balfour 1.875% 03/12/2018 2,975, ,241,000 Bazalgette Finance 2.375% 29/11/2027 6,120,

30 Jupiter Fund Portfolio Statement continued Holding Portfolio of investments# Market value % of Total net assets 9,092,000 British Telecommunications 3.125% 21/11/2031 8,973, ,788,000 BUPA Finance 2% 05/04/2024 2,754, ,000,000 BUPA Finance 6.125% VRN Perpetual 5,375, ,472,000 Compass Group 3.85% 26/06/2026 5,057, ,994,000 Compass Group 2% 03/07/2029 5,777, ,500,000 Coventry 6% 16/10/2019 1,604, ,500,000 Drax Finco FRN 01/05/2022 1,510, ,929,000 Eastern Power Networks 4.75% 30/09/2021 3,234, ,000 Enterprise Inns 6.5% 06/12/ , ,000,000 Eversholt Funding 5.831% 02/12/2020 2,213, ,500,000 Eversholt Funding 6.359% 02/12/2025 8,081, ,964,000 Eversholt Funding 3.529% 07/08/2042 3,949, ,500,000 G4S 7.75% 13/05/2019 6,934, ,630,000 Greene King Finance FRN 15/09/ , ,000,000 Intercontinental Hotels 3.875% 28/11/2022 3,243, ,458,000 Intercontinental Hotels 3.75% 14/08/2025 1,556, ,000,000 John Lewis 8.375% 08/04/2019 7,473, ,405,000 Keystone Financing 9.5% 15/10/ , ,150,000 Legal & General 5.375% VRN 27/10/2045 2,357, ,500,000 Lloyds Bank 4.875% 30/03/ ,566, ,963,000 Matalan Finance 6.75% 31/01/2023 2,771, ,321,000 Miller Homes Group 5.5% 15/10/2024 1,321, ,700,000 Morrison WM Supermarkets 4.625% 08/12/2023 5,249, ,384,000 Morrison WM Supermarkets 4.75% 04/07/2029 6,165, ,000,000 Nationwide Building Society FRN 25/04/2019 4,016, ,880,000 Next 3.625% 18/05/2028 8,928, ,500,000 NGG Finance 5.625% VRN 18/06/2073 1,667, ,055,000 Northumbrian Water Finance 2.375% 05/10/2027 7,869, ,000,000 Porterbrook Rail Finance 5.5% 20/04/2019 6,243, US$7,355,000 Relx Capital 3.125% 15/10/2022 5,172, ,500,000 Relx Capital 1.3% 12/05/2025 2,219, ,980,000 RL Finance Bonds No % 13/11/2028 2,283, ,000,000 Royal Bank of Scotland 5.125% 13/01/2024 5,951, ,500,000 Reed Elsevier Capital 2.75% 01/08/2019 2,535, ,075,000 Sky 2.875% 24/11/2020 6,282, US$3,000,000 Sky 3.75% 16/09/2024 2,171, ,371,000 Stagecoach 4% 29/09/2025 7,813, ,000,000 Transport for London 2.25% 09/08/ ,318, ,212,000 Travis Perkins 4.5% 07/09/2023 4,296, ,000,000 UK Treasury 2% 22/07/ ,267, ,750,000 UK Treasury 4% 07/03/2022 7,556, ,000,000 UK Treasury 0.5% 22/07/2022 7,851,

