# Jupiter Global Sovereign Opportunities
Schedule of Investments as at 31 March 2021 (continued)
| Investments	Currency | Quantity/ Nominal Value | Market Value USD | % of Net Assets |
| --- | --- | --- | --- |
| Transferable securities and money market instruments admitted to an official exchange listing |  |  |  |
| Bonds |  |  |  |
| South Africa |  |  |  |
| South Africa Government Bond 8.75% 28/02/2048	ZAR | 1,565,491 | 82,605 | 0.17 |
|  |  | 82,605 | 0.17 |
| South Korea |  |  |  |
| Korea National Oil Corp., Reg. S 2.125% 14/04/2021	USD | 1,000,000 | 1,000,452 | 2.04 |
| Korea Treasury 1.375% 10/12/2029	KRW | 500,000,000 | 422,710 | 0.86 |
|  |  | 1,423,162 | 2.90 |
| Supranational |  |  |  |
| European Union, Reg. S 0% 02/06/2028	EUR | 100,000 | 119,900 | 0.24 |
| European Union, Reg. S 0.125% 10/06/2035	EUR | 50,000 | 57,936 | 0.12 |
| GEMS MENASA Cayman Ltd., Reg. S 7.125% 31/07/2026	USD | 200,000 | 209,079 | 0.42 |
| International Bank for Reconstruction & Development	USD | 500,000 | 454,944 | 0.93 |
|  |  | 841,859 | 1.71 |
| Switzerland |  |  |  |
| UBS Group AG, Reg. S, FRN 5.75% Perpetual	EUR | 200,000 | 244,353 | 0.50 |
|  |  | 244,353 | 0.50 |
| Tunisia |  |  |  |
| Banque Centrale de Tunisie International Bond,	EUR | 200,000 | 215,078 | 0.44 |
| Banque Centrale de Tunisie International Bond,	EUR | 100,000 | 103,571 | 0.21 |
|  |  | 318,649 | 0.65 |
| Turkey |  |  |  |
| Istanbul Metropolitan Municipality, Reg. S 6.375%	USD | 261,000 | 245,894 | 0.50 |
| QNB Finansbank A/S, Reg. S 6.875% 07/09/2024	USD | 200,000 | 207,000 | 0.42 |
| Turkey Government Bond 12.4% 08/03/2028	TRY | 1,000,000 | 91,193 | 0.18 |
| Turkey Government Bond 11.7% 13/11/2030	TRY | 387,958 | 32,679 | 0.07 |
| Turkey Government Bond 4.875% 16/04/2043	USD | 200,000 | 151,280 | 0.31 |
| Yapi ve Kredi Bankasi A/S, Reg. S 5.5% 06/12/2022	USD | 200,000 | 197,957 | 0.40 |
|  |  | 926,003 | 1.88 |
| Ukraine |  |  |  |
| Ukraine Government Bond, Reg. S 7.75% 01/09/2021	USD | 700,000 | 714,170 | 1.45 |
| Ukraine Government Bond, Reg. S 7.253% 15/03/2033	USD | 200,000 | 199,999 | 0.41 |
| Ukraine Government Bond, Reg. S, FRN 0% 31/05/2040	USD | 300,000 | 310,413 | 0.63 |
|  |  | 1,224,582 | 2.49 |
| United Arab Emirates |  |  |  |
| First Abu Dhabi Bank PJSC, Reg. S 0.125% 16/02/2026	EUR | 200,000 | 233,405 | 0.47 |
|  |  | 233,405 | 0.47 |

