木星季領息債券基金 基金年度報表. Jupiter Corporate Bond Fund 基金年度財務報表 ( 會計年度結束於 2017 年 2 月 28 日 ) 截至 2017 年 2 月 28 日

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1 基金年度財務報表 ( 會計年度結束於 2017 年 2 月 28 日 ) 木星季領息債券基金 Jupiter Corporate Bond Fund 0 / 13 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 基金年度報表 截至 2017 年 2 月 28 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 木星季領息債券基金 (Jupiter Corporate Bond Fund) 投資目標 投資於固定收益債券及具潛力的可轉換債券與特別股, 以期獲致高收益與長期資本增長 基金狀態 基金績效變化與同類型基金排名 ( 自成立日至 2017/02/28) 1 年 3 年 5 年 10 年 發行至今 * 績效成長 % 同類基金排名 75/85 55/80 57/69 25/53 7/16 四分位排名 4th 3rd 4th 2nd 2nd 資料來源 :Financial Express, bid to bid, net income reinvested. * 基金發行日 :1998 年 05 月 25 日 1 / 13 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 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 2 / 13 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 比較表每單位淨資產變動日期 2017/2/ /2/ /2/28 年初每單位資產淨值 54.76p 56.12p 52.79p 營業費用前收益 * 4.48p 0.51p 5.37p 營業費用 (0.72p) (0.70p) (0.69p) 營業費用後收益 * 3.76p (0.19p) 4.68p 收益型單位分配 (1.06p) (1.17p) (1.35p) 年末每單位資產淨值 57.46p 54.76p 56.12p * 之後的直接交易成本 0.00p 0.00p 0.00p 績效 扣除費用後報酬率 6.87% (0.34%) 8.87% 其他資訊 期末淨資產價值 ( 單位 : 仟元 ) 83,680 87, ,614 期末單位數 145,634, ,451, ,393,923 營業費用 1.26% 1.27% 1.28% 直接交易成本 0.00% 0.00% 0.00% 價格 最高單位價格 61.58p 59.14p 59.58p 最低單位價格 54.57p 54.24p 52.64p 基金投資組合週轉率 2016/03/01~ 2017/02/ /03/01~ 2016/02/29 投資組合週轉率 % % 總費用比率 木星季領息債券基金之費用比率是依據基金帳戶中下列期間產生的費用, 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 2016/03/01~ 2017/02/ /03/01~ 2016/02/29 零售型費用率 1.26% 1.27% 3 / 13 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 投資組合明細表 ( 至 2017/02/28) 持股數投資標的 # 市值 ( 英鎊 ) 佔總資產比率 % 4 / 13 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 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 % 5 / 13 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 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 #: 括弧內數字為前一會計年度結束於 2016 年 2 月 29 日時之投資比重 *: 代表未上市證券 : 代表未核准證券 6 / 13 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 前 20 大買進與賣出持股一覽 ( 期間自 2016/3/1 至 2017/2/28) 買進買進成本 ( 英鎊 ) 賣出賣出金額 ( 英鎊 ) 前二十名買進標的金額其他買進標的金額買進總金額 前二十名賣出標的金額其他賣出標的金額賣出總金額 7 / 13 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 總收益報表 ( 至 2017/02/28) 2016/03/01 ~ 2017/02/ /03/01 ~ 2016/02/29 ( 英鎊 ) ( 英鎊 ) ( 英鎊 ) ( 英鎊 ) 收入淨資本 ( 損失 )/ 利得 7,445,951 (4,180,552) 收入 5,378,248 6,373,652 費用 (1,550,758) (1,741,128) 應付利息和費用 (2,559) (846) 稅前淨利 3,824,931 4,631,678 所得稅 - - 稅後淨利 3,824,931 4,631,678 配息前 / 資本增值前總收益 11,270, ,126 收益分配 / 資本增值 (3,837,903) (4,641,896) 對受益人投資活動之 資產變動額 7,432,979 (4,190,770) 基金受益人淨資產變動表 ( 至 2017/02/28) 2016/03/01 ~ 2017/02/ /03/01 ~ 2016/02/29 ( 英鎊 ) ( 英鎊 ) ( 英鎊 ) ( 英鎊 ) 年初淨資產總值 153,204, ,127,521 新增申購基金單位總金額 9,264,609 4,080,127 贖回基金單位總金額 (16,014,003) (24,817,960) (6,749,394) (20,737,833) 詳上表基金受益人之資產變動額 (7,432,979) (4,190,770) 資本增值型單位未分配收益 8,941 3,168 未分配孳息 1,957 1,928 期末淨資產總值 153,898, ,204,014 8 / 13 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 資產負債表 ( 至 2017/02/28) 至 2017/2/28 至 2016/2/29 ( 英鎊 ) ( 英鎊 ) 資產投資 146,689, ,885,631 流動資產 : 應收帳款 12,964,096 5,548,211 現金及銀行餘額 4,786, ,420 資產總計 166,440, ,094,262 負債投資負債 (289,579) (217,529) 應付帳款 : 銀行透支 (1,127,650) (1,117,382) 應付收益分配 (892,528) (1,234,061) 其它應付款 (10,232,417) (2,321,276) 負債總計 (12,542,174) (4,890,248) 基金受益人淨資產價值 153,898, ,204,014 9 / 13 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 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 英國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 Ernst & Young LLP Statutory Auditor Edinburgh 11 April / 13 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 木星季領息債券基金相關機構 基金之經理 註冊 與管理機構 Jupiter Unit Trust Managers Limited PO Box Chelmsford CM99 2BG Tel: Fax: 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 Ernst & Young LLP Ten George Street Edinburgh EH2 2DZ 11 / 13 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 12 / 13 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 Jupiter Corporate Bond Fund For the year ended 28 February 2017 ANNUAL Report & Accounts ON THE PLANET TO PERFORM 1 On the planet to perform