31 Jupiter Fund Portfolio Statement continued Holding Portfolio of investments# Market value % of Total net assets 7,500,000 UK Treasury 4.5% 07/09/ ,577, ,500,000 UK Treasury 4.25% 07/03/ ,510, ,500,000 UK Treasury 3.5% 22/01/2045 6,195, ,000,000 Unilever 1.375% 15/09/ ,554, ,000 Vougeot Bidco 7.875% 15/07/ , ,500,000 Yorkshire Building Society 4.75% 12/04/2018 3,503, OVERSEAS (STERLING DENOMINATED) EQUITIES 3.36% (2.62%) Finland 0.49% (0.35%) 145,000 Nokian Tyres 4,690, Ireland 1.02% (0.94%) 200,000 CRH (London listed) 4,818, ,000 Ryanair 5,053, Netherlands 0.12% (0.00%) 604,093 DP Eurasia 1,203, Norway 0.12% (0.00%) 37,500 Yara International 1,123, Spain 0.38% (0.22%) 600,000 International Consolidated Airlines 3,687, Switzerland 0.28% (0.29%) 47,500 Novartis 2,731, United States 0.95% (0.82%) 90,000 Abbvie 6,069, ,500 Cisco Systems 3,120, FIXED INTEREST 38.84% (33.41%) Australia 0.00% (0.17%) Austria 0.00% (0.17%) Belgium 0.00% (0.44%) Canada 2.04% (1.22%) 3,500,000 Bank of Nova Scotia FRN 14/01/2019 3,510, ,500,000 Bank of Nova Scotia FRN 30/09/ ,574, US$6,195,000 Lundin Mining 7.875% 01/11/2022 4,659, Cayman Islands 0.40% (0.43%) 3,600,000 Thames Water Utilities Cayman Finance 3.5% 25/02/2028 3,819, Channel Island 0.50% (0.52%) 2,000,000 Derwent London Capital 1.125% 24/07/2019 2,114, ,700,000 Great Portland Estates 1% 10/09/2018 2,703, Czech Republic 0.13% (0.00%) 1,414,000 Energo Pro 4% 07/12/2022 1,287, Denmark 0.50% (0.94%) 2,000,000 Dong Energy A/S 4.875% 12/01/2032 2,444, US$3,250,000 Welltec 9.5% 01/12/2022 2,392,

32 Jupiter Fund Portfolio Statement continued Holding France 0.35% (0.00%) Portfolio of investments# Market value % of Total net assets 3,500,000 Orange 0.375% 27/06/2021 3,374, Germany 2.90% (3.13%) 6,900,000 BASF SE 0.875% 06/10/2023 6,648, ,824,000 BASF SE 1.75% 11/03/2025 4,785, ,250,000 Deutsche Telekom 6.5% 08/04/2022 9,786, ,000,000 Deutsche Telekom International Finance 7.375% 04/12/2019 4,391, US$3,000,000 Siemens Financieringsmat 1.65% 16/08/2019 2,377, Ireland 0.11% (0.00%) US$1,500,000 Uralkali Finance 3.723% 30/04/2018 1,065, Italy 0.00% (0.00%) 500,000 Parmalat Capital Finance 9.375% Perpetual* Luxembourg 0.94% (0.69%) US$2,188,000 Puma International Financing 5.125% 06/10/2024 1,550, US$6,473,000 SES Global Americas 5.3% 25/03/2044 3,864, ,270,000 SES SA 5.625% VRN Perpetual 2,130, US$2,100,000 Topaz Marine 9.125% 26/07/2022 1,555, Netherlands 0.94% (0.83%) 4,000,000 Darling Global Finance 4.75% 30/05/2022 3,594, ,100,000 Koninklijke 6.875% VRN 14/03/2073 5,508, Norway 0.73% (1.55%) NOK75,000,000 Norwegian Government 4.5% 22/05/2019 7,092, Supranational 0.73% (0.77%) INR300,000,000 Asian Development Bank 6.45% 08/08/2021 3,261, INR150,000,000 International Bank of Reconstruction and Development 5.15% 20/01/2020 1,598, INR200,000,000 International Finance 5.85% 25/11/2022 2,119, United States 28.57% (22.55%) US$6,000,000 Apple 2.85% 06/05/2021 4,278, ,000,000 Apple 3.05% 31/07/2029 6,485, ,886,000 Apple 3.6% 31/07/2042 2,256, US$1,200,000 Ashtead Capital 5.625% 01/10/ , US$6,132,000 AT & T 4.3% 15/02/2030 4,346, ,187,000 AT & T 3.55% 14/09/2037 3,201, US$5,500,000 AT & T 5.65% 15/02/2047 4,284, US$2,670,000 Colgate Palmolive 1.95% 01/02/2023 1,809, US$10,395,000 DXC Technology 2.75% 15/01/ ,384, US$3,500,000 Liberty Mutual Group 5% 01/06/2021 2,623, ,333,000 Metropolitan Life Global Funding 2.625% 05/12/ ,765, US$5,000,000 National Grid NA 0.9% 02/11/2020 4,877, US$3,000,000 Nestle Holdings 2% 30/09/2019 2,119, AUD $1,750,000 Nestle Holdings 4.25% 18/03/ ,