0.75% 26/08/2030
Reg. S 6.75% 31/10/2023 Reg. S 6.375% 15/07/2026
09/12/2025
The accompanying notes form an integral part of these financial statements.
| Jupiter Global Sovereign Opportunities |  |
| --- | --- |
| Schedule of Investments as at 31 March 2021 (continued) |  |  |  |  |
|  |  | Quantity/ Nominal | Market Value | % of |
| Investments | Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments admitted to an official exchange listing |  |  |  |  |
| Bonds |  |  |  |  |
| United States of America |  |  |  |  |
| DAE Funding LLC, Reg. S 2.625% 20/03/2025 | USD | 200,000 | 201,845 | 0.41 |
| DAE Funding LLC, Reg. S 3.375% 20/03/2028 | USD | 252,000 | 250,974 | 0.51 |
| US Treasury 1.125% 28/02/2022 | USD | 2,429,300 | 2,452,867 | 4.99 |
| US Treasury 2.25% 15/04/2022 | USD | 4,500,000 | 4,601,725 | 9.36 |
| US Treasury 0.125% 30/04/2022 | USD | 2,466,100 | 2,467,330 | 5.02 |
| US Treasury 0.125% 30/06/2022 | USD | 2,470,800 | 2,472,006 | 5.03 |
| US Treasury 0.125% 31/07/2022 | USD | 2,463,400 | 2,464,362 | 5.01 |
| US Treasury 0.25% 31/08/2025 | USD | 500,000 | 488,770 | 0.99 |
| US Treasury 0.625% 15/08/2030 | USD | 1,000,000 | 907,500 | 1.85 |
| US Treasury 1.125% 15/08/2040 | USD | 250,000 | 204,043 | 0.42 |
| US Treasury 1.25% 15/05/2050 | USD | 1,700,000 | 1,291,137 | 2.63 |
| US Treasury 1.375% 15/08/2050 | USD | 500,000 | 392,422 | 0.80 |
|  |  |  | 18,194,981 | 37.02 |
| Zambia |  |  |  |  |
| Zambia Government Bond, Reg. S 8.5% 14/04/2024 | USD | 200,000 | 116,000 | 0.24 |
| Zambia Government Bond, Reg. S 8.97% 30/07/2027 | USD | 200,000 | 113,821 | 0.23 |
|  |  |  | 229,821 | 0.47 |
| Total Bonds |  |  | 38,163,500 | 77.65 |
| Total Transferable securities and money market instruments admitted to an official exchange listing |  | 38,163,500	77.65 |
| Transferable securities and money market instruments dealt in on another regulated market |  |  |
| Bonds |  |  |
| Argentina |  |  |
| YPF SA, Reg. S 4% 12/02/2026	USD | 74,525 | 60,738 | 0.12 |
| YPF SA, Reg. S 2.5% 30/06/2029	USD | 90,000 | 51,076 | 0.10 |
| YPF SA, Reg. S 1.5% 30/09/2033	USD | 110,000 | 51,426 | 0.11 |
|  |  | 163,240 | 0.33 |
| Canada |  |  |  |
| Province of Nova Scotia Canada 9.125% 01/05/2021	USD | 263,000 | 264,659 | 0.54 |
|  |  | 264,659 | 0.54 |
| Egypt |  |  |  |
| Egypt Treasury Bill 0% 20/04/2021	EGP | 15,000,000 | 950,990 | 1.93 |
| Egypt Treasury Bill 0% 15/06/2021	EGP | 25,000,000 | 1,553,413 | 3.16 |
|  |  | 2,504,403 | 5.09 |
| Mexico |  |  |  |
| Petroleos Mexicanos 5.5% 27/06/2044	USD | 300,000 | 237,594 | 0.48 |
|  |  | 237,594 | 0.48 |
| Nigeria |  |  |  |
| SEPLAT Petroleum Development Co. plc, Reg. S 7.75%	USD | 200,000 | 200,250 | 0.41 |
|  |  | 200,250 | 0.41 |

01/04/2026
| Jupiter Global Sovereign Opportunities |  |  |  |  |
| --- | --- | --- | --- | --- |
| Schedule of Investments as at 31 March 2021 (continued) |  |  |  |  |
|  |  | Quantity/ | Market |  |
|  |  | Nominal | Value | % of |
| Investments | Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments |  |  |  |  |
| dealt in on another regulated market |  |  |  |  |
| Bonds |  |  |  |  |
| Puerto Rico |  |  |  |  |
| Commonwealth of Puerto Rico 8% 01/07/2035 | USD | 125,000 | 99,063 | 0.20 |
|  |  |  | 99,063 | 0.20 |
| United Kingdom |  |  |  |  |
| Natwest Group plc, FRN 2.523% Perpetual | USD | 200,000 | 199,500 | 0.41 |
|  |  |  | 199,500 | 0.41 |
| Total Bonds |  |  | 3,668,709 | 7.46 |
| Equities |  |  |  |  |
| United States of America |  |  |  |  |
| FNMA Preference, FRN | USD | 5,000 | 27,050 | 0.06 |
|  |  |  | 27,050 | 0.06 |
| Total Equities |  |  | 27,050 | 0.06 |
| Total Transferable securities and money market instruments dealt in on another regulated market |  |  | 3,695,759 | 7.52 |
| Other transferable securities and money market |  |  |  |  |
| instruments |  |  |  |  |
| Bonds |  |  |  |  |
| United Kingdom |  |  |  |  |
| ICBC Standard Bank plc 1.99% 11/04/2025* | CNH | 10,250,000 | 1,499,004 | 3.05 |
| ICBC Standard Bank plc 2.68% 23/05/2030* | CNY | 10,530,000 | 1,537,160 | 3.13 |
|  |  |  | 3,036,164 | 6.18 |
| United States of America |  |  |  |  |
| JPMorgan Chase Bank NA, Reg. S 3.13% 23/11/2029* | CNH | 7,000,000 | 1,058,776 | 2.15 |
| JPMorgan Chase Bank NA, Reg. S 3.27% 21/11/2030* | CNH | 3,300,000 | 506,265 | 1.03 |
| JPMorgan Chase Bank NA, Reg. S 3.81% 16/09/2050* | CNH | 6,600,000 | 1,021,901 | 2.08 |
|  |  |  | 2,586,942 | 5.26 |
| Total Bonds |  |  | 5,623,106 | 11.44 |
| Total Other transferable securities and money |  |  | 5,623,106 | 11.44 |
| market instruments |  |  |
| Total Investments | 47,482,365 | 96.61 |
| Cash | 2,350,434 | 4.78 |
| Other assets/(liabilities) | (684,536) | (1.39) |
| Total net assets | 49,148,263 | 100.00 |
| * Security is valued at its fair value under the direction of the Board of Directors. |  |  |
| The accompanying notes form an integral part of these financial statements. |  |  |