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16 ANNUAL REPORT Jupiter Corporate Bond Fund For the year ended 28 February 2017 Investment Objective To achieve high income and the opportunity for capital growth. Investment Policy To invest primarily in fixed interest securities, as well as convertibles and preference shares, with potential for international exposure. 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. 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 Sterling Corporate Bond 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. 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 these accounts 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 4. Percentage change and sector ranking from launch to 28 February year 3 years 5 years 10 years Since launch* Percentage growth Sector position 75/85 55/80 57/69 25/53 7/16 Quartile ranking 4th 3rd 4th 2nd 2nd Source: FE, I-Class Units, bid to bid, net income reinvested. *Launch date 25 May 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 20% of the portfolio in bonds which are not rated by a credit rating agency. While such bonds may offer a higher income, the interest paid on them and their capital value is at greater risk of not being repaid, particularly during periods of changing market conditions. In difficult market conditions, reduced liquidity in bond markets may make it harder for the manager to sell assets at the quoted price. This could have a negative impact on the value of your investment. In extreme market conditions, certain assets may become hard to sell in a timely manner or at a fair price. This could affect the Fund s ability to meet investors redemption requests upon demand. 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. 1

17 Investment Review Performance Review On a bid to bid basis, including re-invested net income, the Fund has produced a total return of 7.4%* over the year to the end of February This compares with the return of 13.8%** produced by the iboxx Corporate Overall Index. The Fund was ranked 75th out of 85 funds over 1 year, 57th out of 69 funds over five years and 7th out of 16 funds since launch in the IA Sterling Corporate Bond Sector***. *Source: FE, Bid-Bid, Net Income Reinvested. **The Fund returns are net of with-holding tax whereas the benchmark returns do not include with-holding tax ***Source: FE, Bid-Bid, Basic Rate Tax, Net Income Reinvested. The performance statistics disclosed above relate to I-Class Units unless otherwise stated. Market Review The UK sterling corporate bond market delivered strong returns over the 12 months to 28 February The year was a tale of two halves, with large positive returns in the first six months, driven by tightening credit spreads and declining government bond yields, followed by marginal negative returns in the second half of the year. The variability in returns was driven by a number of key events, namely a Chinese stimulus package, the UK referendum, Bank of England (BoE) support, and the US election of Donald Trump. Credit spreads 1 began the year at attractive levels, with the average credit spread on the Iboxx Corporate Bond Index in excess of 200 basis points. This reflected investor concerns regarding a possible Chinese economic hard landing and falling energy markets. However, valuations were quick to recover following the Chinese government s moves to further fuel its already worrying credit bubble, which in turn stimulated demand for commodities and set in motion a six month rally in credit markets. The benefit to returns from tightening credit spreads were compounded by the decline in UK government bond (Gilt) yields in the aftermath of the UK referendum on EU membership. This pushed down gilt yields as investors headed for safety. Ten year gilts reached a record low of 0.51% in August as the BoE cut the official bank interest rate to 0.25% and embarked on an additional Quantitative Easing programme comprising purchases of 60bn of gilts and 10bn of corporate bonds. Weak leading economic indicators following the referendum vote put additional downward pressure on yields, however as the year progressed the actual outturn of economic data was considerably stronger than consensus and BoE expectations. Populism and its associated political risk was a key theme over the period and culminated with the election of Donald Trump as the US President. Mr Trump s proposed policies and behaviour is seen as more extreme and unpredictable than the existing establishment, however investors have chosen to focus on anticipated reflationary policies which has boosted risk assets and sent US government bond yields higher. Policy Review In November we initiated a position in Annington Finance a property provider for the UK Ministry of Defence (MOD). We believe the fundamentals for the issuer are well underpinned by the strategic nature of the properties for the MOD and our expectation that the ongoing shrinkage of the military may be reversing as Europe comes under more pressure to increase defence spending. In addition, the bonds are well covenanted in favour of investors and leverage metrics are manageable. Other bond purchases of note during the year were Next, G4S and ITV all UK centric issuers whereby valuations had more than factored in the risks around Brexit in our view. The volatility in government bond yields over the period prompted a more tactical approach to duration management. In August we decreased duration to below 5 years as we believed the market had gone too far in its expectations for deflation. Subsequently, we increased duration back to 6.5 years before Christmas as inflation expectations moved higher and yields returned back to pre-brexit levels. We have also shifted exposure away from the Australian yield curve to the US yield curve where we see more attractive relative value. Investment Outlook We expect global economic growth to remain subdued this year, with the exuberance around the so-called Trump reflation trade set to fade as the reality of political hurdles and tightening financial conditions in the US and China places a cap on economic activity. Within the UK, we believe the impact of Brexit will be on trend growth rather than the near term economic cycle, whereby the difficult outlook for real income growth should largely be offset by improving trade performance. Nevertheless, an environment of stubbornly low growth does not preclude central banks from tightening policy from current extraordinary levels, albeit with a slow and managed process. In our view, this process appears close to fully priced in to US bond valuations while the UK market could be surprised by a shift in outlook from the BoE. 2