33 Jupiter Fund Holding Portfolio of investments# Market value % of Total net assets 4,062,000 Nestle Holdings 1.75% 09/12/2020 4,110, US$2,250,000 Pepsico 2.5% 01/11/2022 2,355, AU$7,720,000 Procter & Gamble 1.375% 03/05/2025 7,501, ,420,000 Procter & Gamble 1.8% 03/05/2029 4,252, US$12,000,000 US Treasury 1.125% 28/02/2021 8,249, US$13,500,000 US Treasury 2% 31/05/2021 9,498, US$12,000,000 US Treasury 2.125% 15/08/2021 8,461, US$10,000,000 US Treasury 1.25% 31/10/2021 6,832, US$13,500,000 US Treasury 1.75% 15/05/2022 9,340, US$12,000,000 US Treasury 2% 15/02/2023 8,335, US$12,000,000 US Treasury 1.5% 28/02/2023 8,134, US$15,000,000 US Treasury 1.75% 15/05/ ,267, US$12,000,000 US Treasury 2% 15/02/2025 8,185, US$13,000,000 US Treasury 1.625% 15/02/2026 8,549, US$13,000,000 US Treasury 1.5% 15/08/2026 8,411, US$10,100,000 US Treasury 5.25% 15/02/2029 8,875, US$10,000,000 US Treasury 5.375% 15/02/2031 9,127, US$11,000,000 US Treasury 4.5% 15/02/2036 9,689, US$10,000,000 US Treasury 4.375% 15/02/2038 8,771, US$12,000,000 US Treasury 2.75% 15/08/2042 8,264, US$20,000,000 US Treasury 2.5% 15/05/ ,965, US$5,000,000 US Treasury 2.25% 15/08/2046 3,070, US$15,000,000 US Treasury 2.25% 15/08/2046 9,210, US$13,000,000 US Treasury 2.875% 15/11/2046 9,088, US$12,250,000 US Treasury 3% 15/02/2047 8,778, US$15,000,000 US Treasury 2.75% 15/08/ ,219, US$4,376,000 Verizon Communications 3.376% 15/02/2025 3,067, ,929,000 Welltower 4.8% 20/11/2028 3,359, FUTURES (0.07%) ((0.01%)) (21) EUX Euro Bund Future June 2018 (50,262) (0.01) (400) ICF ICE Long Gilt Future June 2018 (573,810) (0.06) FORWARD FOREIGN CURRENCY CONTRACTS (0.12%) ((0.08%)) Bought NOK Nok3,275,034: Sold Sterling 296,112 1,151 Bought Sterling 1,108,400: Sold AUD $2,030,146 (286) Bought Sterling 2,789,362: Sold CHF Fr3,723,408 14,326 Bought Sterling 20,235,889: Sold EUR 23,001,078 53, Bought Sterling 7,961,304: Sold NOK Nok86,664,108 95, Bought Sterling 247,826,767: Sold USD $350,011,938 (1,365,655) (0.14) Portfolio of investments 905,383, Net other assets 61,150, Net assets 966,534, All holdings are ordinary shares or stock units unless otherwise stated. The sectors are based on the Industry Classification Benchmark (see page 3). #The figures in brackets show allocations as at 31 March *Represents an unquoted security. Represents an unapproved security. 13

34 Jupiter Fund Portfolio Statement continued Portfolio split by investment grade Market value % of Total net assets Investments of investments grade 597,655, Investments below investments grade: BB 28,216, B 7,774, Unrated 13,152, Total Fixed Interest Stocks 646,799, Equities 260,410, Futures (624,072) (0.07) Forward Foreign Currency Contracts (1,202,211) (0.12) Portfolio of investments 905,383, Net other assets 61,150, Net assets 966,534, Source: The Composite Rating is created using a methodology developed by Jupiter Asset Management Limited using ratings from various ratings agencies. The Composite Rating is not a credit opinion nor is it a rating issued from a ratings agency, including Standard & Poor s. Although an S&P rating may be used in Jupiter Asset Management Limited s methodology in creating the Composite Rating, S&P does not sponsor, endorse or promote the Composite Rating. To the extent that the Composite Rating has been created using an S&P rating, such S&P rating was used under license from S&P and S&P reserves all rights with respect to such S&P rating. 14

