# Jupiter Asia Pacific Income
## Schedule of Investments as at 30 September 2020 (continued)
| Forward Currency Exchange Contracts |
| --- |
| Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Maturity Date | Counterparty | Unrealised Gain/(Loss) USD | % of Net Assets |
| SGD | 10,355 | USD | 7,538 | 15/10/2020 | J.P. Morgan | 23 | – |
| USD | 19,835 | SGD | 27,040 | 15/10/2020 | J.P. Morgan | 90 | – |
| Total Unrealised Gain on Forward Currency Exchange Contracts - Assets	113	– |
| SGD | 1,020,885 | USD | 746,607 | 15/10/2020 | J.P. Morgan | (1,166) | (0.01) |
| USD | 12,961 | SGD | 17,864 | 15/10/2020 | J.P. Morgan | (83) | – |
| Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities | (1,249) | (0.01) |
| Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities | (1,136) | (0.01) |

The accompanying notes form an integral part of these financial statements.
| Jupiter Dynamic Bond |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 /Launch Date | % Change |
| Class A USD Acc HSC | $11.31 | $10.82 | 4.53 |
| Class A USD Q Inc Dist HSC | $10.15 | $10.08 | 4.50 + |
| Class C USD Acc HSC | $11.66 | $11.08 | 5.23 |
| Class C USD Q Inc HSC | $10.72 | $10.57 | 5.25 + |
| Class D CHF Acc HSC | CHF 11.77 | CHF 11.37 | 3.52 |
| Class D CHF Q Inc HSC | CHF 9.37 | CHF 9.40 | 3.41 + |
| Class D EUR Acc | € 13.54 | € 13.03 | 3.91 |
| Class D EUR Q Inc | € 9.96 | € 9.95 | 3.85 + |
| Class D EUR Q Inc Dist | € 9.65 | € 9.64 | 3.85 + |
| Class D GBP Acc HSC | fi14.30 | fi13.67 | 4.61 |
| Class D GBP Q Inc HSC | fi10.56 | fi10.48 | 4.61 + |
| Class D SEK Acc HSC 1 | SEK 104.83 | SEK 100.00 | 4.83 |
| Class D USD Acc HSC | $14.89 | $14.08 | 5.75 |
| Class D USD M Inc HSC | $11.01 | $10.80 | 5.74 + |
| Class D USD Q Inc HSC | $11.11 | $10.90 | 5.77 + |
| Class D USD Q Inc IRD HSC | $99.10 | $99.06 | 5.75 + |
| Class I CHF Acc HSC | CHF 10.80 | CHF 10.43 | 3.55 |
| Class I CHF Q Inc HSC | CHF 10.36 | CHF 10.39 | 3.44 + |
| Class I EUR Acc | € 14.16 | € 13.62 | 3.96 |
| Class I EUR Q Inc | € 10.90 | € 10.88 | 3.93 + |
| Class I GBP Q Inc HSC | fi11.49 | fi11.39 | 4.73 + |
| Class I SEK Acc HSC 2 | - | SEK 105.51 | - |
| Class I SGD M Inc HSC | SGD 107.02 | SGD 105.31 | 5.40 + |
| Class I USD Acc HSC | $12.84 | $12.14 | 5.77 |
| Class I USD Q Inc HSC | $12.05 | $11.82 | 5.79 + |
| Class L AUD Acc HSC | AUD 25.89 | AUD 24.87 | 4.10 |
| Class L AUD M Inc HSC | AUD 21.33 | AUD 21.26 | 4.06 + |
| Class L AUD M Inc IRD HSC | AUD 98.37 | AUD 98.97 | 4.08 + |
| Class L CAD M Inc Dist IRD HSC 3 | CAD 104.37 | CAD 100.00 | 6.64 + |
| Class L CHF Acc HSC | CHF 12.05 | CHF 11.74 | 2.64 |
| Class L CHF Q Inc HSC | CHF 10.22 | CHF 10.33 | 2.63 + |
| Class L CNH Acc HSC | CNH 136.32 | CNH 128.34 | 6.22 |
| Class L CNH M Inc IRD HSC 4 | CNH 104.36 | CNH 100.00 | 7.59 + |
| Class L EUR Acc | € 12.54 | € 12.16 | 3.13 + |
| Class L EUR Q Inc | € 10.61 | € 10.68 | 3.07 + |
| Class L EUR Q Inc Dist | € 9.61 | € 9.67 | 3.10 + |
| Class L GBP Acc HSC | fi11.18 | fi10.77 | 3.81 |
| Class L GBP Q Inc HSC | fi11.17 | fi11.16 | 3.91 + |
| Class L HKD Acc HSC | HKD 113.88 | HKD 108.46 | 5.00 |
| Class L HKD M Inc Dist HSC | HKD 103.87 | HKD 102.59 | 5.01 + |
| Class L HKD M Inc IRD HSC 5 | HKD 99.19 | HKD 100.00 | 1.89 + |
| Class L SEK Acc HSC | SEK 114.97 | SEK 111.28 | 3.32 |

+ Performance takes into consideration dividend distributions during the year.
- Launch date 18 November 2019.
- Closed on 11 March 2020.
- Launch date 31 March 2020.
- Launch date 31 March 2020.
- Launch date 28 February 2020.