18 Investment Review continued When forming an opinion on the outlook for corporate bonds, we take a view on the distribution of likely events, not just the base case. The upcoming French and Italian elections are considerable tail risks to the outlook due to the materiality of both the probability of a negative outcome and the downside severity. Due to the asymmetric return profile of corporate bonds, these tail risks become particularly pertinent, especially in periods of stretched credit valuations. In our view, this argues for a conservative credit profile comprising of issuers that are well positioned to succeed through an economic cycle. Rhys Petheram Fund Manager 1 The excess yield (which may vary) paid by corporate bonds over comparable government bonds. 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. Remuneration Following the implementation of the UCITS V Directive Jupiter Unit Trust Managers Limited (JUTM) is required to have a remuneration policy in place consistent with the principles outlined in SYSC 19E of the FCA Handbook (UCITS Remuneration Code). Details of the remuneration policy, including the applicable financial and nonfinancial criteria, are set out in the detailed remuneration policy disclosures available on the Jupiter website: Management-plc/Governance/Risk-management The quantitative remuneration disclosures required under the UCITS V Directive will be reported after the end of the 2017 performance year as prior to that date not all of the required information will be available. 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. 3

19 Comparative Tables Change in net assets Retail lncome I Class Income Opening net asset value 54.76p 56.12p 52.79p 54.84p 56.21p 53.14p Return before operating charges* 4.48p 0.51p 5.37p 4.43p 0.44p 5.05p Operating charges (0.72p) (0.70p) (0.69p) (0.38p) (0.37p) (0.37p) Return after operating charges* 3.76p (0.19p) 4.68p 4.05p 0.07p 4.68p Distributions on income units (1.06p) (1.17p) (1.35p) (1.34p) (1.44p) (1.61p) Closing net asset value p 56.12p 57.55p 54.84p 56.21p *after direct transaction costs of: 0.00p 0.00p 0.00p 0.00p 0.00p 0.00p Performance Return after charges 6.87% (0.34%) 8.87% 7.39% 0.12% 8.81% Other information Closing net asset value ('000) 83,680 87, ,614 69,822 65,138 50,395 Closing number of units 145,634, ,451, ,393, ,316, ,777,882 89,656,455 Operating charges 1.26% 1.27% 1.28% 0.66% 0.67% 0.68% Direct transaction costs 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Prices Highest unit price 61.58p 59.14p 59.58p 59.33p 56.93p 57.39p Lowest unit price 54.57p 54.24p 52.64p 54.65p 54.38p 52.72p Change in net assets I Class Accumulation Opening net asset value 59.35p 59.26p 54.18p Return before operating charges* 5.10p 0.87p 5.89p Operating charges (0.41p) (0.40p) (0.39p) Return after operating charges* 4.69p 0.47p 5.50p Distributions on accumulation units (1.74p) (1.92p) (2.08p) Retained distributions on accumulation units 1.46p 1.54p 1.66p Closing net asset value 63.76p 59.35p 59.26p *after direct transaction costs of: 0.00p 0.00p 0.00p Performance Return after charges 7.90% 0.79% 10.15% Other information Closing net asset value ('000) Closing number of units 620, , ,264 Operating charges 0.66% 0.67% 0.68% Direct transaction costs 0.00% 0.00% 0.00% Prices Highest unit price 64.56p 59.99p 60.07p Lowest unit price 59.15p 57.85p 53.98p 4

20 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 % % 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, which 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 1.26% 1.27% Ongoing charges for I-Class Units 0.66% 0.67% 5

21 Portfolio Statement as at 28 February 2017 Holding Portfolio of investments# Market value % of Total net assets CORPORATE BONDS AND FIXED INTEREST STOCKS 96.62% (99.13%) Australia 2.79% (12.67%) AUD$1,000,000 Australia Government 1.75% 21/11/ , AUD$2,000,000 Australia Government 3.25% 21/04/2029 1,275, AUD$3,000,000 Australia Government 3.25% 21/06/2039 1,772, ,000 BHP Billiton Finance 6.5% VRN 22/10/ , Canada 2.28% (0.10%) 3,500,000 Bank of Nova Scotia FRN 30/09/2021 3,503, Denmark 0.33% (0.28%) 400,000 Dong Energy A/S 4.875% 12/01/ , Finland 2.20% (1.89%) AUD$5,000,000 Nordic Investment Bank 5% 19/04/2022 3,389, France 0.00% (0.32%) Germany 6.12% (5.16%) 2,100,000 BASF 0.875% 06/10/2023 2,048, ,176,000 BASF 1.75% 11/03/2025 1,192, ,500,000 Bayer 5.625% 23/05/2018 1,588, ,000 Deutsche Telekom 6.5% 08/04/ , US$2,000,000 KfW 4% 27/01/2020 1,708, US$2,500,000 KfW 2% 02/05/2025 1,937, Italy 0.00% (0.00%) 1,000,000 Parmalat Capital Finance 9.375% Perpetual* Ireland 0.00% (0.55%) Luxembourg 1.90% (1.78%) US$4,124,000 SES Global Americas 5.3% 25/03/2044 2,931, Netherlands 0.53% (0.49%) 750,000 Koninklijke 6.875% VRN 14/03/ , Sweden 1.56% (1.56%) 2,400,000 Swedbank AB FRN 02/04/2018 2,401, Switzerland 2.97% (2.81%) US$2,500,000 Nestle Holdings 2% 30/09/2019 2,024, ,438,000 Nestle Holdings 1.75% 09/12/2020 2,539, United Kingdom 50.78% (52.19%) 3,808,000 AA Bond 2.875% 31/01/2022 3,855, ,000,000 Abbey National Treasury 5.75% 02/03/2026 1,332, ,145,000 Admiral Group 5.5% 25/07/2024 1,244, ,030,000 Annington Finance 8.07% 10/01/2023 2,634, ,000 BAA 7.125% 01/03/ , ,500,000 BUPA Finance 6.125% VRN Perpetual 2,751, ,000 Centrica 5.25% VRN 10/04/ , ,167,000 Compass Group 3.85% 26/06/2026 3,666, ,720,000 CPUK Finance 7.239% 28/02/2024 2,259,