| Jupiter Global Sovereign Opportunities |  |
| --- | --- |
| Schedule of Investments as at 31 March 2021 (continued) |  |  |  |  |  |
| Credit Default Swap Contracts |  |  |  |  |  |
|  |  | Interest (Paid)/ |  | Market | % of |
| Nominal	Reference | Buy/ | Received | Maturity | Value | Net |
| Amount	Currency	Counterparty	Entity | Sell | Rate | Date | USD | Assets |

1,000,000	USD	Bank of America Merrill Lynch
1,000,000	USD	J.P. Morgan
Bahrain Government Bond 7% 26/01/2026 Russian Foreign Bond
- Eurobond 2.25%
31/03/2030
Buy	(1.00)% 20/06/2026	50,099	0.10
Buy	(1.00)% 20/06/2026	6,062	0.02
Total Market Value on Credit Default Swap Contracts - Assets	56,161	0.12
| 1,000,000 | USD | UBS | CDX.NA.HY.36-V1 | Buy | (5.00)% | 20/06/2026 | (86,396) | (0.18) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 10,000,000 | USD | UBS | CDX.NA.IG.36-V1 | Buy | (1.00)% | 20/06/2026 | (223,209) | (0.45) |
| 1,250,000 | USD | J.P. Morgan | Saudi Government Bond | Buy | (1.00)% | 20/06/2026 | (18,313) | (0.04) |
|  |  |  | 2.375% 26/10/2021 |  |  |  |  |  |

Total Market Value on Credit Default Swap Contracts - Liabilities	(327,918)	(0.67)
Net Market Value on Credit Default Swap Contracts - Liabilities	(271,757)	(0.55)
Interest Rate Swap Contracts
| Maturity Date | Market Value USD | % of Net Assets |
| --- | --- | --- |
| 22/02/2023 | 917 | – |
| 18/02/2026 | 11,017 | 0.02 |
| 18/02/2026 | 11,137 | 0.02 |
| 19/02/2026 | 12,319 | 0.03 |
|  | 35,390 | 0.07 |
| 12/02/2024 | (5,904) | (0.01) |
| 11/02/2026 | (1,701) | – |
|  | (7,605) | (0.01) |
|  | 27,785 | 0.06 |

| Nominal Amount | Currency | Counterparty	Se |
| --- | --- | --- |
| 4,500,000 | PLN | UBS	Pay fixed 0.425 |
| 25,000,000 | CZK | UBS	Pay fixed 1.3 |
| 4,500,000 | PLN | UBS	Pay fixed 1.038 |
| 25,000,000 | CZK | UBS	Pay fixed 1.368 |
| Total Market Value on Interest Rate Swap Contracts - Assets |

% Receive floating WIBOR 6 month
9% Receive floating
PRIBOR 6 month
% Receive floating WIBOR 6 month
| 1,250,000 | USD |
| --- | --- |
| 75,000,000 | INR |