35 Jupiter Fund Top 10 Purchases and Sales The top 10 purchases and sales for the year ended 31 March 2018 Purchases Cost Sales Proceeds Unilever 1.375% 15/09/ ,963,000 Verizon Communications 4.073% 18/06/ ,858,670 US Treasury 2.5% 15/05/ ,583,702 UK Treasury 4.25% 07/12/ ,510,050 US Treasury 3% 15/02/ ,213,375 Annington Finance No % 10/01/2023 9,683,494 British Telecommunications 3.125% 21/11/ ,050,155 US Treasury 2.5% 15/05/2046 9,427,245 US Treasury 2.75% 15/08/ ,720,796 UK Treasury 1.5% 22/07/2026 8,386,400 DXC Technology 2.75% 15/01/ ,345,936 Norwegian Government 4.25% 19/05/2017 6,840,747 US Treasury 4.375% 15/02/2038 9,633,378 Digital Stout 4.75% 13/10/2023 6,548,038 Verizon Communications 4.073% 18/06/2024 9,321,000 AA Bond 2.875% 31/01/2022 6,081,048 US Treasury 2.875% 15/11/2046 8,956,954 Global Switch 4.375% 13/12/2022 5,580,900 US Treasury 2.25% 15/08/2046 8,820,605 TP ICAP 5.25% 26/01/2024 5,390,200 Total top 10 purchases 119,608,901 Total top 10 sales 89,306,792 Remaining purchases 246,012,698 Remaining sales 191,119,705 Total purchases 365,621,599 Total sales 280,426,497 15

36 Jupiter Fund Statement of Authorised Fund Manager s responsibilities in relation to the financial statements of the Scheme The Financial Conduct Authority s Collective Investment Schemes (COLL) and where applicable Investment Funds (FUND) Sourcebooks, as amended (the Sourcebooks) require the Authorised Fund Manager (the Manager ) to prepare financial statements for each annual accounting period which give a true and fair view of the financial affairs of the Scheme and of its revenue and expenditure for the year. In preparing the financial statements the Manager is required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; The Trustee must ensure that the Scheme is managed in accordance with the Financial Conduct Authority s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, (together the Regulations ), the Trust Deed and Prospectus (together the Scheme documents ) as detailed below. The Trustee must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Scheme and its investors. The Trustee is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Scheme in accordance with the Regulations. The Trustee must ensure that: the Scheme s cash flows are properly monitored and that cash of the Scheme is booked into the cash accounts in accordance with the Regulations; the sale, issue, redemption and cancellation of units are carried out in accordance with the Regulations; Report of the Trustee prepare the accounts on a going concern basis, unless it is inappropriate to do so; comply with the requirements of the Statement of Recommended Practice for Authorised Funds; follow applicable accounting standards; and keep proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements. The Manager is responsible for the management of the Scheme in accordance with the Sourcebooks and the Scheme s Trust Deed and Prospectus. The Manager is also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of Trustee s responsibilities in relation to the financial statements of the Scheme the value of units of the Scheme are calculated in accordance with the Regulations; any consideration relating to transactions in the Scheme s assets is remitted to the Scheme within the usual time limits; the Schemes income is applied in accordance with the Regulations; and the instructions of the Authorised Fund Manager (the AFM ) are carried out (unless they conflict with the Regulations). The Trustee also has a duty to take reasonable care to ensure that the Scheme is managed in accordance with the Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Scheme. A copy of the Report of Trustee is set out below. Jupiter Fund Having carried out such procedures as we considered necessary to discharge our responsibilities as Trustee of the Scheme, it is our opinion, based on information available to us and explanations provided, that, in all material respects, acting through the AFM: has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Scheme s units and the application of the Scheme s revenue in accordance with the Regulations and the Scheme Documents; and has observed the investment and borrowing powers and restrictions applicable to the Scheme. National Westminster Bank plc Trustee & Depositary Services London 15 May

37 Jupiter Fund Independent Auditors Report to the Unitholders of the Jupiter Fund Report on the audit of the financial statements Opinion In our opinion, the Jupiter Fund s financial statements (the financial statements ): give a true and fair view of the financial position of the Fund as at 31 March 2018 and of the net revenue and the net capital losses of its scheme property for the year then ended; and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards), comprising FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law, the Statement of Recommended Practice for UK Authorised Funds, the Collective Investment Schemes sourcebook and the Trust Deed. We have audited the financial statements, included within the Annual Report and Accounts ( the Annual Report ), which comprise: the balance sheet as at 31 March 2018; the statement of total return and the statement of change in net assets attributable to unitholders for the year then ended; the distribution tables; and the notes to the financial statements, which include a description of the significant accounting policies. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) ( ISAs (UK) ) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (UK) require us to report to you when: the Authorised Fund Manager s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or the Authorised Fund Manager has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Fund s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Fund s ability to continue as a going concern. Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors report thereon. The Authorised Fund Manager is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. Authorised Fund Manager s Report In our opinion, the information given in the Authorised Fund Manager s Report for the financial year for which the financial statements are prepared is consistent with the financial statements. 17