22 Portfolio Statement continued Holding Portfolio of investments# Market value % of Total net assets 2,000,000 Eastern Power Networks 4.75% 30/09/2021 2,312, ,000,000 Eversholt Funding 6.359% 02/12/2025 1,321, ,341,000 Experian Finance 3.5% 15/10/2021 1,474, ,572,000 Friends Life Holdings 8.25% 21/04/2022 3,300, ,000,000 G4S 7.75% 13/05/2019 2,262, ,000,000 Global Switch 4.375% 13/12/2022 1,114, ,750,000 Go-Ahead Group 5.375% 29/09/2017 3,845, ,250,000 Greene King Finance FRN 15/09/ , ,870,000 ITV 2.125% 21/09/2022 1,667, ,000 Keystone Financing 9.5% 15/10/ , ,100,000 Legal & General 5.375% VRN 27/10/2045 1,180, ,000,000 Lloyds Bank 4.875% 30/03/2027 1,269, ,450,000 Morrison WM Supermarkets 4.625% 08/12/2023 1,664, ,308,000 Morrison WM Supermarkets 4.75% 04/07/2029 2,692, ,250,000 Nationwide Building Society FRN 25/04/2019 1,257, ,750,000 Network Rail 4.75% 29/11/2035 2,505, ,469,000 Next 3.625% 18/05/2028 2,538, ,250,000 Northern Gas Networks 5.875% 08/07/2019 3,632, ,500,000 Porterbrook Rail Finance 6.5% 20/10/2020 1,773, US$4,962,000 Relx Capital 3.125% 15/10/2022 3,995, ,044,000 RL Finance Bonds No % 13/11/2028 1,136, ,500,000 Royal Bank of Scotland 5.125% 13/01/2024 1,861, ,000 Stagecoach Group 4% 29/09/2025 1,032, ,000 Standard Life 5.5% VRN 04/12/ , ,000 Thames Water Utilities Cayman Finance 3.5% 25/02/ , ,307,000 TP ICAP 5.25% 26/01/2024 2,349, ,000,000 Transport for London 2.25% 09/08/2022 2,127, ,000,000 Transport for London 3.625% 15/05/2045 2,479, ,500,000 UK Treasury 1.75% 07/09/2037 2,485, ,500,000 UK Treasury 4.25% 07/12/2049 2,433, ,935,000 Unilever 2% 19/12/2018 1,978, United States 25.16% (19.33%) 2,000,000 Apple 3.05% 31/07/2029 2,197, ,690,000 AT&T 4.875% 01/06/2044 3,136, US$683,000 Calpine Corporation 7.875% 15/01/ , US$1,000,000 Colgate Palmolive 1.95% 01/02/ , ,550,000 Digital Stout 4.75% 13/10/2023 1,738, ,000,000 IBM 2.625% 05/08/2022 3,209, US$1,500,000 International Bank for Reconstruction and Development 4.75% 15/02/2035 1,477, ,000,000 JPMorgan 6.125% VRN 30/05/2017 2,994, US$1,500,000 Liberty Mutual Group 5% 01/06/2021 1,310, ,917,000 Metropolitan Life Global Funding 2.625% 05/12/2022 3,141, US$2,500,000 Pentair Finance 3.15% 15/09/2022 1,997,

23 Portfolio Statement continued Holding Portfolio of investments# Market value % of Total net assets US$1,000,000 US Treasury 1.75% 15/05/ , US$4,000,000 US Treasury 1.5% 15/08/2026 2,976, US$3,600,000 US Treasury 2.25% 15/02/2027 2,863, US$1,500,000 US Treasury 4.5% 15/02/2036 1,539, US$1,000,000 US Treasury 2.75% 15/08/ , US$4,000,000 US Treasury 2.25% 15/08/2046 2,743, US$4,500,000 Verizon Communications 3% 01/11/2021 3,651, ,000 Wells Fargo 3.5% 12/09/ , Futures 0.00% (0.00%) (25) ICF ICE Long Gilt Future June 2017 Notional value (3,174,000) 2,250 Forward Foreign Currency Contracts (0.19%) ((0.13%)) Bought Sterling 7,021,611: Sold AUD $11,472,961 (46,097) (0.03) Bought Sterling 1,650,305: Sold EUR 1,951,984 (14,248) (0.01) Bought Sterling 33,859,842: Sold US $42,445,921 (229,234) (0.15) Portfolio of investments 148,400, Net other assets 5,498, Net assets 153,898, #The figures in brackets show allocations as at 29 February *Represents an unquoted security. Represents an unapproved security. 8