% Receive floating PRIBOR 6 month
UBS	Pay floating LIBOR 3 month Receive fixed 0.287%
Bank of America Merrill Lynch
Total Market Value on Interest Rate Swap Contracts - Liabilities Net Market Value on Interest Rate Swap Contracts - Assets
Pay floating MIBOR 1 day Receive fixed 5.125%
| Financial Futures Contracts |  |
| --- | --- |
|  | Number of |  | Unrealised Gain/(Loss) | % of |
| Security Description | Contracts | Currency | USD | Net Assets |
| Euro-BTP, 08/06/2021 | (3) | EUR | 194 | – |
| Total Unrealised Gain on Financial Futures Contracts - Assets |  |  | 194 | – |
| Korea 10 Year Bond, 15/06/2021 | 5 | KRW | (620) | – |
| US 2 Year Note, 30/06/2021 | 17 | USD | (2,989) | (0.01) |
| US 5 Year Note, 30/06/2021 | 5 | USD | (7,324) | (0.01) |
| Total Unrealised Loss on Financial Futures Contracts - Liabilities |  |  | (10,933) | (0.02) |
| Net Unrealised Loss on Financial Futures Contracts - Liabilities |  |  | (10,739) | (0.02) |

Translation (ENFR, 2021-03-31):
# Jupiter Global Sovereign Opportunities
Composition du portefeuille-titres au 31 mars 2021 (suite)
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une bourse de valeurs Obligations Macédoine |  |
| --- | --- |
| North Macedonia Government Bond, Reg. S 3.975%	EUR | 100 000 | 118 757 | 0,24 |
| North Macedonia Government Bond, Reg. S 2.75%	EUR 18/01/2025 Île Maurice | 100 000 | 122 992 241 749 | 0,25 0,49 |
| Clean Renewable Power Mauritius Pte. Ltd., Reg. S 4.25% 25/03/2027 | USD | 200 000 | 202 100 | 0,41 |
|  |  |  | 202 100 | 0,41 |
| Mexique |  |  |  |  |
| Mexico Government Bond 3.75% 19/04/2071 | USD | 300 000 | 260 250 | 0,53 |
| Petroleos Mexicanos 6.75% 21/09/2047 | USD | 150 000 | 128 823 | 0,26 |
| Petroleos Mexicanos, Reg. S 2.75% 21/04/2027 | EUR | 100 000 | 106 091 | 0,22 |
|  |  |  | 495 164 | 1,01 |
| Monténégro |  |  |  |  |
| Montenegro Government Bond, Reg. S 2.875% 16/12/2027 | EUR | 100 000 | 112 405 | 0,23 |
| Montenegro Government Bond, Reg. S 2.55% 03/10/2029 | EUR | 100 000 | 107 980 | 0,22 |
|  |  |  | 220 385 | 0,45 |
| Pologne |  |  |  |  |
| Poland Government Bond 5,125% 21/04/2021 | USD | 1 000 000 | 1 002 305 | 2,04 |
| Poland Government Bond 1.25% 25/10/2030 | PLN | 1 024 000 | 250 569 | 0,51 |
|  |  |  | 1 252 874 | 2,55 |
| Portugal |  |  |  |  |
| Novo Banco SA 0% 09/04/2052 | EUR | 420 000 | 94 679 | 0,19 |
| Novo Banco SA, Reg. S 3,5% 19/02/2043 | EUR | 200 000 | 206 493 | 0,42 |
|  |  |  | 301 172 | 0,61 |
| Qatar |  |  |  |  |
| Qatar Government Bond, Reg. S 2.375% 02/06/2021 | USD | 500 000 | 501 852 | 1,02 |
|  |  |  | 501 852 | 1,02 |
| Roumanie |  |  |  |  |
| Romania Government Bond, Reg. S 1.375% 02/12/2029 | EUR | 100 000 | 116 689 | 0,24 |
|  |  |  | 116 689 | 0,24 |
| Russie |  |  |  |  |
| Russian Federal Bond - OFZ 6.1% 18/07/2035 | RUB | 7 500 000 | 90 448 | 0,18 |
|  |  |  | 90 448 | 0,18 |
| Arabie saoudite |  |  |  |  |
| SSaudi Arabian Oil Co., Reg. S 2.25% 24/11/2030 | USD | 300 000 | 289 121 | 0,59 |
| Saudi Arabian Oil Co., Reg. S 3.5% 24/11/2070 | USD | 200 000 | 179 388 | 0,36 |
|  |  |  | 468 509 | 0,95 |
| Serbie |  |  |  |  |
| Serbia Government Bond, Reg. S 7.25% 28/09/2021 | USD | 900 000 | 929 262 | 1,89 |
| Serbia Government Bond, Reg. S 1.5% 26/06/2029 | EUR | 200 000 | 235 452 | 0,48 |
|  |  |  | 1 164 714 | 2,37 |

24/07/2021