| Jupiter Dynamic Bond |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 (continued) |
| Performance |  |  |
| NAV	30 September 2020 | 30 September 2019 /Launch Date | % Change |
| Class L SGD Acc HSC	SGD 13.03 | SGD 12.46 | 4.57 |
| Class L SGD M Inc HSC	SGD 10.49 | SGD 10.41 | 4.52 + |
| Class L SGD M Inc IRD HSC	SGD 98.62 | SGD 98.96 | 4.53 + |
| Class L USD Acc HSC	$13.95 | $13.29 | 4.97 |
| Class L USD M Inc HSC	$10.60 | $10.48 | 4.91 + |
| Class L USD M Inc IRD HSC	$98.82 | $99.01 | 4.88 + |
| Class L USD Q Inc HSC	$11.69 | $11.56 | 4.94 + |
| Class N USD Acc HSC	$11.22 | $10.77 | 4.18 |
| Class N USD Q Inc Dist HSC	$10.08 | $10.04 | 4.19 + |

+ Performance takes into consideration dividend distributions during the year.

## Market Review
After steady gains in the final quarter of 2019, global stocks and corporate bonds tumbled in early 2020 on concerns that the Covid-19 pandemic would plunge the global economy into a severe recession. While stocks started 2020 on a strong note, growing recognition that the Covid-19 outbreak was spreading beyond China led to a sharp reversal in the second half of February. The sell-off gathered pace throughout March as the global economy ground to a virtual standstill. Global equity markets fell into bear market territory (defined as a drop of at least 20% from a recent peak) while government bond yields fell to all-time lows. Central banks and governments reacted swiftly, announcing monetary easing and massive fiscal stimulus packages. The US Federal Reserve cut interest rates to virtually zero and announced it would buy an unlimited amount of bonds, while the US Congress signed off on a $2tn fiscal package. Governments and central banks around the world mostly followed suit, which helped to stabilise financial markets. Rallies in stocks and corporate bond markets followed in the second and third quarters of 2020 as sentiment lifted.
Markets turned more sombre and inflation hopes somewhat faded in September as the scale of economic damage caused by the pandemic became clear. Adding to the worries were rising Covid-19 infection rates, renewed lockdowns in parts of the world and growing uncertainty about the outcome of the US election.

## Policy Review
We are pleased to say that the Fund entered the exceptional crisis that began in March with defensive positioning. This helped the Fund to weather the crisis and significantly outperform the sector average. Going into 2020, we were concerned that
markets were vastly underestimating risks to the outlook, given the weakness of global economic activity combined with rich valuations in credit. This left markets and the global economy extremely vulnerable to an exogenous shock.
That’s why we entered the year with around 40% of the Fund in higher yielding-AAA rated sovereign bonds, such as US Treasuries which have rallied sharply year-to-date. Large positions in Australian government bonds and smaller allocations to New Zealand government bonds also contributed to strong returns.
Before the March crisis hit, the Fund held 10% in shorts on US and European high yield markets expressed through credit derivative swaps. This also turned out to be a successful trade for the Fund this year. We unwound these hedges in March when credit spreads ballooned, just before governments worldwide announced they’d do ‘whatever it takes’ to stabile the economy. Despite deteriorating fundamentals in credit markets, our view was that upcoming fiscal and monetary stimulus would be very supportive, making it a fool’s errand to be short from already stressed valuations. Exiting these credit derivative swap positions effectively unhedged our high yield allocation which proved timely as markets rebounded sharply in response to the aggressive global policy response.
We used market weakness to buy high quality investment grade credit with resilient top and bottom lines that we think can survive throughout the business cycle. This included bonds from the likes of McDonalds and AB InBev and adding to our position in Tesco – nicknamed our ‘beer and burgers’ theme. Within high yield, we stuck to adding defensive senior secured debt and BB- rated bonds, again in ‘through-the-cycle’ businesses, like Netflix, Virgin Media and Pinewood Studios.

Translation (ENFR, 2020-09-30):
# Jupiter Asia Pacific Income
## Liste des placements en date du 30 septembre 2020 (suite)
| Contrats de change à terme |
| --- |
| Devise | Montant | Devise | Montant |  |  | Plus-value/ (moins-value) non réalisée | % de |
| achetée | acheté | vendue | vendu | Échéance | Contrepartie | USD | l’actif net |
| SGD | 10 355 | USD | 7 538 | 15/10/2020 | J.P. Morgan | 23 | – |
| USD | 19 835 | SGD | 27 040 | 15/10/2020 | J.P. Morgan | 90 | – |
| Plus-value totale non réalisée sur contrats de change à terme - Actif	113	– |
| SGD | 1 020 885 | USD | 746 607 | 15/10/2020 | J.P. Morgan | (1 166) | (0,01) |
| USD | 12 961 | SGD | 17 864 | 15/10/2020 | J.P. Morgan | (83) | – |
| Moins-value totale non réalisée sur contrats de change à terme - Passif | (1 249) | (0,01) |
| Moins-value nette non réalisée sur contrats de change à terme - Passif | (1 136) | (0,01) |

Les notes annexes font partie intégrante des présents états financiers.