24 Top 20 Purchases and Sales The top 20 purchases and sales for the year ended 28 February 2017 Purchases Cost Sales Proceeds UK Treasury 3.5% 22/01/2045 3,639,648 Pearson 3.25% 08/05/2023 4,729,647 Bank of Nova Scotia FRN 30/09/2021 3,500,000 UK Treasury 3.5% 22/01/2045 3,851,213 UK Treasury 1.5% 22/07/2026 3,376,193 Australia Government 4.5% 21/04/2033 3,797,692 New Zealand Government 3% European Investment Bank 4.875% 3,360,252 20/09/ /02/2036 3,695,872 US Treasury 1.5% 15/08/2026 2,979,706 UK Treasury 1.5% 22/07/2026 3,458,455 US Treasury 2.25% 15/02/2027 2,859,644 New Zealand Government 3% 20/09/2030 3,363,265 US Treasury 2.25% 15/08/2046 2,722,298 Amlin 6.5% VRN 19/12/2026 3,350,000 Annington Finance 8.07% Beazley Group 7.25% VRN 2,634,689 10/01/ /10/2026 3,330,000 Next 3.625% 18/05/2028 2,459,791 Australia Government 5.75% 15/07/2022 3,025,893 New Zealand Government 2% 20/09/2025 2,425,065 Australia Government 3.75% 21/04/2037 2,830,601 Network Rail 4.75% 29/11/2035 2,382,835 Deutsche Telekom 6.5% 08/04/2022 2,522,940 UK Treasury 1.75% 07/09/2037 2,367,000 Australia Government 3.25% 21/04/2029 2,488,091 UK Treasury 4.25% 07/12/2049 2,327,180 US Treasury 0.375% 15/07/2025 2,482,632 TP ICAP 5.25% 26/01/2024 2,309,250 Australia Government 3.25% 21/04/2025 2,475,379 G4S 7.75% 13/05/2019 2,297,060 New Zealand Government 2% 20/09/2025 2,358,529 CPUK Finance 7.239% 28/02/2024 2,262,798 A2Dominion Housing Group 3.5% 15/11/2028 2,243,025 A2Dominion Housing Group 3.5% Henderson UK Finance 7.25% 2,236,253 15/11/ /03/2016 2,181,000 Transport for London 2.25% 09/08/2022 2,104,450 Sky 2.875% 24/11/2020 2,023,125 BASF 0.875% 06/10/2023 2,079,021 Australia Government 4.75% 21/04/2027 1,940,305 Australia Government 3% Australia Government 3% 1,896,665 20/09/ /09/2025 1,869,019 Total top 20 purchases 52,219,798 Total top 20 sales 58,016,683 Remaining purchases 32,608,998 Remaining sales 42,301,046 Total purchases 84,828,796 Total sales 100,317,729 9

25 Statement of Total Return for the year ended 28 February 2017 Year to Year to Notes Income Net capital gains/(losses) 3 7,445,951 (4,180,552) Revenue 4 5,378,248 6,373,652 Expenses 5 (1,550,758) (1,741,128) Interest payable and similar charges (2,559) (846) Net revenue before taxation 3,824,931 4,631,678 Taxation 6 Net revenue after taxation 3,824,931 4,631,678 Total return before distributions/accumulations 11,270, ,126 Distributions/Accumulations 7 (3,837,903) (4,641,896) Change in net assets attributable to unitholders from investment activities 7,432,979 (4,190,770) Statement of Change in Net Assets Attributable to Unitholders for the year ended 28 February 2017 Year to Year to Opening net assets attributable to unitholders 153,204, ,127,521 Amounts receivable on issue of units 9,264,609 4,080,127 Amounts payable on cancellation of units (16,014,003) (24,817,960) (6,749,394) (20,737,833) Change in net assets attributable to unitholders from investment activities 7,432,979 (4,190,770) (see statement of total return above) Retained distribution on accumulation units 8,941 3,168 Unclaimed distributions 1,957 1,928 Closing net assets attributable to unitholders 153,898, ,204,014 10

26 Balance Sheet as at 28 February Notes Assets Investments 148,689, ,885,631 Current Assets: Debtors 8 12,964,096 5,548,211 Cash and bank balances 4,786, ,420 Total assets 166,440, ,094,262 Liabilities Investment liabilities (289,579) (217,529) Creditors: Bank overdrafts (1,127,650) (1,117,382) Distribution payable (892,528) (1,234,061) Other creditors 9 (10,232,417) (2,321,276) Total liabilities (12,542,174) (4,890,248) Net assets attributable to unitholders 153,898, ,204,014 Directors Statement Jupiter Corporate Bond Fund This report has been prepared in accordance with the requirements of the Financial Conduct Authority s Collective Investment Schemes Sourcebook and Investment Funds Sourcebook where applicable and the Statement of Recommended Practice issued by the Investment Association. Directors: Paula Moore, Robert Parker Jupiter Unit Trust Managers Limited London 11 April

27 Notes to the Financial Statements for the year ended 28 February Accounting Policies (a) Basis of Accounting The financial statements have been prepared on the historical basis, as modified by the revaluation of investments, in compliance with UK GAAP and the adoption of Financial Reporting Standard 102 and in accordance with the Statement of Recommended Practice for Authorised Funds (SORP) issued by the Investment Association in May On 8 March 2016, the Financial Reporting Council issued Amendments to FRS102 Fair value hierarchy disclosures. The amendments must be adopted for accounting periods beginning on or after 1 January 2017, but, as is permitted, the fund has early adopted the amendments in these financial statements. (b) Revenue Interest on any debt securities is recognised on an effective interest rate basis. Bank interest and interest on short-term deposits are accrued up to the year end date. (c) Expenses All expenses, including overdraft interest, but excluding those relating to the purchase and sale of investments are charged against the revenue of the Fund. All of the Fund s expenses are recognised on an accruals basis. (d) Valuation of Investments The investments of the Fund have been valued using bid market values ruling on international stock exchanges at 12 noon on 28 February 2017, being the last valuation point of the year. Market value is defined by the SORP as fair value which is generally the bid value of each security. Where a stock is unlisted or where there is a non liquid market, a valuation for this stock has been obtained from market makers where possible, and suspended stocks are normally valued at their suspension price. However, where the Manager believes that these prices do not reflect a fair value, or where no reliable price exists for a security, it is valued at a price which in the opinion of the Manager reflects a fair and reasonable price for that investment. (e) Foreign Exchange Transactions in foreign currencies are translated into Sterling at the rates ruling at the dates of the transactions. Assets and liabilities expressed in foreign currencies are translated at the rates ruling at 12 noon on 28 February 2017, being the last valuation point of the year. 12

28 Notes to the Financial Statements continued (f) Taxation Corporation Tax is provided at 20% on revenue, including corporation tax on interest on debt securities other than UK dividends and overseas dividends, after deduction of expenses. Where overseas tax has been deducted from overseas revenue that tax can, in some instances, be set off against Corporation Tax payable by way of double taxation relief. The charge for Tax is based on the profit for the year and takes into account deferred taxation because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred Tax is provided using the liability method on all timing differences, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred Tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the Deferred Tax can be offset. 2. Distribution Policies (a) Basis of Distribution All of the net revenue available for distribution at the end of the final accounting period will be distributed to unitholders as an interest distribution. In order to achieve a controlled dividend flow to unitholders, interim distributions may be made at the Manager s discretion, up to a maximum of the distributable revenue available for the period. The distribution dates in respect of this Fund are summarised in Note 2(b). Should expenses and taxation together exceed revenue, there will be no distribution and the shortfall will be met from capital. If, in respect of a particular accounting period, the average income allocation to unitholders (disregarding, for this purpose, any units held by the Manager or Trustee or their associates) would be less than 25, the Manager reserves the right (with the agreement of the Trustee) not to make any income allocation and, in such an event, the amount of net revenue remaining for that period will be credited to capital and reflected in the value of units. (b) Distributions/Accumulations dates Net revenue, if any, will be distributed or accumulated to unitholders as an interest distribution, quarterly on 31 July (1st quarter), 31 October (interim), 31 January (3rd quarter) and 30 April (final) in respect of the accounting periods ending 31 May (1st quarter), 31 August (interim), 30 November (3rd quarter) and the last day of February (final). 13

29 Notes to the Financial Statements continued 3. Net capital gains/(losses) The net gains/(losses) on investments during the year comprise: Currency gains/(losses) 256,078 (67,974) Transaction charges (2,425) (2,450) Gains/(losses) on non-derivative securities 12,690,237 (733,760) Losses on forward foreign currency contracts (see Note 12) (6,536,802) (3,240,016) Gains/(losses) on derivative contracts (see Note 12) 1,038,863 (136,352) Net capital gains/(losses) 7,445,951 (4,180,552) 4. Revenue Bank interest 2,688 3,370 Interest on debt securities 5,375,560 6,370,282 Total revenue 5,378,248 6,373, Expenses Payable to the Manager, associates of the Manager and agents of either of them: Manager s periodic charge 1,143,354 1,313,277 Registration fees 357, ,593 1,500,617 1,687,870 Payable to the Trustee, associates of the Trustee and agents of either of them: Trustee s fee 27,960 29,316 Safe custody fees 11,205 12,958 39,165 42,274 Other expenses: Audit fee* 10,800 10,800 Financial Conduct Authority fee ,976 10,984 Total expenses 1,550,758 1,741,128 *The audit fee (excluding VAT) incurred during the year was 9,000 ( : 9,000). 14

30 Notes to the Financial Statements continued 6. Taxation (a) Analysis of charge in the year: Corporation Tax Total tax (Note 6.(b)) (b) Factors affecting current tax charge for the year: The tax assessed for the year is lower than the standard rate of Corporation Tax in the UK for an authorised unit trust. The differences are explained below: Net revenue before taxation 3,824,931 4,631,678 Corporation Tax at 20% 764, ,336 Effects of: Tax deductable interest distributions (764,986) (926,336) Tax charge for the year (Note 6.(a)) Authorised unit trusts are exempt from tax on capital gains, therefore any capital return is not included in the above reconciliation. (c) Provision for Deferred Tax There is no material unprovided Deferred Tax. 15

31 Notes to the Financial Statements continued 7. Distributions/Accumulations The distributions/accumulations takes account of amounts received on the issue of units and deducted on the cancellation of units and comprise: st interim distribution/accumulation 1,069,513 1,178,136 2nd interim distribution/accumulation 1,035,013 1,130,922 3rd interim distribution/accumulation 912,880 1,158,820 Final distribution/accumulation 809,785 1,123,605 3,827,191 4,591,483 Amounts received on issue of units (27,851) (15,209) Amounts paid on cancellation of units 38,563 65,622 Net distributions/accumulations for the year 3,837,903 4,641,896 Reconciliation of net revenue after taxation to Distributions/Accumulations: Net revenue after taxation for the year 3,824,931 4,631,678 Net movement in revenue account 12,649 (5,209) Equalisation on conversions ,427 Net distributions/accumulations for the year 3,837,903 4,641,896 Details of the distributions/accumulations in are shown in the Distribution Tables on pages 22 to Debtors Accrued revenue 2,041,446 2,426,707 Amounts receivable for issue of units 15, ,920 Currency sales awaiting settlement 4,928,808 1,368,475 Sales awaiting settlement 5,978,797 1,373,109 Total debtors 12,964,096 5,548, Other creditors Accrued expenses 41,456 45,410 Amounts payable for cancellation of units 324,217 58,379 Currency purchases awaiting settlement 4,937,936 1,373,109 Purchases awaiting settlement 4,928, ,378 Total other creditors 10,232,417 2,321,276 16

32 Notes to the Financial Statements continued 10. Contingent Liabilities and Capital Commitments The Fund had no contingent liabilities or capital commitments at the balance sheet date ( : nil). 11. Related Party Transactions Jupiter Unit Trust Managers Limited (JUTM), as Manager, is a related party in respect of their dealings with the Fund. JUTM acts as principal in respect of all transactions of units in the Fund. The aggregate monies received through issue and paid on cancellation are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and, if applicable, in Note 7 (Distributions/Accumulations). Any amounts due to or from JUTM at the end of the accounting year are disclosed in Notes 8 (Debtors) and 9 (Other creditors). Amounts payable to JUTM in respect of fund management are disclosed in Note 5 (Expenses). At the year end 21,545 ( : 21,951) was due to JUTM. These amounts are included in accrued expenses in Note Financial Instruments In pursuing its investment objectives the Fund holds a number of financial instruments. These comprise securities and other investments, cash balances, short term fixed deposits, bank overdrafts and debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable from issues and payable for cancellations and debtors for accrued revenue. The Fund may enter into derivative transactions, the purpose of which will only be for efficient management of the Fund and not for investment purposes. The Fund has little exposure to liquidity or cash flow risk. The risks it faces from its financial instruments are market price, credit, foreign currency, interest rate and counterparty risks. The Manager reviews policies for managing these risks in pursuance of the Investment Objective and Policy as set out on page 1 and they are summarised later. Adherence to investment guidelines and to investment and borrowing powers set out in the Trust Deed, Scheme Particulars and in the rules of the Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the Investment Review and Portfolio Statement. Market Price Risk Market price risk arises mainly from uncertainty about future prices of financial instruments held by the Fund. It represents the potential loss the Fund might suffer through holding market positions which are affected by adverse price movements. The Manager regularly considers the asset allocation of the portfolio in order to minimise the risk associated with particular markets or industry sectors whilst continuing to follow the Investment Objective and Policy (as set out on page 1). Price Risk Sensitivity A ten per cent increase in the value of the Fund s portfolio would have the effect of increasing the return and net assets by 14,840,025 ( : 15,186,447). A ten per cent decrease would have an equal and opposite effect. Credit Risk The investment returns produced by the Fund s bond holdings are dependant on the issuers of these bonds maintaining due payment of interest and capital. A significant proportion of the Fund may be invested in high yield bonds which have a lower rating from a credit rating agency. There is a higher credit risk associated with such investments. The Fund aims to reduce this credit risk by holding a well diversified range of securities. In addition, the majority of the bond investments in the portfolio are invested in securities classified as investment grade by independent credit rating agencies. 17

33 Notes to the Financial Statements continued Foreign Currency Risk A proportion of the net assets of the Fund are denominated in currencies other than Sterling, with the effect that the balance sheet and total return can be significantly affected by currency movements. Currency Net foreign currency assets Net foreign currency assets Monetary exposures Non-monetary exposures Total Monetary exposures Non-monetary exposures Australian Dollar 84,608 7,001,366 7,085, ,429 21,716,886 21,963,315 Euro 14,844 1,653,654 1,668,498 22,503 2,360,229 2,382,732 US Dollar 256,394 33,837,912 34,094, ,723 35,332,480 35,631,203 Total Foreign Currency Risk Sensitivity A ten per cent increase in the value of the Fund s foreign currency exposure would have the effect of increasing the return and net assets by 4,284,878 ( : 5,997,725). A ten per cent decrease would have an equal and opposite effect. Interest Rate Risk The Fund invests in fixed and variable rate securities and any change to the interest rates relevant for particular securities may result in either revenue increasing or decreasing, or the Manager being unable to secure similar returns on the expiry of contracts or the sale of securities. In addition, changes to prevailing rates or changes in expectations of future rates may result in an increase or decrease in the value of the securities held. In general, if interest rates rise the revenue potential of the Fund also rises but the value of fixed rate securities will decline. A fall in interest rates will in general have the opposite effect. Interest Rate Risk Profile of Financial Assets and Financial Liabilities The interest rate risk profile of the Fund s financial assets and liabilities at 28 February 2017 was: Currency Floating Rate financial assets Fixed Rate financial assets Financial assets not carrying interest Australian Dollar 7,047,463 84,608 7,132,071 Euro 1,667,902 14,844 1,682,746 US Dollar 34,067,114 5,185,234 39,252,348 Sterling 21,528,927 89,162,919 7,681, ,373,506 Total 21,528, ,945,398 12,966, ,440,671 Total Australian Dollar 21,740,510 1,619,538 23,360,048 Euro 2,343,492 39,240 2,382,732 US Dollar 2,169,716 33,356, ,723 35,825,108 Sterling 20,617,779 72,296,719 3,611,876 96,526,374 Total 22,787, ,737,390 5,569, ,094,262 18

34 Notes to the Financial Statements continued Currency Floating Rate financial liabilities Financial liabilities not carrying interest Australian Dollar 46,097 46,097 Euro 14,248 14,248 US Dollar 5,158,042 5,158,042 Sterling 1,127,650 6,196,137 7,323,787 Total 1,127,650 11,414,524 12,542,174 Total Australian Dollar 1,396,733 1,396,733 US Dollar 193, ,905 Sterling 1,117,382 2,182,228 3,299,610 Total 1,117,382 3,772,866 4,890,248 Currency Fixed rate financial assets Weighted average interest rate Weighted average period for which rate is fixed Australian Dollar 3.01% 2.66% 11 years 13 years Euro 1.25% 1.70% 6 years 8 years US Dollar 3.05% 3.26% 11 years 12 years Sterling 2.06% 3.09% 9 years 8 years There are no material amounts of non interest-bearing financial assets, which do not have maturity dates, other than equities. The floating rate financial assets and liabilities include bank balances and overdrafts that bear interest. Interest rates on Sterling and overseas bank balances as supplied by the custodian may vary in line with market conditions and the size of deposit. Overdraft interest is calculated at the current Bank of England base rate plus 1.00%. Interest Rate Sensitivity The table below shows the Fund s net exposure to financial instruments that bear interest and had been held throughout the year, with all other variables remaining constant. Currency Bond duration (years) Impact on Bond exposure (%) Bonds as % of Fund Impact of 1% increase in interest rates 6.32 (5.95) Impact of 1% increase in interest rates 6.63 (6.25)

35 Notes to the Financial Statements continued Counterparty Risk Counterparty risk, is the risk that a third party organisation (counterparty) does not pay out on a contract, or other trade or transaction when this is due to the Fund. The derivatives entered into by the Fund fall into either of two categories: i) have been traded on recognised exchanges on a delivery versus payment basis, thus eliminating exposure to counterparty risk, or ii) have been traded on Over the Counter markets which may expose the Fund to the risk that the counterparty may default on its obligations to perform under the relevant contract. In respect of trades made on Over the Counter markets the Manager will seek to reduce such risk by only entering into transactions with counterparties that it believes to have a high credit rating at the time the transaction is entered into, and by ensuring that formal legal agreements covering the terms of the contract are entered into in advance. In certain circumstances however, the Manager may be unable to enforce or rely on rights and obligations arising under such agreements. In the event of bankruptcy or insolvency of the counterparty, the Fund may only have the rights of a general creditor and could therefore experience delays in liquidating the position and may incur significant losses compared to the value of the transaction in the portfolio. Use of Derivatives The Manager made use of the following derivatives during the year under review: Forward Foreign Currency Contracts The Fund is classified in the IA Sterling Corporate Bond sector and as such is obliged to ensure that at least 80% of its assets are either denominated in sterling or hedged back to sterling. In order to achieve this, the Fund Manager has made extensive use of forward foreign currency contracts over the period in order to hedge out of the currency exposure of bonds denominated in Australian Dollars, US Dollars and Euros. This resulted in realised and unrealised losses of 6,536,802 ( : 3,240,016) to the Fund during the year which are included in net capital gains/(losses) on page 14. All contracts were undertaken with Northern Trust as the counterparty. Index Futures The Manager bought some stock market index futures with the aim of protecting the Fund from the risk of index volatility. This resulted in realised and unrealised gains of 1,038,863 ( : realised and unrealised losses of 136,352) to the Fund during the year which are included in net capital gains/(losses) on page 14. All contracts were undertaken with Deutsche Bank AG as counterparty during the year. The open derivative contracts at the balance sheet date are itemised on page 8. Fair Value of Financial Assets and Financial Liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value. Fair Value Disclosure Valuation Technique Assets Liabilities Quoted prices for identical instruments in active markets 2,250 Valuation techniques using observable market data 148,687,581 (289,579) Valuation techniques using non observable data 148,689,831 (289,579) Quoted prices for identical instruments in active markets Valuation techniques using observable market data 151,885,631 (217,529) Valuation techniques using non observable data 151,885,631 (217,529) 20